How to Change Your Car Loan EMI Deduction Account

You can request a change to your car loan EMI deduction account through the Bajaj Finance My Account portal or app. The change involves submitting your new bank details and completing the required mandate authorisation. Your repayment schedule remains applicable while the request is being processed.

• Follow the steps below to submit your account change request and retain its reference number.
• Keep key bank details ready: your new account number and IFSC code.
• Provide a cancelled cheque or bank statement if requested for account verification.
• Check the request and mandate status before relying on the new account for EMI deductions.
• If an EMI deduction fails, check your bank transactions, review any outstanding amount, and use an authorised payment channel to address it.

Continue monitoring your existing repayment arrangement until Bajaj Finance confirms the update. If your next EMI is due while the request is pending, check the available payment options and address any unpaid amount separately.

You may need to change your car loan EMI deduction account when your existing bank account is closed, inactive, or no longer the account you want to use for scheduled repayments. An account change requires the relevant bank details and repayment mandate to be updated.

Consider requesting a change in these situations:

• You have switched to another primary bank account.
• Your existing bank account has been closed or is no longer active.
• EMI deductions have failed because of an issue with the linked account.
• You want your loan repayments to come from a different active account.
• Your bank details have changed and the existing repayment mandate needs updating.

Before submitting a request, check whether an EMI is already overdue. Changing the deduction account does not clear unpaid instalments or automatically change your repayment obligations.

How to change your car loan EMI deduction account online?

You can check the bank account update facility through the Bajaj Finance My Account portal or the Bajaj Finance App. The options available can depend on your loan account and the servicing process.

1. Open the Bajaj Finance My Account portal or the Bajaj Finance App.
2. Sign in using your registered mobile number and the OTP you receive.
3. Complete any additional identity verification requested on the platform.
4. Select your active car loan under the relevant loan account or relations section.
5. Open the bank details or service request section and look for the option to change your bank account.
6. Enter your new bank account details, including the account number and IFSC code.
7. Provide any requested supporting documents and complete the required e-mandate authorisation.
8. Save the confirmation and service request reference so you can track the update.

The exact screens and verification methods can vary. If you cannot find the bank account update option, contact Bajaj Finance through an authorised service channel. Submitting a request does not confirm that the new account is active for EMI deductions. Check the request and mandate status before relying on the change.

What documents do you need to change your car loan EMI account?

You may need bank account details and supporting documents to verify the replacement account and complete the repayment mandate process. The specific requirements depend on the instructions shown for your loan account.

After submitting the request, check the status of the account change and the new repayment mandate. This helps you confirm whether the replacement account is ready for scheduled deductions.

• Request status: Keep the service request reference and check for an update through the available service channel.
• Bank details: Confirm that the account number, IFSC code, and account holder's name are correct.
• Mandate status: Check whether the required authorisation has been completed and the new mandate is active.
• Next EMI date: Review the due date and confirm which repayment arrangement applies while the request is pending.
• Previous account: Follow Bajaj Finance's instructions before cancelling or stopping the existing mandate.
• Outstanding dues: Check for unpaid EMIs and applicable charges. Changing the account does not clear overdue amounts.

If the request remains pending or the details are incorrect, contact Bajaj Finance for guidance. Continue following your existing repayment schedule until the change is confirmed.

What happens if your car loan EMI deduction fails?

A failed EMI deduction can leave an instalment unpaid. Applicable charges may apply under your loan terms, and missed or delayed repayments can affect your credit record.

If your EMI deduction fails, take these steps:

1. Check your bank transactions to confirm whether the EMI amount was debited.
2. Review your car loan account to check whether the instalment remains unpaid and whether any applicable charges appear.
3. Pay the outstanding amount through an authorised Bajaj Finance payment channel.
4. Check the status of your bank account change or mandate request.
5. Review your loan account and bank transactions to confirm the payment has been recorded.

Do not wait for the bank account change to finish before addressing an unpaid EMI. If the next due date is approaching, contact Bajaj Finance through an authorised service channel to confirm the available payment options. Continue monitoring your loan account until the payment and mandate status are clear.

How does the new EMI deduction mandate work?

A repayment mandate is an authorisation that allows a lender to collect scheduled EMIs from a registered bank account. When you change your car loan EMI deduction account, you need to complete the applicable process to link the replacement account to the repayment arrangement. Follow the instructions on the authorised Bajaj Finance platform to submit the new bank details and complete any required mandate verification. Depending on the process shown, you may need to provide account proof or authenticate the new e-mandate. After submitting the request, check whether the new mandate has been activated. Entering new bank details alone does not confirm that future EMIs will be deducted from that account. Until the update is confirmed, monitor the existing repayment arrangement and keep sufficient funds available for the next scheduled payment. If you cannot confirm the mandate status, contact Bajaj Finance through an authorised service channel. Keep your service request reference and any confirmation details for follow-up.