Why Is It Important to Check Your Education Loan Balance Regularly?
Regularly checking your education loan balance is an essential financial practice that helps you stay informed and in control of your repayment journey. By keeping track of the outstanding amount, you gain a clear picture of your financial liability and can plan your repayment strategy accordingly. It allows you to understand how much of your payment goes towards the principal and how much towards the interest, ensuring better financial planning.
Monitoring your loan balance also helps you avoid missed payments, which could negatively impact your credit score. With an updated balance overview, you can schedule repayments on time and even make part-prepayments whenever possible to reduce the overall interest burden. Additionally, being aware of your loan balance keeps you prepared for financial decisions such as applying for another loan, as lenders often assess your repayment history and current liabilities.
Regular checks also alert you to any discrepancies or errors in the loan account, allowing timely corrections. It builds financial discipline, gives you peace of mind, and prevents unnecessary surprises. Ultimately, checking your education loan balance regularly empowers you to manage debt responsibly, maintain a strong credit profile, and work towards financial independence with confidence.
How to Check Education Loan Balance Online
Via Bajaj Finserv Customer Portal
You can easily check your education loan balance through the Bajaj Finserv Customer Portal. Follow these steps:
- Visit the official Bajaj Finserv Customer Portal website.
- Log in using your registered mobile number, email ID, or customer ID.
- Enter the OTP received on your registered mobile number.
- Once logged in, navigate to the ‘Relations’ section.
- Select your education loan account from the displayed list of active products.
- Click on the loan account to view details such as outstanding balance, EMIs, due dates, and repayment history.
- Download the loan statement for a detailed record, if required.
- Use the information to plan repayments or prepayments effectively.
This simple digital method ensures you can track your loan status anytime from the comfort of your home.
Via Bajaj Finserv Mobile App
With the Bajaj Finserv mobile app, checking your education loan balance becomes quick and seamless. Follow these steps:
- Download and install the Bajaj Finserv app from Google Play Store or Apple App Store.
- Open the app and log in with your registered mobile number.
- Authenticate your account using the OTP sent to your mobile.
- From the homepage, go to the ‘My Relations’ or ‘Loans’ section.
- Select your education loan from the list of active products.
- View the complete loan details, including outstanding balance, EMIs, and due dates.
- Download the e-statement or repayment schedule for reference.
- Enable app notifications to get timely updates on EMI reminders and payment confirmations.
This user-friendly app allows you to monitor your loan anytime, anywhere, with just a few clicks.
Via Email Notifications
Bajaj Finserv provides regular email notifications to keep borrowers updated about their education loan. These emails contain details of EMI due dates, payment confirmations, and updated loan balances. By regularly checking these emails, you can track your outstanding amount and repayment progress without logging into any portal or app. Email notifications also ensure you do not miss important alerts regarding overdue payments or prepayment options, helping you stay financially organised with minimal effort.
How to check education loan balance offline
While digital options are convenient, borrowers can also check their education loan balance offline through multiple channels. Here’s how:
- Customer service helpline – Call the Bajaj Finserv helpline number from your registered mobile number. Provide your loan account details or customer ID for verification, and the representative will share your outstanding loan balance and EMI status.
- Visiting the nearest branch – Go to the nearest Bajaj Finserv branch with valid identity proof and loan account details. The staff will provide a printed statement or inform you about your loan balance and repayment schedule.
- SMS service – Send a pre-defined SMS format (e.g., typing “BAL” followed by your loan account number) from your registered mobile number to the official Bajaj Finserv number to receive your loan balance instantly.
- Missed call service – Give a missed call on the designated Bajaj Finserv number from your registered mobile. Within a few minutes, you will receive an SMS containing your education loan balance details.
These offline modes are particularly helpful when internet connectivity is limited, ensuring borrowers can still access crucial loan information easily.
Via customer service helpline
To check your education loan balance through the helpline, follow these pointers:
- Dial the official Bajaj Finserv customer care number from your registered mobile.
- Select the relevant IVR option for ‘Loan Services’.
- Provide your customer ID or loan account number when prompted.
- Authenticate your identity by answering security questions.
- Request details of your outstanding loan balance and EMI schedule.
- Note down the information or request an email/SMS confirmation from the executive.
- Use this service to also clarify queries related to prepayments, repayment status, or loan closure.
Visiting the nearest branch
Borrowers preferring face-to-face assistance can visit the nearest Bajaj Finserv branch. By carrying your loan account details and a valid ID proof, you can request the staff to provide your loan balance information. The branch executive can issue a printed loan statement and clarify any repayment-related queries. This method is reliable for those who prefer personalised guidance.
Through SMS and missed call service
Bajaj Finserv also offers SMS and missed call services for quick balance checks:
- SMS service – Send a text in the required format (e.g., BAL <Loan Account Number>) to the official Bajaj Finserv number. You will receive your outstanding balance instantly.
- Missed call service – Dial the designated Bajaj Finserv missed call number from your registered mobile. Within a few minutes, you’ll receive an SMS containing your loan balance details.
These methods are fast, convenient, and useful in areas with limited internet access.
Benefits of online loan management
Online loan management offers numerous benefits, making it an essential tool for modern borrowers. Firstly, it provides easy access to all your loan details, allowing you to monitor your balance, interest rates, and repayment schedule at any time. This convenience eliminates the need to visit the bank, saving you time and effort. Secondly, online management systems often feature automated payment options, ensuring you never miss an EMI and avoid late fees. Additionally, many platforms offer alerts and notifications, keeping you informed about due dates and any changes to your loan terms. Another significant advantage is the ability to make prepayments or apply for loan modifications directly through the portal. This flexibility allows you to manage your finances more effectively and make strategic decisions about your loan. Overall, online loan management enhances transparency, convenience, and control, empowering you to handle your financial commitments with greater ease and confidence.
