How to Pay Your Car Loan EMI Before the Due Date

Paying your car loan EMI before the due date can provide additional time to address payment issues before the instalment becomes overdue. An early payment can reduce the risk of a missed payment caused by insufficient funds, a technical issue with your bank, or a delay in processing an automatic NACH deduction. It also gives you time to check whether the payment has been successfully processed and take corrective action if required. Maintaining timely repayments can help you keep your loan account up to date and support a consistent repayment history. However, paying an EMI early does not change the scheduled EMI amount or automatically reduce the loan tenure. If you have existing overdue dues, check your latest loan account details before making an advance payment, as paying a future EMI does not necessarily clear earlier unpaid amounts.

How to pay your car loan EMI before the due date?

You can pay your car loan EMI before the due date through Bajaj Finance digital payment options or other authorised channels. The exact process may vary based on your loan account and the payment options displayed. Before proceeding, check the amount due and confirm that you are making the payment towards the scheduled EMI.

Steps to pay your car loan EMI before the due date:

1. Open the Bajaj Finance App or visit the Customer Portal.
2. Sign in using your registered mobile number and OTP.
3. Go to the Service or loan management section.
4. Select the relevant Car Loan account.
5. Open the available Make Payment or loan repayment option.
6. Select the applicable EMI payment option and enter the required amount.
7. Review the payment details before confirming the transaction.
8. Complete the payment using the available payment method.
9. Retain the payment confirmation and check your loan account after processing.

The payment options and steps available to you may vary depending on your car loan account and the services displayed. After completing the payment, retain the transaction confirmation and check your loan account or statement once the payment is processed. If you have any existing overdue dues, review the current amount payable separately, as an early payment towards a scheduled EMI may not clear earlier unpaid amounts.

Review your loan account, scheduled EMI, and any existing overdue dues before making an early payment. This helps you direct the payment towards the intended obligation and identify any outstanding amount that may need to be cleared separately. 

Before making the payment, check:

• Current amount due: Review the latest amount shown for your loan account.
• Payment type: Confirm whether you are paying a scheduled EMI or making a part-prepayment.
• Existing overdue dues: Check whether any earlier EMI or other applicable amount remains unpaid.
• Payment terms: Review the applicable loan terms before making an early or additional payment.
• Payment confirmation: Keep the transaction reference or confirmation after completing the payment.
• Updated account: Check your loan statement or account details after the payment is processed.

If you are paying because you have received a legal notice, review the notice and current account details before making the payment. An early payment towards a future EMI should not be assumed to clear an earlier overdue amount.

What happens if your EMI is not paid on time?

If your EMI is not paid by the due date, the unpaid amount may become overdue and attract applicable charges. A failed or delayed payment may result in a bounce charge as applicable, along with applicable interest on the unpaid amount. The longer an overdue EMI remains unpaid, the longer the outstanding amount may remain unresolved. Prolonged repayment delays can also affect your CIBIL record under the applicable credit reporting framework. A loan account that remains for prolonged duration or more may be classified as an NPA, subject to the applicable regulatory requirements. If you have received a legal notice, check the current amount payable and the repayment instructions before making a payment. Paying the overdue amount promptly can help prevent further applicable charges and additional impact on your repayment record. An early EMI payment can also help you address payment issues before the scheduled due date, provided any existing overdue dues are addressed separately.