When you apply for a business loan with us, as part of the application process, you share your bank account details. These bank account details shared by you become your registered bank account, and it’s used to disburse the loan amount. The same bank account is also used for repaying your business loan. Your business loan EMIs (equated monthly instalments) get deducted from this bank account on a pre-set date. This process of automating your EMI payment is also called NACH (National Automated Clearing House) mandate.
It is important to keep your bank account details for your loan account updated. This ensures that you don’t miss out on EMI payments. Paying your loan EMIs on time helps you to avoid any penal charges that may be applicable. Keeping your bank account details updated also helps you to avoid any negative impact on your CIBIL Score.
In case your registered bank account details undergo any change while you’re repaying your business loan, you must update it in our records. Our digital customer services allow you to update your mandate easily without any branch visits. You can use our service portal on the web or our app and update your bank account details on the go.
If you’re using our service portal, follow these simple steps to change bank account details for your ongoing business loan.
Click on the ‘Update Now’ button on this page to go to Bajaj Finance service portal.
Enter your registered mobile number and the OTP to sign-in.
Verify your details by entering your date of birth and proceed.
Choose your business loan account for which you want to change bank account details.
Enter the account holder’s name, bank’s name and IFSC.
Select the process of registration and proceed.
If you’re using the Bajaj Finserv app, you can follow these simple steps to change bank account details for your ongoing business loan.
Click on the ‘Update Now’ button on this page to go to the ‘Mandate Management’ section of your app.
Select your business loan account for which you want to update your bank details and proceed.
Enter the details such as the account holder’s name, bank name and more.
Choose the registration process and proceed to update your bank account details.
When you are looking to update your bank account details with us, it is advisable to do it well in advance so that there is no disruption in your EMI deductions. In fact, if you can plan it ahead, it is best to update the bank details immediately post an EMI deduction to ensure that the there’s no delay in the payment of EMIs on the due date.
