How to Check Your Education Loan Balance Online

You can check your education loan balance through the Bajaj Finance My Account portal or app, subject to the loan details available in your account. Reviewing your outstanding balance, upcoming instalments and payment history helps you understand your current repayment position.

• Use either of the 2 official digital routes, My Account or the Bajaj Finance app, to check your loan details.
• Check 3 key details: outstanding balance, overdue amount and next EMI due date, where displayed.
• Compare your Statement of Account with bank records and payment confirmations.
• Download your Statement of Account or Repayment Schedule if these documents are available for your account.
• Request clarification from Bajaj Finance if a payment is missing or a charge is unclear.

Check the latest account information before making a payment or planning loan closure. If the balance does not match your records, ask Bajaj Finance to confirm the amount payable.

Checking your education loan balance helps you understand how much remains payable and whether your repayments appear correctly in your account. It also helps you identify an overdue amount and review upcoming instalments before their due dates.

Regular checks help you:

• Track the outstanding balance recorded against your loan account.
• Review your EMI amount and next due date.
• Identify an overdue amount and any applicable charges.
• Confirm whether the lender has recorded a recent repayment.
• Review your repayment progress before considering full loan closure.

Your balance can change when the lender records repayments, interest and other applicable account transactions. Use your latest Statement of Account to understand these entries instead of relying only on an older balance or payment confirmation.

How can you check your education loan balance online?

You can check your education loan details through the Bajaj Finance My Account portal or app if your loan account is available on the platform. Sign in with your registered mobile number and complete the verification requested.

Through the My Account portal

1. Open the official Bajaj Finance My Account portal.
2. Sign in using your registered mobile number and the one-time password (OTP).
3. Complete any additional verification, such as date-of-birth verification, if prompted.
4. Open Service and select Relations or the relevant loan-account section shown on your screen.
5. Select your education loan account from the available list.
6. Review the outstanding balance, EMI details, due dates and other information displayed for your account.
7. Open the available statement or document section if you need a detailed repayment record.

Through the Bajaj Finance app

1. Open the Bajaj Finance app and sign in with your registered mobile number.
2. Complete OTP verification and any additional verification requested.
3. Open the section displaying your loan accounts or relations.
4. Select your education loan account.
5. Review the balance and repayment details available on screen.
6. Open the statement or document section if you need to review recorded transactions.

Menu names and available documents can vary by account. If your education loan does not appear or you cannot view the balance, contact Bajaj Finance through an authorised service channel to confirm how you can access the details.

What information should you check in your education loan account?

Review your outstanding balance alongside your EMI details and payment history. These details help you understand the amount remaining payable and identify entries that need clarification.

The outstanding balance may differ from the amount required to close your loan. The closure amount can depend on your loan terms, outstanding obligations and the proposed repayment date. Request a confirmed closure amount from Bajaj Finance before making a full repayment.

A Statement of Account records transactions on your education loan, including repayments and other entries affecting the balance. You can download it through the official customer portal if the document is available for your account.

Follow these steps:

1. Sign in to the Bajaj Finance My Account portal.
2. Complete the required identity verification.
3. Select your education loan account.
4. Open the Document Centre or the relevant statement section displayed on your account.
5. Select Statement of Account and download the document if the option is available.

Review the payment dates, recorded instalments, outstanding balance and any applicable charges. Keep the statement alongside your bank records and payment confirmations. These documents can help you explain a discrepancy when you raise a service request. If you cannot find the statement online, contact Bajaj Finance through an authorised service channel and ask how to obtain it.

What should you do if your education loan balance is incorrect?

If your education loan balance differs from your records, compare your latest Statement of Account with your bank transactions and payment confirmations. Ask Bajaj Finance to investigate any difference you cannot explain.

1. Check the date and amount of the payment in your bank statement.
2. Compare the transaction with the entries in your Statement of Account.
3. Review any instalment, interest or applicable charge that remains payable.
4. Keep the payment receipt and transaction reference number.
5. Raise a service request through an authorised Bajaj Finance channel and explain the discrepancy.
6. Retain the service request reference so you can follow up on the issue.

Do not repeat a payment solely because the account has not reflected an earlier transaction. Ask Bajaj Finance to verify the payment and confirm the amount payable before taking further action. Continue to meet your repayment obligations unless Bajaj Finance confirms an applicable adjustment or other arrangement.

What should you know about overdue amounts and loan charges?

An overdue amount can arise when an instalment remains unpaid after its due date. Depending on your loan agreement and account terms, a delay may attract applicable charges and affect your repayment record.

If your account shows an overdue amount:

• Check which instalment or other payment remains unpaid.
• Review your loan agreement and applicable fee disclosures to understand any charge.
• Confirm the total amount payable through an authorised Bajaj Finance channel.
• Keep the payment confirmation and check whether the transaction appears in your account.
• Contact Bajaj Finance if you cannot identify a charge or cannot pay the full amount.

The Reserve Bank of India (RBI) issued its Fair Lending Practice - Penal Charges in Loan Accounts instructions on 18 August 2023. The RBI states that penal charges, where imposed, must be reasonable, linked to non-compliance with loan terms and disclosed to borrowers. Lenders must not add penal charges to the interest rate as penal interest or capitalise those charges to calculate further interest. The applicable charges and reasons should be disclosed in the loan agreement and relevant key terms. Confirm the charges applicable to your specific loan rather than assuming that a fee listed for another product applies to your education loan. Checking your balance, raising a service request or making a partial payment does not automatically clear every overdue amount or suspend recovery action. If you receive a legal notice, review its contents and response deadlines carefully. Seek appropriate legal advice if you need help understanding your obligations.