Bajaj Finance offers new car loans to individuals looking for hassle-free financing options for purchasing their dream car. When you decide to get a new car loan, you repay the amount you borrowed in monthly instalments over a pre-defined period.
An instalment, often known as an EMI (equated monthly instalment), is the amount that you pay back each month. Your EMIs are calculated at the start of the loan period, and the payment is automatically deducted from your bank account on a pre-set date.
Aside from paying your usual EMIs, you have other payment options that allow you to repay your debt quickly. You can easily repay your loan online through My Account - the Bajaj Finance customer portal, which provides various payment alternatives.
Here are four alternatives to help you handle your new car loan repayments with ease
Part-prepay your loan
Part prepayments entail paying off a portion of the outstanding loan balance ahead of schedule. This lowers the total interest payable or reduces the tenure of your new car loan. This option allows you to repay your new car finance more quickly.
Opt for loan foreclosure
You can settle the entire outstanding loan amount in one lump sum. This is referred to as loan foreclosure or complete loan prepayment. Opting for a loan foreclosure can save you money on interest payments and reduce the overall cost of your loan.
Pay your EMIs in advance
If you're worried about missing out on your EMI due date or having problems with your mandate, you can opt for the advance EMI payment option. This ensures that your EMI is paid on time, avoiding penalties and a negative influence on your credit score.
Clear your overdue EMI payments
If you’ve failed to pay your EMI on its due date due to any technical malfunction or lack of funds in your bank account, it becomes an overdue EMI. If you've missed a loan payment, it's critical that you clear it up as soon as possible. If you have any outstanding EMIs with Bajaj Finance, you may quickly clear them by logging in to our customer portal - My Account.
Follow these simple steps to repay your car loan EMIs
- Click on the ‘Sign-in’ button on this page to go to our customer portal.
- 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 the payment.
- Choose your preferred payment method from the list of options.
- Enter the amount and review the applicable charges, if any.
- Once you enter all the required details, proceed to make the payment.
You can also use our online payment services while on the go by downloading our app from the Play Store or App Store.
