Bajaj Finance offers high-value used car loans that come with simple eligibility criteria and minimal documentation.
Just like any other loan, if you’ve borrowed a used car loan, you can repay it in small monthly instalments. It’s also known as equated monthly instalments (EMIs) usually consisting of the principal and the interest amount.
Your used car loan EMIs are deducted every month on a scheduled date from your registered bank account. To help you manage your loan repayment better, Bajaj Finance offers you additional payment options. One such option for loan repayment option is part-prepayment.
With the part-prepayment facility, you can pay a lump-sum amount ahead of the scheduled loan tenure. This helps you in either reducing your tenure or lowering the future EMI amount.
Our customer portal – My Account has simplified the online loan payment process. If you have surplus funds, you can easily part-prepay your used car loan in just a few clicks.
A step-by-step guide to part-prepaying your used car loan
- 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.
- Complete the verification by entering your date of birth and proceed.
- Select the loan account for which you want to make part-prepayment.
- Choose ‘Part-prepayment’ from the list of options and proceed.
- Enter the amount, review the applicable, and complete the payment using our secured gateway.
You can also use our app to part-prepay your used car loan on the go. Go to the Play Store or the App Store and download the Bajaj Finserv app today.
It’s advised to review your loan agreement before you decide to part-prepay your loan. Your loan agreement will provide details such as additional charges, minimum amounts, and more.
Also, examining your account statement is advisable to determine your outstanding principal and accrued interest. This information aids in determining the ideal part-prepayment amount, enabling better planning for overall loan repayment.
