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Why your EMI deduction account needs to be updated correctly
Your personal loan EMI is generally deducted automatically from the bank account linked through the applicable NACH mandate on the scheduled due date. If the linked account is closed, has insufficient funds, or contains incorrect details, the scheduled deduction may fail. The payment is not automatically redirected to another bank account you may hold, even if that account has sufficient funds. A failed deduction can leave the EMI unpaid and may result in applicable charges or other consequences under your loan terms. Therefore, ensure the bank account linked to your EMI mandate remains active and has sufficient funds before the due date. If you need to change the deduction account, initiate the applicable update or mandate process well before the next EMI date. If an EMI has already become overdue, changing the account does not clear the outstanding amount; address the overdue payment separately.
When should you update your personal loan EMI deduction account?
Updating your EMI deduction account may be necessary when the bank account currently linked to your loan is no longer suitable for scheduled payments. You may need a separate mandate update because changing your bank account does not automatically update an existing NACH mandate.
Common situations where you may need to request an account change include:
- Existing account is closed: Future EMI deductions may fail if the linked account is no longer active.
- Bank account has changed: You may need to register a new mandate for a new account.
- Insufficient funds: Repeated payment failures may occur if the linked account is not adequately funded.
- Incorrect account details: An incorrect account number or other bank details can prevent successful deduction.
- Mandate-related issue: An inactive, incorrect, or unsuccessful mandate may need updating.
Before changing the account, check your loan account and existing mandate details. If an EMI is already due, do not wait for the account change to be processed before addressing the outstanding payment. A failed auto-debit does not remove the EMI obligation.
How to change your personal loan EMI deduction account through Bajaj Finance?
For an eligible personal loan, you can check the available bank account or mandate service options through the Bajaj Finance App or My Account portal. The exact option displayed may vary depending on your loan account and the applicable servicing process.
Through the Bajaj Finance App or My Account portal:
- Sign in using your registered mobile number and OTP.
- Go to Service or My Relations and select your personal loan account.
- Check the available mandate or bank account service options.
- Select the option to update or register the applicable EMI deduction account, if available.
- Enter the required details of the new bank account.
- Complete the verification or mandate registration process shown on the platform.
- Review the submitted details and confirm the request.
- Save the request or mandate reference for future records.
The exact process and verification method can depend on the lender, bank and mandate arrangement. Do not assume that the new account is active for EMI deductions until the applicable process is completed and the updated arrangement is confirmed.
What should you check after changing your EMI deduction account?
After submitting an account change request, monitor both the mandate status and your loan account. This confirms the new account is linked before the next EMI is due.
Check these details after submitting the request:
| Detail to check | What to verify |
| Account details | Confirm that the new bank account information submitted is correct. |
| Mandate status | Check whether the new mandate or account arrangement has been successfully activated. |
| EMI due date | Ensure the account is updated before the next scheduled deduction. |
| Bank balance | Maintain sufficient funds in the new account at least three days before the EMI due date. |
| EMI deduction | Check the bank and loan account after the due date to confirm the payment was successful. |
| Payment records | Retain the confirmation, transaction details and relevant communications. |
Keep sufficient funds available in the account being used for the upcoming EMI. If the account change is still being processed, do not assume that the next EMI will automatically be deducted from the new account. Monitor the loan account and use an available repayment channel if an EMI remains unpaid.
What happens if the EMI deduction account change is delayed?
A delay in updating your EMI deduction account may increase the risk of a failed auto-debit, particularly if the existing account is inactive, has insufficient funds, or the new mandate has not yet been activated. Submitting an account change request does not pause, postpone, or alter your scheduled EMI obligation. If your next EMI due date is approaching, check the status of the account change request and confirm which bank account is currently authorised for deduction. If the scheduled EMI is not deducted successfully, check your loan account to see whether the amount remains outstanding and make the payment through an available authorised channel. A failed deduction may attract applicable charges, while continued non-payment may affect your credit record. If you have received a legal notice, changing the deduction account does not clear existing overdue dues or replace the requirements stated in the notice.
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Payment & EMI
Does changing the EMI deduction account affect your loan tenure?
Changing the bank account used for EMI deductions does not by itself change your loan tenure. The existing repayment schedule continues to apply unless a separate change to the loan terms is approved.
What should you do if the new bank account details were entered incorrectly?
If you submitted incorrect bank details, check the status of the account or mandate update promptly. Contact the authorised servicing channel if you need a correction, especially before the next EMI due date.
When can you change the EMI deduction account for an active personal loan?
An account change may be available for eligible active personal loans, subject to the applicable mandate and servicing process. Check the options available for your loan account and complete the required verification before the next scheduled EMI.
What happens if the new bank account does not have enough funds on the EMI date?
Insufficient funds may result in an unsuccessful EMI deduction. Check your loan account after the due date and, if the EMI remains unpaid, use an available authorised payment channel to clear the outstanding amount.
How can you confirm that the account change request was successful?
Check the mandate or bank account update status through the available Bajaj Finance service channel and retain the confirmation or reference number. You can also review the loan account before the next EMI due date.
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