Bajaj Finserv online payment

The availability of online financial services has made it easy for individuals to apply for credit or repay one. Every leading financier extends such facilities to improve the borrowing experience and attract new customers.

Bajaj Finserv online payment option is one such facility that has made it easy and hassle-free for its current and prospective customers to repay loans. Bajaj Finserv online EMI payment can be made through its dedicated customer portal, i.e., My Account. Read on to know more about it.

Here are ways to complete the Bajaj Finserv EMI payment conveniently and within a few minutes –

• Through the My Account portal

The My Account portal is equipped with a secured payment gateway. Hence, any transaction you make through this portal is safe. Here are the steps to follow to complete a transaction through this platform –

Step 1: Visit the Bajaj Finserv Customer portal and log in using the credentials

Step 2: Select the Quick Pay dropdown

Step 3: Choose the type pf payment you want to make

Apart from paying their regular EMIs, customers can also use this platform to make prepayments or foreclose their loans if and when they deem fit.

• Through the My Account mobile application

To facilitate this process of Bajaj Finserv EMI payment, borrowers can also utilise the My Account mobile app. Here are the steps –

Step 1: Download the app and log in using your registered mobile number

Step 2: Go to the 'Account Information' section and select 'Online Payment’

Step 3: Choose between 'EMI' and other payment options

Step 4: Select a preferred payment gateway and complete this transaction

Apart from knowing the ways of Bajaj Finserv online payments, one should also learn about the modes of payment available for further benefit.

Bajaj Finserv online EMI payment can be made in multiple ways -

1. NEFT or Bank transfer

One of the easiest ways to repay is through NEFT or bank transfer. Once a borrower completes the NACH mandate, EMIs of a loan will be auto-debited on a particular day without any intervention. This reduces the stress of remembering and making timely payments.

All an individual needs to worry about is maintaining sufficient balance in their account.

2. Using debit or credit cards

Another convenient way of making loan repayment is through payment cards. In this case, they can use their respective payment card gateway to make necessary payments. Otherwise, they can log in to the My Account portal and complete a transaction using a debit or credit card.

Like a bank transfer, individuals should ensure that their debit or credit card has enough balance to complete a transaction.

3. Mobile wallets

There are various mobile wallet services that expedite the Bajaj Finserv online payment of EMIs. Borrowers can select one based on their convenience and facilitate their loan payments.

4. Mobile apps

The My Account mobile app also offers a convenient mode of making loan repayment. The steps of making a payment are already explained above. Besides that, this app also provides access to loan account details and other services that improves the overall borrowing experience.

With the availability of multiple payment methods, Bajaj Finserv loan payment has become easier than ever. Moreover, paying the EMIs on time also has its perks, and these are –

I. Improving the CIBIL score

CIBIL score or credit score is a three-digit number that encapsulates one's creditworthiness as a borrower. Regular EMI payment is an easy way to maintain and improve this score. Ranging from 300 to 900, any score above 750 is regarded as good.

Since credit rating agencies allocate this score based on an individual's performance as a debtor thus, in case of any irregularities, this score will go down.

Hence, ensuring regular EMI payments improves your CIBIL score and better your chance of securing a better loan deal in the future.

II. Builds a relationship with a financier

Individuals who repay their debt diligently are always preferred by financial institutions, as they reduce the lending risk. Thus, paying the EMIs without any delays and within the given time projects one as a responsible debtor and aid them to curate a strong relationship with a financial institution.

As a result, individuals get better loan offers, competitive interest rates, etc., and improve their overall credit eligibility.

III. Better debt management

EMIs are planned in a way that will help borrowers in financial management. The repayment amount is set in a way that will not cross an individual's financial means. Additionally, the amortisation schedule offered by financial institutions provides a detailed breakup of the repayment. Borrowers can then use this table as a reference and plan their EMIs accordingly for efficient debt management.

The Bajaj Finserv online payment facility enables individuals to streamline their loan repayment and reduce the chances of missing out on any.