Bajaj Finance offers used car loans to make vehicles more accessible to a wider range of customers. When you take out a used car loan, you repay the borrowed amount in small monthly instalments over a period of time.
The portion of the loan that you repay each month is known as an instalment or an EMI (equated monthly instalment). Your EMIs are determined at the start of the loan tenure, and the instalment is auto-debited from your bank account on a pre-set date every month.
However, apart from paying your regular EMIs, you have multiple payment options that allow you to manage your repayment faster.
Bajaj Finance customer portal offers a host of payment options and allows you to repay your loan in a hassle-free online process.
Here are four alternative options to help manage your loan repayment with ease:
- Pay a part of your loan
Part-prepayments involve paying off a portion of the outstanding loan amount before the scheduled EMI date. This reduces the overall interest accrued or shortens the loan tenure. This option helps you to repay your used car loan faster.
- Advance EMIs
If you’re concerned about missing out on your EMI due date, or have issues with your e-mandate, you can select the advance EMI option. This will ensure that your EMI is paid on time, and you’ll prevent any penalties and negative impact on your credit score.
- Foreclose your loan
You have the option of repaying the entire outstanding loan amount in one go. This is referred to as loan foreclosure or full prepayment of the loan. Foreclosure can help you save money on interest payments and lower the overall cost of your loan.
- Overdue EMI payments
In the unlikely event of a technical problem or insufficient funds in your account, your EMI may go unpaid, resulting in an overdue EMI. If you’ve missed out on a loan instalment, it's crucial to clear it without any delay. In case you have overdue EMIs with Bajaj Finance, you can easily clear them by visiting your account.
If you’re looking to make payments towards your loan account, you can follow these simple steps to repay your used car loan.
- 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 download our app from the Play Store or App Store and use our online payment services on the go.
