What is Bajaj Finance EMI refund process?

Paid a excess EMI? This is how the refund process will be with Bajaj Finance
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What is Bajaj Finance EMI refund process?
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3 min
10-September-2024
Occasionally, borrowers may face situations where excess EMI deductions occur. This can happen due to various reasons, including technical glitches, prepayments not accounted for, or incorrect EMI calculations. Bajaj Finserv provides a streamlined process for claiming an EMI refund. To initiate a refund, customers need to submit necessary documents such as their loan account number and a detailed loan statement. Understanding the steps and required documents can help ensure a smooth and hassle-free refund process. For more information, check out loan account number.

What is an EMI refund?

An EMI refund refers to the reimbursement of the excess amount deducted from a borrower’s account. This typically occurs when the EMI payment exceeds the actual required amount due to technical errors, miscalculations, or unaccounted prepayments. The refund process ensures that borrowers are compensated for any overpayment made towards their loan.

Reason for excess EMI deduction

  • Technical glitches: Issues in the banking or loan processing system can lead to incorrect EMI deductions.
  • Incorrect EMI calculations: Errors in calculating the EMI amount can result in higher deductions than necessary.
  • Delayed prepayment updates: If a borrower makes a prepayment, delays in updating the system can cause continued deductions at the old EMI rate.
  • Manual processing errors: Mistakes made during manual processing of EMI payments can also lead to excess deductions.

How to get a refund of excess EMI?

To obtain a refund of excess EMI from Bajaj Finserv, you have several options:

  • Customer service contact: Reach out to Bajaj Finserv's customer service team via phone or email to report the issue and request a refund.
  • Branch visit: Visit the nearest Bajaj Finserv branch with relevant documents to request a refund in person.
  • Online service portal: Use the Bajaj Finserv online service portal to submit a refund request. This method is often the quickest and most convenient.

Steps to get a refund of excess EMI from Bajaj Finserv

  1. Login to your account with Bajaj Finserv using your registered mobile number
  1. Click on “Menu” and then click on “New Request”
  1. Under “Query Type” select “Transaction Related” and then for “Sub-query type” select any of the suitable option
  1. Click on proceed and a request will be raised for your
Once you have raised a request, a representative will get in touch with you depending on the case. After which they will also share the resolution either by mail or in the chat box of the query that has been raised.

Documents needed to claim excess EMI refund

  • Loan Account Number: Your unique loan account number to identify your loan details.
  • Loan statement: A detailed loan statement showing the EMI deductions.
  • Proof of excess EMI deduction: A bank statement or payment receipt indicating the excess deduction.
  • Identity proof: A copy of your Aadhaar card, PAN card, or any other government-issued identity proof.
You can also get a detailed loan statement.

Tips for a smooth EMI refund process

To ensure a smooth refund process:

  • Document preparation: Keep all required documents, such as loan statements and proof of excess deduction, ready.
  • Verify excess amount: Double-check the excess amount deducted before submitting your refund request.
  • Monitor loan account: Regularly review your loan account to identify any discrepancies early.
  • Prompt communication: Contact Bajaj Finserv's customer service immediately if you notice any issues or delays in the refund process.

Frequently asked questions

How can I check my loan status with Bajaj Finance?
To check your Bajaj Finance loan details, log in to the customer portal by entering your registered mobile number and the OTP sent to you. Additionally, you can download the Bajaj Finserv app, available on both Android and iOS platforms, and log in to access your loan details. If you prefer direct communication, you can call Bajaj Finserv customer service and provide your loan account number to get the status update. Lastly, you can also send an email with your loan details to Bajaj Finserv's customer support for the same information.

What is EMI processing fee reversal?
An EMI processing fee reversal occurs when the fee charged for processing your EMI payment is refunded. This typically happens if there was an error in charging the fee or if you qualify for a fee waiver based on promotional offers or specific criteria set by Bajaj Finserv. In such cases, the amount charged as the processing fee is credited back to your account, ensuring you are not overcharged.

What are EMI return charges?
EMI return charges are penalties imposed when an EMI payment fails or is returned due to insufficient funds in your bank account or any other reason leading to non-payment. These charges are levied to cover the administrative costs associated with handling the failed transaction. It's important to maintain sufficient balance in your account to avoid these additional charges, as repeated failures can not only incur extra costs but also negatively impact your credit score.

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