Raise a request online for an excess EMI refund through My Account.
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What is an excess EMI payment
An excess EMI payment happens when you pay more than your scheduled monthly instalment on a loan. This can occur due to a technical error, a duplicate payment, or an additional amount paid that was not adjusted correctly against your loan. In some cases, the excess amount is automatically applied towards reducing your outstanding principal. In others, it may show as a credit balance in your loan account, which you can then have adjusted against future EMIs or refunded to your bank account. For more information, check out loan account number.
Common reasons for excess EMI deductions
- A technical glitch during the auto-debit process, resulting in more than the scheduled amount being deducted
- A part-prepayment made close to the EMI date that was not accounted for before the auto-debit was processed
- A duplicate payment, where the same EMI is deducted twice within the same billing cycle
- An EMI continuing to be deducted for a short period even after the loan has been fully closed, due to timing differences between closure and the auto-debit cycle
- An incorrect EMI amount being set up due to a calculation or system error
Identifying the exact reason helps you provide the right details when raising your refund request.
How to check if you have paid excess EMI
- Sign in to the customer portal or app using your registered mobile number and OTP.
- Review your loan Statement of Account (SOA), which shows all payments made against your loan.
- Compare the amount deducted with the EMI amount mentioned in your original sanction letter.
- Check whether the extra amount appears as an "excess payment" or "part-prepayment" entry on your statement.
- Cross-check your bank statement to confirm the exact amount debited on each date.
Documents required to claim an excess EMI refund
- Your loan account number
- A detailed loan statement showing the excess deduction
- Bank statement or payment receipt confirming the excess amount debited
- Valid identity proof, such as your Aadhaar card or PAN card
- Details of your registered bank account, to receive the refund
Keeping these documents ready before you raise your request can help avoid delays during the verification process.
How to raise an excess EMI refund request
- Sign in to the customer portal or app, or visit your nearest branch.
- Select the relevant loan account and raise a request for an excess EMI refund.
- Upload or submit your supporting documents, such as your bank statement and loan details.
- Choose whether you would prefer the excess amount refunded to your bank account or adjusted against future EMIs.
- Note the reference number provided, so you can track the status of your request.
You can also contact Bajaj Finance customer service by phone or email to report the issue and raise your refund request.
How long does the excess EMI refund take
The time taken to process an excess EMI refund can vary depending on the reason for the excess deduction and how quickly your documents are verified. Typically, it may take anywhere from a few business days to a couple of weeks once your request and supporting documents have been submitted. If the excess amount is not refunded directly, it may instead be adjusted against your future EMIs, depending on your preference. You can track the status of your refund request through the customer portal, app, or by contacting customer support directly using your reference number.
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Frequently Asked Questions
Excess EMI Refund Basics
EMI Refund Process
Refund Status & Support
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 Finance. 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.
How long does excess EMI refund take?
Once the lender verifies the double deduction, the refund usually takes 7 to 10 working days to reflect in your bank account. The timeline depends on your bank’s processing speed. You will typically receive an SMS or email confirmation once the refund has been initiated from the lender's side.
What documents are required to claim an excess EMI refund from Bajaj Finance?
You will need your loan account number, a detailed loan statement showing the excess deduction, your bank statement or payment receipt, valid identity proof such as Aadhaar or PAN, and your registered bank account details for the refund.
What should I do if double EMI is deducted?
First, contact your bank to check if it was a technical glitch or a duplicate mandate. Next, raise a formal complaint with Bajaj Finance via the mobile app or 'Experia' portal. Provide your bank statement as proof. They will verify the duplicate payment and initiate a reversal or adjustment.
Can excess EMI be adjusted instead of refunded?
Yes, you can request the lender to treat the extra payment as a "part-prepayment" towards your principal balance. This reduces your total outstanding loan amount and saves on future interest. Alternatively, it can be adjusted against your next month's EMI, meaning no deduction will occur in the following cycle.
Can I track the status of my Bajaj Finance EMI refund request online?
Yes. After raising your request, you receive a reference number. Use this to track progress through the customer portal or app, or contact Bajaj Finance customer support directly for an update on your refund status.
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 Finance 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 Finance 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 Finance's customer support for the same information.
Will my excess EMI refund be credited to my registered bank account?
Yes, typically. Once your refund is approved, it is usually credited to your registered bank account. Alternatively, you may be able to choose to have the excess amount adjusted against your future EMIs instead.
