How To Change an EMI Bank Account Online

Changing your EMI bank account means updating the account linked to your loan repayment mandate, which is used for automatic monthly deductions. This mandate, set up through NACH or ECS, authorises your lender to debit the EMI amount directly from your registered bank account on the due date. When your primary bank account changes, the existing mandate does not automatically shift to the new account; it is important to update these details to ensure uninterrupted repayments.

This update is commonly required when you switch salary accounts, close an existing bank account, or want better control over your monthly cash flow. It is not just a simple account change but a mandate update that requires fresh authorisation. Until the new mandate is approved and activated, your previous account remains linked for EMI deductions. Completing this process on time helps avoid payment failures, additional charges, and any negative impact on your credit record.

Documents required for EMI account change

To change the bank account linked to your EMI payments, you need to submit valid documents that verify your account ownership and identity. Keeping these documents ready can help ensure a smooth and timely update. 

Additional documents or verification may be required depending on your loan account, bank, or mandate type. Ensure that all submitted details are accurate and up to date to avoid delays in processing your EMI account change request. 

You can request an update to your EMI bank account through the Bajaj Finance My Account platform. Follow these steps to submit your request and complete the required mandate verification:

1. Sign in using your registered mobile number and OTP
2. Enter your date of birth if prompted for identity verification
3. Go to your loan account under “Your relations”
4. Select the service request option for bank account update
5. Enter your new bank account details and IFSC code
6. Upload required account proof (e.g., cancelled cheque or bank statement)
7. Complete e-mandate authentication via Net Banking or Debit Card
8. Track request status through the platform until approval

Note: The new bank account will be used for EMI auto-debit only after the updated mandate is successfully approved and activated. Until then, keep sufficient funds in your existing registered account to avoid payment failure.

Consequences of Not Updating Your EMI Bank Account 

If your EMI remains linked to an inactive, closed, or incorrect bank account, the auto-debit may fail on the due date. This can result in an unpaid EMI even when you have sufficient funds in your new bank account. If the issue is not resolved promptly, the overdue amount may continue to accumulate.

A failed EMI payment may also result in bounce charges or other applicable charges. Repeated or prolonged missed payments may be reported to credit bureaus and could negatively affect your CIBIL score. If the overdue amount remains for an extended period, you may receive payment reminders or collection follow-ups, and further recovery action may be initiated under the applicable terms and policies. To avoid such issues, update your EMI bank account and complete the new mandate activation before the next EMI due date.

Ensure Smooth EMI Payments After an Account Change 

Changing your EMI bank account does not automatically ensure uninterrupted repayments. Once you submit the request, always ensure that the new mandate is approved and activated before your next EMI due date.

To avoid payment-related issues:

• Maintain sufficient balance in the registered account atleast three days before the EMI due date.
• Check that the new NACH or e-mandate has been successfully activated.
• Keep track of your EMI due dates and upcoming instalments.
• Use an available alternate payment option if the new mandate is not active before the due date.

Once the new account is active for EMI payments, regularly monitor your loan details, upcoming dues, and repayment status through the My Account portal. This can help you manage your repayments smoothly and reduce the risk of payment failures.