Can You Stop Paying Your Loan EMI for a Few Months

You cannot stop paying an EMI without the lender's agreement, because an EMI that is not paid on its due date becomes overdue and can attract charges and be reported to credit bureaus. If you face a job loss, a medical emergency or another hardship, the lender may consider options such as a moratorium, deferment or restructuring, subject to its assessment and approval, and interest generally continues to accrue during any pause. Contact the lender early through official channels, ask what options apply to your loan, and keep paying until the lender confirms the new terms.

• An EMI that is not paid on its due date becomes overdue, even if you intended to pause it, and charges and credit reporting can follow.
• A lender may consider a temporary pause, moratorium, deferment or restructuring in cases of hardship, such as job loss or a medical emergency, subject to its assessment and approval.
• Not every loan qualifies, and policies differ by loan type.
• Interest generally continues to accrue during a pause, so the overall cost of the loan can increase.
• Contact the lender early, provide the documents it asks for, and wait for it to confirm the new terms and the date the EMI restarts.
• Do not assume that a pause, waiver or revised arrangement will be approved, and keep paying until the lender confirms.

You generally cannot stop paying your loan EMIs for a few months simply by choosing to do so. EMIs are expected to be paid according to the repayment schedule agreed in your loan agreement. Missing payments without prior approval may result in overdue amounts and could affect your loan account and credit history. If you are facing temporary financial difficulty, you may contact your lender and ask whether any repayment relief, such as a moratorium or other approved arrangement, is available for your loan. Such requests are subject to the lender’s applicable terms, eligibility criteria, and approval. Until a payment pause is formally approved, continue making your scheduled EMI payments to avoid the consequences associated with missed or delayed payments. 

Steps to request a pause on EMI payments through Bajaj Finance

If you expect difficulty paying your upcoming EMIs, contact Bajaj Finance before the due date to explore available repayment assistance. Any moratorium or other relief is subject to eligibility and approval. Continue paying your EMIs as scheduled until you receive formal confirmation.

Follow these steps: 

1. Log in to the Bajaj Finance App or website using your registered mobile number or Customer ID.
2. Go to 'Menu', select 'Help and Support', and choose 'Raise a Request'.
3. Select the relevant loan account and locate options such as 'Repayment Assistance', 'EMI Hardship', or 'Loan Restructuring', where available.
4. Select the request type, describe the reason for your financial difficulty, and upload any supporting documents if required.
5. Submit the request and retain the service request number provided to track its status.
6. Wait for the lender's review and official decision, as approval is subject to account assessment and is not guaranteed.
7. Review the confirmation details carefully-including any approved pause period, revised tenure, or additional interest charges-before adjusting your EMI payments.

If the option is unavailable online, contact customer support or visit a Bajaj Finance branch for assistance. Do not pause EMI payments unless you receive formal approval and understand the revised repayment terms.

Whether your lender has approved a moratorium makes a significant difference to how a missed EMI is treated. The table below shows this clearly.

The terms of any restructuring arrangement, including revised EMI amount, tenure, and applicable charges, are determined by your lender at the time of assessment. No standard terms can be guaranteed in advance.

Consequences of stopping EMI without approval

If you stop paying your EMI without an approved moratorium, the first missed payment is recorded on your loan account and reported to credit bureaus, affecting your CIBIL score straight away. A bounce charge or late payment charge may apply as applicable to your loan. As more EMIs are missed, the number of days the payment remains overdue, referred to as days past due, keeps increasing, and your loan account moves further towards being classified as an NPA if the non-payment continues. This affects your ability to get credit from any lender in the future, not only the one you currently owe. Stopping EMI payments does not pause or reduce what you owe. If you are facing a genuine difficulty, requesting a moratorium before missing a payment protects your credit record far more effectively than stopping payment and dealing with the consequences afterwards.