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What is a crossed cheque and why does Bajaj Finance require it
A crossed cheque is a cheque on which two parallel lines are drawn across the top left corner or across the face of the cheque. This crossing restricts the cheque from being encashed directly at a bank counter. Instead, the payment can only be credited to a bank account, making the transaction secure and traceable.
Bajaj Finance requires crossed cheques for EMI payments to:
- Prevent misuse or fraud by ensuring the payment goes only to the correct account
- Create a clear, verifiable payment record for both the borrower and the lender
- Ensure the EMI amount is credited accurately without risk of cash encashment
A crossed cheque is different from a cancelled cheque. A cancelled cheque has the word "CANCELLED" written across it and is used only for bank account verification such as NACH mandate registration. It cannot be used as a payment instrument.
Types of cheque crossing and when each applies
Understanding the type of crossing required helps you prepare the correct cheque for submission.
| Type of crossing | How it is marked | What it means |
|---|---|---|
| General crossing | Two parallel lines with no additional words | Payment transferred to any bank account |
| Special crossing | Two parallel lines with a specific bank name between them | Payment transferred only to the named bank |
| Account Payee crossing | Two parallel lines with "Account Payee Only" between them | Payment credited only to the account of the named payee |
| Not Negotiable crossing | Two parallel lines with "Not Negotiable" between them | Cheque cannot be transferred to a third party |
For Bajaj Finance EMI submissions, an Account Payee crossing is the required type. This ensures the payment is credited exclusively to Bajaj Finance's account and cannot be redirected.
How to fill a crossed cheque correctly for Bajaj Finance
Filling a crossed cheque correctly is essential. Any error, correction, or mismatch will result in the cheque being rejected and your EMI being treated as unpaid.
- Draw two parallel lines across the top left corner of the cheque using a pen
- Write "Account Payee Only" between the two lines
- Write the payee name as "Bajaj Finance Limited" or the name specified in your loan documentation
- Enter the EMI amount in figures in the amount field
- Write the same amount in words - the figures and words must match exactly
- Enter the date - use the current date or the date specified by Bajaj Finance
- Sign the cheque using the same signature registered with your bank
- Write your loan account number on the reverse of the cheque for easy identification
Requirements checklist before submission:
| Requirement | Detail |
|---|---|
| No overwriting or corrections | Use a fresh cheque if you make an error |
| Ink colour | Dark blue or black ink only |
| Account match | Cheque must be drawn on the account registered with Bajaj Finance |
| Legible writing | Write clearly to avoid processing delays |
How to submit your crossed cheque to Bajaj Finance
Bajaj Finance accepts crossed cheque submissions through the following channels. Confirm availability of each method with your nearest branch before visiting.
In-person branch submission
Visit your nearest Bajaj Finance branch with the completed crossed cheque and your loan account details. Submit the cheque at the designated counter and request an acknowledgement receipt. Keep this receipt until the payment is confirmed in your loan account.
Drop-box submission
Place the crossed cheque in a sealed envelope labelled with your loan account number and registered contact details. Drop the envelope in the designated Bajaj Finance drop-box. Retain a photocopy of the cheque before submission.
Crossed cheque vs NACH mandate for EMI payment
NACH is the recommended method for most borrowers as it automates the EMI debit each month and reduces the risk of a missed payment. Crossed cheque submission is an available alternative.
| Feature | NACH mandate | Crossed cheque |
|---|---|---|
| How it works | EMI debited automatically on due date | Cheque submitted manually to Bajaj Finance |
| Monthly action required | None | Cheque must be prepared and submitted each cycle |
| Risk of missed payment | Low, if account has sufficient funds | Higher, depends on timely submission |
| Processing | Automatic | Requires branch or drop-box submission |
| Best suited for | Borrowers who want hassle-free repayment | Borrowers who prefer or require cheque-based payment |
If you wish to switch from cheque-based EMI payment to NACH, log in to My Account on the Bajaj Finance borrower portal or contact customer care at 8698 010 101.
What to do if your crossed cheque is rejected or bounces
If the cheque is rejected due to an error:
Check the reason for rejection, prepare a fresh cheque correcting the specific error, and resubmit. Do not attempt to correct the original cheque with overwriting or correction fluid.
If the cheque bounces due to insufficient funds:
Ensure your account has sufficient balance and submit a replacement cheque promptly. A bounced EMI cheque means the payment has not been received and your account will become overdue. Clear the outstanding amount through the Bajaj Finance borrower portal using UPI or net banking while you arrange the replacement cheque.
If you suspect fraud or an error on a submitted cheque:
Contact Bajaj Finance customer care at 8698 010 101 immediately. Do not wait for the next billing cycle.
Related Loan Payment, Foreclosure and Account Management Guides
Frequently Asked Questions
Crossed Cheque Basics
Submission Process
What does "Account Payee Only" mean on a crossed cheque?
"Account Payee Only" written between the two parallel lines on a crossed cheque means the payment can only be credited to the bank account of the named payee. The cheque cannot be endorsed or transferred to any other person or entity, and cannot be encashed over the counter at any bank.
Can I submit a photocopy of my crossed cheque?
No. Only the original cheque leaf, correctly filled and signed, is accepted. A photocopy has no legal standing as a payment instrument and will not be processed.
What should I do if I make a mistake while filling the cheque?
Do not use correction fluid or overwrite the mistake. Draw a line through the spoiled cheque leaf and write "CANCELLED" across it, then use a fresh cheque leaf. Keep the cancelled leaf for your records to prevent misuse.
Does the cheque have to be from the account registered with Bajaj Finance?
Yes. The crossed cheque must be drawn on the bank account registered with Bajaj Finance for your loan. A cheque from a different account may be rejected or cause a mismatch in payment records.
How can I track whether my submitted cheque has been processed?
Log in to My Account on the Bajaj Finance borrower portal and check your loan account under payment history. You can also contact Bajaj Finance customer care at 8698 010 101 with your submission details to check the status.
What happens if I miss submitting my cheque before the EMI due date?
If the cheque is not submitted and processed before the due date, the EMI is treated as unpaid and your account becomes overdue. Pay the outstanding EMI immediately through the Bajaj Finance borrower portal using UPI or net banking to avoid further charges and a negative entry on your CIBIL report.
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