How to Change EMI Bank Details for Your Car Loan

Updating your car loan EMI bank account can help maintain regular repayments when your existing account is no longer suitable for scheduled deductions. You may need to change the account if your salary or primary banking account has changed, the existing account is closed or inactive, or you prefer to manage loan repayments through another active account. An account change may also be useful if you want to keep your EMI payments separate from other regular transactions. Before requesting an update, check whether any EMI is already overdue and review your current loan account status. Changing the bank account does not cancel an unpaid EMI, remove an existing overdue amount, or change the agreed loan terms. Until the new account and applicable repayment mandate are confirmed, continue to monitor your scheduled EMI and ensure sufficient funds are available for the required payment. 

Documents required to change EMI bank details

The documents required to change EMI bank details depend on the lender's verification process and the repayment mandate used.

You may be asked to provide:

Check the information entered before submitting the request. An incorrect account number, IFSC, or other bank detail can delay the update or result in an unsuccessful deduction.

Changing the bank account linked to your car loan EMI can help ensure future instalments are deducted from the correct account. You can request the update through the Bajaj Finance App or My Account by verifying your identity, entering the new bank details, submitting supporting documents if required, and completing the new e-Mandate authorisation.

Follow these general steps through the Bajaj Finance App or My Account:

1. Sign in: Log in to the Bajaj Finance portal/app using your registered mobile number and OTP.
    
2. Verify your identity: Enter your Date of Birth to complete the authentication.
    
3. Select your car loan: Go to the Services tab and select your active car loan under Relations.
    
4. Open bank details: Scroll to Bank details and select Change bank account.
    
5. Enter the new account details: Provide the new account holder's name, bank account number, and IFSC code.
    
6. Upload supporting documents, if required: Upload a scanned copy of a cancelled cheque with the pre-printed account holder's name or a recent bank statement if prompted.
    
7. Complete e-Mandate authorisation: Authenticate the new auto-debit e-NACH mandate using the NetBanking or Debit Card details of the new bank account.
    
8. Confirm the request: Save the confirmation message and service request reference number so you can track the request until the bank account update is confirmed.
    

The exact options displayed may vary based on the loan account and the services available on the platform. The existing repayment arrangement should be treated as active until the account change and applicable mandate update are confirmed.

Common issues when changing EMI bank account details

Changing the bank account linked to your car loan EMI may require verification of the new account and completion of the applicable mandate process. Check the details carefully; it helps to avoid delays or unsuccessful EMI deductions.

• Incorrect bank details: An incorrect account number, IFSC code, or account holder name can delay verification or prevent the update.
• Document mismatch: The details in the submitted documents may not match the information entered in the request.
• Mandate authorisation failure: The new e-NACH mandate may not be completed successfully through the selected authentication method.
• Additional verification required: You may be asked to provide a cancelled cheque or recent bank statement if further verification is needed.
• Existing account status: A closed or inactive account may not support the scheduled EMI deduction until the new repayment arrangement is confirmed.
• Pending request: The bank account change may still be under verification, so check the service request status and upcoming EMI due date.

If an issue occurs, review the information and documents submitted and follow the status of your service request through the available official channels. Until the new account is confirmed for EMI deductions, continue to monitor your repayment due date and ensure the required payment is made on time.

What happens if the EMI bank account is not updated on time?

If your car loan EMI bank account is not updated correctly, the scheduled deduction may fail if the existing account is closed, inactive, or has insufficient funds. A failed or missed EMI can result in an overdue amount and may attract applicable charges under the loan terms. Delayed repayment can also affect your credit record. If you have already received a payment or legal notice, changing the bank account does not resolve the outstanding amount mentioned in the notice. Check your loan account for the current overdue or outstanding amount and take the required repayment or servicing action through official channels. If your account change request is still pending, continue monitoring your EMI due date and retain the service request reference or acknowledgement. This can help you follow up on the account update if required.