How to Change Your Personal Loan Repayment Tenure

Your personal loan repayment tenure determines how long you repay the borrowed amount through EMIs. Review your budget, compare repayment options and understand changes to your EMI and total interest before requesting revised loan terms.

• Contact Bajaj Finance through the My Account portal or app to request a tenure change, subject to approval.
• Compare the revised EMI, total interest payable and loan end date before accepting the proposed terms.
• Consider part-prepayment or foreclosure if you want to reduce your repayment period, subject to your loan terms.
• Check any applicable charges and review the updated repayment schedule before accepting a change.
• Continue paying your scheduled EMIs until Bajaj Finance confirms the revised terms.
• Retain written approval and updated loan documents to verify your revised repayment obligations.

Choose a repayment arrangement that suits your budget and financial goals. Confirm the revised terms with Bajaj Finance before changing your existing repayment plans.

Your personal loan repayment tenure is the period you have to repay the borrowed amount and applicable interest through equated monthly instalments (EMIs). Your loan agreement specifies the agreed tenure, EMI amount and repayment schedule. Understanding these details helps you plan your monthly repayments and manage your financial commitments. Your repayment tenure affects both your monthly EMI and the total interest you pay over the loan period. A longer tenure generally results in lower monthly instalments but may increase the total interest payable. A shorter tenure generally results in higher monthly instalments but may reduce the overall interest cost. The actual impact depends on your outstanding loan balance, applicable interest rate and repayment terms. Before requesting a tenure change, review your monthly income, essential expenses and existing financial commitments. Compare the available repayment options to determine whether a revised EMI fits your budget. Consider both the immediate affordability of your instalments and the total cost of repaying your loan before making a decision.

Can you change your personal loan tenure after approval?

You can request a change to your personal loan tenure after approval, subject to the lender’s policies and loan terms. The lender will assess your request and confirm whether it can accommodate the change. Approval is not guaranteed, and the available options may depend on your loan agreement and financial circumstances. You may consider extending your tenure if you need to reduce your monthly EMI and make repayments more manageable. However, a longer tenure may increase the total interest you pay over the loan period. Alternatively, a shorter tenure may suit you if you can afford higher monthly instalments and want to reduce the repayment period. Contact your lender through an authorised support channel to discuss your requirements and understand the available options. Review the revised EMI, repayment period and total interest before accepting any change. Continue following your existing repayment schedule until the lender confirms the revised terms.

How can you request a change in your personal loan tenure?

You can request a personal loan tenure change by contacting Bajaj Finance and explaining why you need a different repayment period. The lender may ask for additional information or documents to assess your request.

Follow these steps:

1. Keep your personal loan account details and current repayment schedule ready.
2. Contact Bajaj Finance through the My Account portal or app to explain whether you want to extend or shorten your tenure.
3. Provide the reason for your request and any supporting information the lender asks for.
4. Review the proposed repayment terms if Bajaj Finance approves a change.
5. Check the revised tenure, EMI, total interest payable and any applicable charges before accepting the offer.
6. Retain the lender’s confirmation and review your updated repayment schedule.

You can sign in to My Account through the Bajaj Finance portal or app to access your loan details and available support services. However, do not assume that the platform offers a direct self-service option to change your tenure. Contact support if you cannot find the relevant service or need confirmation of the process.

Extending your personal loan tenure generally lowers your monthly EMI by spreading repayment over a longer period. However, you may pay more total interest because you repay the loan over more months.

Compare the revised EMI with your monthly budget and the total interest payable before requesting an extension. A lower instalment may help you manage your expenses, but it does not necessarily reduce the overall cost of borrowing.

How can you reduce your personal loan repayment tenure?

You can ask Bajaj Finance about repayment options that may help you close your personal loan sooner. Depending on your loan type and agreement, part-prepayment or foreclosure may be available.

Consider these options:

• Part-prepayment: Pay an eligible amount towards your outstanding principal. Depending on the loan terms and repayment arrangement, this may reduce your EMI or remaining tenure.
• Foreclosure: Repay the eligible outstanding amount to close your loan before the scheduled end of its tenure. Check the applicable conditions and charges before proceeding.
• Review your repayment capacity: Assess whether you can afford a higher EMI or an additional payment without affecting essential expenses and other commitments.

Contact Bajaj Finance to confirm which options apply to your loan. Before making a part-prepayment or foreclosure payment, check how it will affect your remaining repayment schedule. Continue paying your scheduled EMIs unless the lender confirms a change to your obligations.

What should you check before changing your personal loan tenure?

Review the proposed repayment terms and their financial impact before accepting a tenure change. This helps you decide whether the new arrangement suits your budget and repayment goals.

Check the following details:

• Revised EMI: Confirm the monthly amount and whether you can afford it.
• Total interest payable: Compare the expected interest under your existing and proposed repayment schedules.
• Remaining tenure: Check the revised loan end date.
• Applicable charges: Ask whether the tenure change or an alternative repayment option involves any charges.
• Updated repayment schedule: Check that the lender’s revised schedule reflects the approved terms.
• Written confirmation: Keep the confirmation and any updated loan documents for your records.

Confirm the revised terms with Bajaj Finance before accepting the change. Keep the approval confirmation and updated repayment schedule for reference, and continue paying your existing EMIs until the lender confirms the revised arrangement.