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Update your bank account before your next EMI is due to avoid a bounce!
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You can request a change to the bank account linked to your home loan EMI through authorised Bajaj Finance service channels. Prepare the required details, verify the updated mandate and continue monitoring repayments until the change takes effect.
- Sign in to My Account portal or the Bajaj Finance app to check the available bank account update options.
- Keep your home loan account number, new bank details and any supporting documents requested by Bajaj Finance ready.
- Submit your mandate change request through an available service option or contact authorised customer support for assistance.
- Maintain sufficient funds in your currently linked account until Bajaj Finance confirms the new repayment arrangement.
- Check your next EMI due date, payable amount and mandate status after the lender confirms the change.
- Contact Bajaj Finance if your request fails, your EMI debit does not go through or you notice a duplicate payment.
Retain your request acknowledgement and confirmation for reference. Changing your bank account does not automatically change your EMI amount, due date or existing repayment obligations.
Why might you need to change your home loan EMI bank account?
You may need to change the bank account linked to your home loan EMI when your banking arrangements or repayment preferences change. Updating your repayment details helps you direct future EMI debits to the intended account. Common reasons for requesting a change include switching banks, closing your existing account, changing your salary account, or updating account details after a bank merger. You may also want to review the repayment arrangement for a jointly held home loan. Before requesting a change, check that your new account is active and suitable for your scheduled repayments.
Common reasons include:
- You switch banks: You want to pay your home loan EMIs from your new bank account.
- Your existing account closes: You need to link an active account to continue repayments.
- Your salary account changes: You prefer to pay EMIs from the account where you receive your salary.
- Your bank merges with another bank: You need to update your account details following a change in banking arrangements.
- You need to update a joint loan arrangement: You want to change the account used to repay a jointly held home loan.
Update your repayment details through an authorised channel and confirm the change before relying on your new account for an upcoming EMI.
How can you request a home loan EMI bank account change?
Changing the bank account used for your home loan EMI requires you to update your repayment details and ensure the new payment authorisation is active. You can start by checking the available service options through the Bajaj Finance My Account portal or the Bajaj Finance app.
Follow these steps:
- Sign in to the My Account portal or Bajaj Finance app using your registered mobile number and the OTP you receive.
- Complete any additional verification requested.
- Open your home loan account through the available loan or relations section.
- Check the available service options for updating bank account details or changing your EMI repayment mandate.
- If the relevant option is available, follow the instructions and submit the required details or documents.
- If you cannot find the option, contact Bajaj Finance through an authorised support channel to request assistance with the change.
After submitting your request, check for confirmation that Bajaj Finance has processed it. Verify that the updated repayment authorisation is active and review your next EMI due date and amount. Continue to monitor your scheduled repayment until the new arrangement takes effect. Changing your bank account details does not automatically change your EMI amount or due date.
What documents and bank details should you keep ready?
Prepare your new bank account details and any documents Bajaj Finance requests for your home loan EMI mandate change. The requirements may vary depending on the process applicable to your loan.
| Document or detail | Purpose |
| Home loan account number | Helps identify your home loan account. |
| New bank account number and IFSC | Identifies the bank account you want to use for EMI payments. |
| Cancelled cheque for the new account | Helps in verifying your new bank account details. |
| Bank statement or other proof of account details | Provides supporting evidence of your bank account information, if requested. |
| Completed bank account update form | Records your new bank details, if applicable. |
| New NACH mandate or repayment authorisation | Authorises EMI debits from your new account, if required. |
| Identity or address proof | Supports verification of the person. |
Check the instructions provided through an authorised Bajaj Finance channel before submitting your request. Do not assume every item is mandatory or that one document can replace another. If you have a joint home loan, confirm whether the other borrower must provide additional details or authorisation.
How can you avoid missing an EMI during the bank account change?
Keep enough funds available for your scheduled EMI until Bajaj Finance confirms that the new bank account is active for repayments.
Use these precautions while your request is under review:
- Maintain the existing repayment arrangement: Do not assume that the lender has switched your mandate just because you submitted a request.
- Keep sufficient funds in the current account: Allow for the scheduled EMI debit until you receive confirmation of the change.
- Check the next due date: Review your repayment schedule so you know when the next instalment is due.
- Monitor both accounts: Check the relevant bank accounts for the EMI debit and review any notification about the mandate update.
- Check for a missed or failed debit: If the EMI does not go through as expected, contact Bajaj Finance to confirm the payment status and the next steps.
Changing your bank account does not automatically change your EMI amount, due date or other loan terms. Continue to meet your existing repayment obligations unless Bajaj Finance confirms a relevant change.
What should you do if your bank account update fails?
If Bajaj Finance does not accept or complete your request, identify the reason before submitting it again.
Use these steps to resolve the issue:
- Check the request status: Review any acknowledgement or status information available to you.
- Verify your bank details: Check the account number, IFSC and other information you provided.
- Confirm the document requirements: Ask whether you need to provide a different document, correct the form or submit a fresh mandate.
- Contact Bajaj Finance: Explain the issue and provide your loan account details and request reference, if available.
- Protect your repayment schedule: Check the next EMI due date and maintain sufficient funds in the account currently linked to your loan until the change is confirmed.
Do not treat a pending or rejected request as confirmation that your new account will fund the next EMI. Ask Bajaj Finance what you need to do to keep the repayment on track.
What should you confirm after changing your home loan EMI bank account?
After Bajaj Finance confirms the change, check that the new account details and repayment arrangement are in place.
Use this checklist:
- Confirm that Bajaj Finance has approved and processed your request.
- Verify the updated bank account details recorded for EMI payments, where available.
- Check whether the new NACH mandate or other repayment authorisation is active.
- Review your next EMI due date and the amount payable.
- Monitor the next scheduled debit to confirm that the payment goes through.
- Retain the request acknowledgement and confirmation for future reference.
If the next EMI does not debit from the expected account, contact Bajaj Finance and check your loan payment status. Do not assume that the mandate change has affected the EMI due date or removed your repayment obligation.
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Frequently Asked Questions
Bank Account Change Basics
Overdue Risk & Mandate
What happens if your new bank account does not support automatic EMI payments?
Your new bank account must support the repayment method accepted by your lender for the home loan. Contact your bank to confirm the account's capabilities and ask Bajaj Finance which repayment arrangements are available for your loan. Do not rely on the new account for automatic EMI payments until the lender confirms the arrangement.
What should you do if your old bank account is frozen?
Contact your bank to understand the account restriction and inform Bajaj Finance if it affects your scheduled EMI payment. Ask the lender how you can arrange repayment and update your bank details. Keep your next EMI due date in mind and confirm the approved payment method rather than assuming the account change will resolve the issue automatically.
What happens if your bank rejects the new EMI mandate?
Ask your bank whether it rejected the mandate and request the reason. Check whether the account details or authorisation need correction, then contact Bajaj Finance for instructions on resubmitting the mandate. Continue monitoring your existing repayment arrangement and ensure you meet your scheduled EMI obligations until the lender confirms that the new mandate is active.
What should joint borrowers check before changing the EMI bank account?
Joint borrowers should confirm whose bank account will fund the EMI and whether the lender requires additional information or authorisation from the other borrower. Contact Bajaj Finance to understand the requirements for your specific loan. Review the proposed account details and repayment arrangement before submitting the request, and retain the confirmation once the lender processes the change.
What happens if the new EMI bank account belongs to another person?
If you want to use an account held by another person, ask Bajaj Finance whether its repayment process permits this arrangement and what verification or authorisation it requires. Do not assume that providing another person's bank details is sufficient. Follow the lender's instructions and obtain confirmation before relying on that account for future EMI payments.
What should you do if your bank confirms the mandate change but your lender does not?
Keep the confirmation from your bank and contact Bajaj Finance through an authorised support channel. Ask the lender to check whether it has received and processed the updated mandate. Share the relevant request or mandate reference if available, and continue monitoring your scheduled EMI until the lender confirms that the new repayment arrangement is active.
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