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In Summary
Update bank details and nominee records smoothly online
You can check the options for changing your business loan EMI deduction account through 2 online routes: the Bajaj Finance My Account portal and the Bajaj Finance App. The update requires the applicable bank details and mandate authorisation. Your new account becomes available for scheduled deductions only after the required registration is completed.
- Consider an update if your existing repayment account is closed, inactive, or no longer used for loan repayments.
- Keep your business loan account number, registered mobile number, new bank account number, and IFSC code ready.
- Follow the instructions displayed on the portal or app to complete the available verification and authorisation steps.
- Check your request status, mandate activation, next EMI due date, and outstanding dues.
- Continue meeting your existing repayment obligations while the new mandate is pending.
Bajaj Finance's mandate guidance states that 1 mandate is registered per loan. Confirm activation before relying on the replacement account, and resolve any overdue EMI separately.
When do you need to change your business loan EMI deduction account?
You may need to update your business loan EMI deduction account when the bank account linked to your repayment mandate is no longer suitable for scheduled payments. A change in your banking details does not automatically update an existing mandate.
Consider checking the available update options if:
- You have switched to a different bank account for business transactions.
- Your existing repayment account has been closed or is no longer active.
- An EMI deduction has failed because of incorrect or outdated bank details.
- You want your loan repayments to be debited from another active bank account.
- Your existing mandate needs to be replaced or re-registered.
Check the account linked to your loan before submitting a request. If an EMI is already due or overdue, address that payment separately rather than waiting for the account update.
How to change your business loan EMI account online?
You can check the available bank account update options through Bajaj Finance My Account portal or the Bajaj Finance App. The steps depend on the service options displayed for your business loan account. Follow the relevant process below.
Through the Bajaj Finance My Account portal
- Visit the official Bajaj Finance website and open My Account.
- Sign in using your registered mobile number and complete OTP verification.
- Enter your date of birth if requested for verification.
- Open the menu and select Bank details or Documents.
- Select Change your bank details.
- Choose Change against the relevant business loan account and select Continue.
- Enter the requested new bank details and complete the available mandate registration and authorisation steps.
Through the Bajaj Finance App
- Open the Bajaj Finance App and sign in.
- Go to Mandate Management, if available for your account.
- Select the relevant business loan account.
- Enter the new bank account details requested.
- Select the available mandate registration option.
- Complete the required verification and authorisation steps.
- Check for confirmation that the registration has been completed.
The available options may vary by loan account and service flow. If you cannot find the relevant option, contact Bajaj Finance through an authorised service channel for guidance. Keep sufficient funds in your existing repayment account until the replacement mandate is confirmed active.
What documents do you need to update your business loan EMI deduction account?
You need the bank details requested for the replacement account and the information required to identify your business loan. Additional documents may be requested during verification. Confirm the requirements displayed during the registration process before submitting any documents.
| Document or detail | Purpose |
| New bank account number | Identifies the account you want to use for EMI deductions. |
| IFSC code | Identifies the bank branch associated with the account. |
| Account holder's name | Helps verify the account details entered during registration. |
| Business loan account details | Identifies the loan linked to the mandate update. |
| Cancelled cheque or bank statement | May be required if account proof is requested during verification. |
| Mandate authorisation | Provides the required consent for scheduled EMI deductions from the replacement account. |
Check that the information you enter matches your bank records. Submit documents only when requested through an authorised service channel. Keep any request reference or confirmation for follow-up.
What should you check after changing your EMI account?
After submitting the request, verify the bank details and check whether the replacement mandate has been registered and activated. Do not assume that entering new account details completes the update.
- Request status: Keep the request reference or confirmation details for follow-up.
- Bank account details: Check the account number, account holder's name, and IFSC code.
- Mandate status: Confirm whether the required registration and authorisation have been completed.
- Upcoming EMI: Check the next due date and amount payable.
- Existing repayment arrangement: Keep sufficient funds in the existing repayment account until Bajaj Finance confirms that the new mandate is active.
- Outstanding dues: Check whether any instalment or other amount remains unpaid.
If the status is unclear, contact Bajaj Finance through an authorised service channel. Changing your repayment account does not change your EMI due date or clear an existing overdue amount.
What happens if your business loan EMI deduction fails?
A failed EMI deduction can leave the instalment unpaid and result in an overdue amount on your business loan account. Applicable charges may arise under your loan terms. Delayed repayment may also affect your credit record in line with applicable reporting requirements.
If your EMI deduction fails, take these steps:
- Check your bank statement to confirm whether the EMI amount was debited.
- Review your business loan account to check the unpaid instalment and any applicable charges.
- Pay the outstanding amount through an authorised Bajaj Finance payment channel.
- Check your mandate registration status and contact Bajaj Finance if you need assistance.
- Verify that the payment has been recorded against your loan account.
Do not wait for the replacement mandate to become active before addressing an unpaid EMI. Continue meeting your repayment obligations under the existing schedule. If your bank account was debited but the loan account still shows an unpaid instalment, retain the transaction reference and contact Bajaj Finance for clarification.
How does a new business loan EMI mandate work?
A business loan EMI mandate authorises scheduled instalments to be deducted from a registered bank account. When you change the repayment account, you must complete the applicable mandate registration and authorisation process for the replacement account. The new details cannot be relied on for automatic deductions until the registration is confirmed. Bajaj Finance's published mandate guidance states that 1 mandate is registered per loan. You should therefore check the mandate status for the specific business loan you want to update. Follow the instructions shown in My Account or the Bajaj Finance App to enter the requested details and complete verification. Keep sufficient funds in the existing repayment account until the replacement mandate is active. A mandate update does not change the EMI amount, due date, or other loan terms. If an instalment is already overdue, resolve that amount separately rather than assuming the new registration will clear it.
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Frequently Asked Questions
Changing Deduction Account
Overdue During Change
How long does a business loan EMI mandate update usually take?
The time required depends on the mandate registration method and the verification process. Check the status through Bajaj Finance My Account or the available service channel rather than assuming that the update is complete after submission. If your next EMI is due while the request is pending, continue following your existing repayment schedule. Contact Bajaj Finance if you need confirmation of the expected activation date or the payment options available for your account.
What should you do if your new bank account details are rejected?
Check the account number, IFSC code, and account holder's name against your bank records. Correct any errors and review the instructions displayed during registration. If the details are accurate but the request is still rejected, contact Bajaj Finance through an authorised service channel to understand the reason and the next steps. Do not repeatedly submit the same details without resolving the issue. Continue meeting your existing EMI obligations while you seek assistance.
What happens if your business bank account is closed before the mandate changes?
If your repayment account is closed before the replacement mandate becomes active, the scheduled EMI deduction may fail. Contact Bajaj Finance to check the payment options available for your account and arrange payment of any instalment that becomes due. Do not assume that a pending mandate update postpones the EMI or clears an unpaid amount. Check your loan account for overdue dues and retain payment confirmation after settling an instalment.
How can you find the reference number for your mandate update request?
Check the confirmation message or acknowledgement you received after submitting the request. If a request history is available in My Account or the app, review it for the reference number and status. If you cannot find the details, contact Bajaj Finance through an authorised service channel and provide your loan account information for verification when requested. Keep the reference number with your loan records so you can follow up on the same request.
Do you need to update your repayment mandate after changing your business bank branch?
Changing a bank branch does not always mean that you need a new mandate. Check whether your bank account number or IFSC code has changed, and confirm with your bank whether the existing account details remain valid. Then check with Bajaj Finance whether the current mandate needs updating. Do not assume that the mandate has changed automatically. Until you receive confirmation, monitor your scheduled EMI and make sure the repayment obligation is met by the due date.
What should you do if your bank account is debited but your business loan account shows an unpaid EMI?
Compare the bank debit with your transaction reference and any payment acknowledgement. Check whether the amount and transaction date match the EMI shown as unpaid. Keep the relevant details and contact Bajaj Finance through an authorised service channel if the payment is not reflected in your loan account. Avoid making a duplicate payment before checking the transaction status and the outstanding amount. Follow the guidance provided to resolve the discrepancy and retain the final confirmation.
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