What is part-prepayment?
Part-prepayment is a facility where you can pay a part of your loan amount in advance when you have extra funds. With our Flexi Loan variants, you can part-prepay your loan as many times as you want at no additional cost. However, you can part-prepay your loan only after 24 hours of the disbursement.
Do I need to pay any extra charges for making part payments towards my loan?
When you part-prepay a Term Loan, you may have to pay an additional charge on part-prepayment. However, in the case of our Flexi Term and Flexi Hybrid Loans, no such charges are levied.
How can I make part-prepayments towards my Flexi Loan?
You can follow these simple steps to part-prepay your Flexi Loan account:
- Enter your registered mobile number and submit the OTP to sign-in to our customer portal – My Account.
- Verify your details with your date of birth and proceed.
- Go to ‘My Relations’ at the top of the page and click on 'View All'.
- Select the loan account number (LAN) for which you wish to make part-prepayment.
- Under 'Quick Actions', click on 'Make Payments'.
- Click on the ‘Part-prepayment’ option from the list.
- Enter the amount you want to pay and proceed to complete the payment.
- Select your preferred payment method (debit card, UPI, and NetBanking) and proceed.
- Based on the mode selected, your payment will get processed, and you’ll receive the payment confirmation on your screen.
Please note that you have to maintain a minimum balance of Rs. 100 as your outstanding principal amount to keep your Flexi Loan account active.
How long does it take for part-prepayments to get adjusted towards my loan?
After making a part-prepayment, it takes up to 24 hours for the amount to get adjusted against your loan. You can also check your repayment schedule or download your account statement by visiting ‘Document Centre’. Once you’re signed-in, you can select your loan account number from ‘Document Centre’ and find all your loan-related documents.
Note:
- In an event of a national holiday or any other unforeseen circumstances, the above-mentioned time may be impacted.
- Also, if your part-prepayment amount doesn’t reflect in the repayment schedule within 24 hours then you can raise a request with us. When you’re raising a request with us, you might need to upload your bank statement.
Frequently asked questions
- Sign-in to our customer portal – My Account by entering your registered mobile number and the OTP.
- Verify your details using your date of birth and proceed.
- Go to 'Loan payment' from the main menu.
- Click on 'Other payments' and select the loan account for which you wish to make the payment.
- Choose 'Part-prepayment' as your payment option.
- Enter the required details and proceed to pay.
Additionally, you can visit the nearest Bajaj Finance branch if you intend to make the partial payment using a cheque or demand draft.
Note: Maintain a minimum balance of Rs. 100 as your outstanding amount to keep your Flexi Loan account active. Please deposit the cheque in favour of Bajaj Finance Ltd. The cheques and demand drafts clearance process will take approximately three business days.
After making a part-prepayment, it takes up to 24 hours for the amount to get adjusted towards the loan.
To check your repayment schedule for updated loan details, follow the steps below:
- Enter your registered mobile number and the OTP to sign-in to our customer portal – My Account.
- Verify your details by entering your date of birth and proceed.
- Go to 'My Relations' and select your loan account.
- Click on 'View Statements'.
- You can now download and view the statement of account.
To continue enjoying Flexi Loan benefits and to keep your loan account active, please maintain a minimum principal amount of Rs. 100.
Note: The cheques and demand drafts clearance process will take approximately three business days.
