How to Calculate the Exact Due Amount After Payment

The exact due amount after payment is the amount remaining on your loan account after the payment received has been adjusted against applicable dues. It may include unpaid EMI amounts, applicable overdue or bounce charges, accrued interest, and other outstanding amounts. The payment may be allocated according to the applicable payment allocation policy. Where overdue amounts or charges are pending, these may be adjusted before the remaining payment is applied towards the principal outstanding. As a result, the amount remaining after payment may differ from the amount you expected based only on the payment made.

The updated due amount may vary based on the payment date, payment type, applicable charges, interest accrued, and transaction processing time. A payment made after the EMI due date may not fully clear the outstanding dues if additional amounts have become payable. Similarly, a part-payment may reduce the outstanding balance without clearing all overdue amounts. Checking the latest loan account details after making a payment helps you identify the remaining dues and the amount required to keep the account up to date.

How your due amount is calculated

Your lender adjusts a payment in a fixed order, first against charges, then interest, and finally principal, and this order decides your exact due amount. The table below shows this using illustrative figures to explain the method, not your actual loan figures.

Your actual figures will differ based on your loan terms, interest rate, and payment history. Always refer to your loan account statement for the confirmed amount.

You can check your updated loan dues online after making a payment. Digital self-service options allow you to review your loan account, payment history, and current payable amount in one place. 

Steps on the Bajaj Finance App:

1. Open the Bajaj Finance App.
2. Sign in using your registered mobile number and OTP.
3. Go to My Relations (or Loans / Portfolio).
4. Select the relevant active loan account.
5. Open Loan Details.
6. View the updated outstanding amount, any overdue charges, and past payment history.

Steps through the customer portal:

1. Visit the My Account customer portal.
2. Log in using your registered mobile number and OTP.
3. Select the relevant loan account from your dashboard.
4. View the Account Summary for your updated total payable dues.

After checking the latest account details, you can confirm whether any amount remains payable. This helps you make the required payment accurately and avoid leaving any outstanding dues on your loan account. 

What decides your exact due amount after a payment

Your due amount after a payment is not just your last stated outstanding balance minus what you paid, because interest and charges are recalculated as part of the process. The main factors are:

• Principal outstanding on your loan before the payment
• Interest accrued daily on the outstanding principal up to the date of payment
• Any pending charges, such as a bounce charge or late payment charge, as applicable
• The date your payment is processed and reflected in your loan account
• Whether the payment was a regular EMI, a part payment, or a foreclosure payment

The exact due amount can change as your payment is processed and adjusted against the applicable dues. Check the latest loan account details after payment to confirm the updated payable amount and identify any remaining outstanding amount.