How to Download an Secured Loan Statement?

Secured loans are a popular financial product for individuals seeking funds for significant purchases or investments, such as buying a home or funding a business. Managing these loans effectively is crucial, and one of the most important tools for doing so is a secured loan statement. These statements help borrowers track their loan details, payment schedules, and outstanding balances, ensuring they stay on top of their financial commitments.

If you are a Bajaj Finserv customer, accessing your secured loan statement is simple and convenient. In this article, we will explain what a secured loan statement is, the information it contains, and how it can be used for tax purposes. Additionally, we will provide step-by-step instructions to help you download your statement easily.

What is a secured loan statement?

A secured loan statement is an official document provided by financial institutions, such as Bajaj Finserv, to borrowers who have availed of a secured loan. This document serves as a comprehensive summary of the loan details, including payment history, outstanding balance, and other key information.

These statements are vital for borrowers as they offer transparency and help in tracking the financial health of the loan. Whether you want to review your EMI schedule, check the principal versus interest amounts paid, or plan for future payments, the secured loan statement is a valuable resource.

It is important to note that secured loan statements from Bajaj Finserv are accessible only to customers who have an active or previously closed loan account with the company. This ensures that only verified borrowers can access their loan-related information.

Your secured loan statement is packed with essential details that provide a clear picture of your loan account. Below are the key components you will find in the statement:

• Loan account number: A unique identifier for your loan account.
• EMI schedule and payment breakdown: A detailed view of your monthly instalments, including the principal and interest components.
• Principal vs. interest amounts: Information on how much of your payment goes towards reducing the loan principal and how much covers interest charges.
• Outstanding loan balance: The remaining amount you need to repay.
• Payment history: A record of all payments made to date, including dates and amounts.
• Next EMI due date: The date of your upcoming instalment, ensuring you never miss a payment.
• Additional account details: Other relevant information, such as loan tenure, interest rate, and any applicable charges.

By reviewing this information regularly, you can stay updated on your loan’s progress and ensure financial discipline.

Secured loan statements are not just useful for tracking payments; they also play a crucial role during tax filings. Here is how you can use your loan statement for tax purposes:

Claiming tax deductions: If you have taken a home loan or another secured loan eligible for tax benefits, the interest paid on the loan can be claimed as a deduction under applicable sections of the Income Tax Act. Your secured loan statement provides the necessary proof of interest payments.

Ensuring compliance during audits: In the event of a tax audit or scrutiny, having your loan statements organised and readily available can help you demonstrate compliance with tax regulations.

Digital storage for convenience: Bajaj Finserv offers digital access to loan statements, allowing you to download and save them as PDFs. This ensures easy retrieval whenever required and reduces the risk of losing physical documents.

Pro Tip: Make it a habit to store your loan statements securely, either in a dedicated folder on your computer or cloud storage. This will save you time and effort during tax season.

How to download your Bajaj Finserv secured loan statement

Downloading your secured loan statement from Bajaj Finserv is a straightforward process. Follow these steps to access your statement:

1. Log in to your account: Visit the Bajaj Finserv customer portal or mobile app and log in using your registered credentials.
2. Navigate to the services section: Once logged in, click on the ‘Services’ option in the dropdown menu.
3. Select your loan account: Choose the specific loan account for which you need the statement.
4. Authenticate your request: Complete the authentication process, which may involve entering an OTP sent to your registered mobile number.
5. Download the statement: Click on the ‘Download’ option to save your secured loan statement as a PDF.

Conclusion

Secured loan statements are an indispensable tool for borrowers, offering transparency and helping with financial planning. Whether you need to track your payments, plan for upcoming EMIs, or claim tax benefits, these statements provide all the necessary information.

As a Bajaj Finserv customer, accessing your secured loan statement is quick and hassle-free. By following the steps outlined above, you can download your statement and take charge of your financial journey.

CTA: Log in to your Bajaj Finserv account today to access your secured loan statement and manage your loan efficiently!

For more information on fees and charges or to explore other services, visit Bajaj Finserv’s Fees and Charges page.