With Bajaj Finserv Used Car Loan, purchasing your own car has become easy. Features such as quick disbursal and simple eligibility criteria make funding easier and more convenient for you. That’s not all. Bajaj Finance also offers a host of self-service options on the digital customer portal – My Account that makes loan account management easier.
These self-service options include making loan payments, downloading documents and more. If you’ve borrowed a used car loan, you usually repay it in a monthly instalments. This monthly instalment also known as EMI usually consists of the principal and the interest amount. It gets deducted on a pre-set date every month from your registered bank account.
How to check and track used car loan overdue payments
Log in to your lender’s customer portal or mobile app to view real-time loan status and overdue EMIs.
Check SMS and email alerts sent for missed or upcoming instalments.
Review your monthly loan statement to identify pending dues, penalty charges, and interest.
Contact customer support for clarification if payments are not reflecting correctly.
Monitor your bank account for failed auto-debits or mandate rejections.
Track your CIBIL report periodically to spot reported delays or defaults early.
Penalty charges & fees for used car loan overdue payments
Charge type |
What it means |
Typical impact |
Late payment fee |
Fixed charge applied after the due date |
Increases monthly repayment burden |
Penal interest |
Additional interest on overdue amount |
Accrues daily until payment |
EMI bounce charges |
Fee for failed auto-debit or cheque bounce |
Applied per failed transaction |
GST on penalties |
Tax levied on applicable charges |
Raises overall payable amount |
Collection charges |
Cost for recovery or follow-up |
Added if delays persist |
Legal/notice fees |
Charges for formal notices |
Applicable in prolonged defaults |
Impact of used car loan overdue payments on your CIBIL score
Overdue payments on a used car loan can negatively affect your CIBIL score, especially if delays exceed 30 days. Lenders report repayment behaviour monthly, so repeated or prolonged defaults signal higher credit risk. A lower score can reduce approval chances, increase interest rates, or limit loan amounts. Clearing dues promptly and regularising EMIs helps minimise damage and supports faster score recovery over time.
How to Clear Overdue Payment for Used Car Loan
If you fail to pay your used car loan EMI on the due date, you can clear your overdue instalments by using online payment services. You can visit our customer portal – My Account and follow these simple steps to make an overdue payment.
- Click on the ‘Sign-in’ button on this page to go to our customer portal – My Account.
- Enter your registered mobile number and the OTP to sign-in.
- Verify your details by entering your date of birth and proceed.
- Select the loan account for which you want to make payment.
- Enter the required details, review the applicable charges, and proceed.
- Use our secured payment gateway to complete the overdue payment.
You can also download the Bajaj Finserv app and make the overdue payment on the go. Visit the Play Store / App Store and download our app today.
An overdue instalment might result in impacting your CIBIL Score negatively. It can also result in additional penal or bounce charges. Considering these factors, it’s important to clear your overdue instalments immediately. Timely payments showcase reliability and help you build a healthy CIBIL Score that eventually helps you to get loan offers with better terms and conditions.
Loan support made easy—read on
