Staying informed about your upcoming EMIs is crucial while repaying a loan.
By keeping track of your repayment schedule, you can effectively plan your finances, prevent any EMI payment defaults, and ensure your loan repayment stays on track. A repayment schedule provides valuable insights into all upcoming loan EMIs, allowing you to manage expenses efficiently.
What is a repayment schedule?
A repayment schedule is a document that provides you with a detailed plan for your loan repayment through a series of equated monthly instalments (EMIs). This document also has an amortisation table, showing how the principal and interest are divided in each EMI. The schedule contains all the necessary information about your EMIs for the entire repayment period.
The different sections of your loan repayment schedule
Loan amount: This is the amount that you’ve borrowed from the lender.
Agreement number: This number serves as the identification for your loan agreement. The loan agreement is a crucial document containing all the terms and conditions under which you’ve borrowed the money.
Tenure: This is the duration that you’ve opted to repay your loan.
EMI due date: It is a pre-set date on which your monthly instalments get deducted from your registered bank account.
Opening principal: This is the amount that you need to repay. As you keep paying your loan EMIs, this amount reduces. You can check all these details with your repayment schedule.
Instalment amount: Your loan amount is divided into small, fixed instalments over a specific period. This is known as your loan EMI, which usually consists of both the principal and interest components.
Principal amount: This section gives you the breakup of the principal amount you need to pay in each monthly instalment.
Interest amount: This section gives you the breakup of the interest component in your monthly instalments.
The annualised rate of interest: This is the rate of interest at which you’ve borrowed the loan.
How to download your loan repayment schedule?
If you have an ongoing loan with us, use Bajaj Finserv loan services and download your repayment schedule in a few simple steps. You can go to our customer portal – My Account on the web or use our app to get your repayment schedule easily.
If you are on our customer portal, you can follow these simple steps
- Click on the ‘Download’ button on this page to visit My Account – Bajaj Finance customer portal
- Enter your registered mobile number and the OTP to sign-in
- Verify your details by entering your date of birth
- Select the loan account for which you want to download the repayment schedule
- Click on ‘Repayment Schedule’ to download it
If you are on our app, you can follow these simple steps to download your repayment schedule.
- Click on the ‘Download’ button on this page to go to the ‘Document Centre’ section
- Go to the ‘Loans’ section to view your loan accounts
- Select the loan account for which you want to download documents
- Download your repayment schedule by clicking on it
