Learn how to repay your IIFL Finance loan online through Bajaj Pay with zero convenience fees. This article covers step-by-step payment instructions, auto-debit management, gold loan servicing, and essential FAQs.
IIFL loan EMI payment online
Whether you are servicing an IIFL Gold Loan, an MSME Business Loan, or a Personal Loan, staying current on your debt schedule protects your financial standing. Defaulting or delaying installments invites penal interest, increases borrowing costs, and risks adverse remarks on your credit profile.
Through Bajaj Pay, the digital payments ecosystem within Bajaj Finance - repaying your IIFL Finance Limited dues is instantaneous. Powered by the unified Bharat Connect (formerly BBPS) network, borrowers can fetch verified dues and settle accounts within moments without paying any added surcharges.
Why use Bajaj Pay for your IIFL loan dues?
- Zero Convenience Surcharge: Bajaj Pay does not levy any platform charges or convenience fees for clearing your IIFL installments.
- Direct Bharat Connect Integration: Connects straight to NPCI’s secure clearing switch, providing verified bill details and encrypted fund routing.
- Versatile Payment Channels: Complete your transaction via Bajaj Pay UPI, Net Banking, Debit Cards, Credit Cards, or Bajaj Pay Wallet.
- Instant Digital Settlement Proof: Obtain official payment receipts featuring unique Bharat Connect Reference IDs and Bank UTR Numbers immediately upon authorization.
- Accessible Around the Clock: Avoid long queues at IIFL branch counters by managing all your loan installments 24/7 on your phone or laptop.
What to keep ready before starting
- IIFL Loan Account Number (LAN): Your unique alphanumeric contract reference found on your loan agreement, sanction slip, or IIFL SMS alert.
- Linked Mobile Number: The contact number registered with your IIFL loan account.
- Payment Auth Credentials: UPI PIN, Debit Card details (with SMS OTP), or Net Banking login.
Step-by-Step payment walkthrough
Follow these instructions on the Bajaj Finance App or the Bajaj Finance Web Portal:
1. Access the Bajaj Pay Hub
- Mobile App: Launch the Bajaj Finance App and tap the Bajaj Pay / Bills and Recharges banner on your dashboard.
- Web Portal: Head to bajajfinserv.in, log in using your phone number, and open Pay Bills.
2. Open the Loan Repayment Section
- Navigate to Loan Repayment (located under Financial Services & Taxes / Utilities).
3. Locate IIFL Finance Limited
- In the biller directory, search for IIFL Finance Limited (or IIFL Finance) and select it.
4. Provide Your Loan Credentials & Retrieve Dues
- Enter your Loan Account Number (LAN).
- Input your registered mobile number if requested.
- Tap ‘Fetch Bill’ to retrieve your verified borrower name, due date, and exact amount payable.
5. Pick Your Preferred Payment Mode
- Verify that the borrower name and installment figure match your records.
- Select your preferred mode: Bajaj Pay UPI, Linked Bank Account, Other UPI Apps, Debit Card, Net Banking, or Bajaj Pay Wallet.
6. Authorize the Transaction & Store the Receipt
- Enter your UPI PIN or complete bank OTP authorization.
- Once approved, save or print the digital confirmation containing your Bharat Connect Reference ID and Bank UTR Number.
Specific scenarios for IIFL Borrowers
1. Servicing IIFL Gold Loans and maintaining LTV ratios
- For IIFL Gold Loans with monthly interest service schemes, timely payment via Bajaj Pay keeps your Loan-to-Value (LTV) ratio within regulatory limits.
- Clearing interest dues on schedule prevents gold auction notices and shields you from compounding penal rates.
2. Managing pre-scheduled auto-debits (e-NACH)
- Safe manual payment window: If you have an active auto-debit on your bank account, clear your dues manually 3 to 5 business days prior to your due date. This allows IIFL's back-office to reconcile the payment and withdraw the automated clearing mandate.
- Within 48 hours of due date: Avoid manual payments if auto-debit is active. The bank’s presentation file will already be locked with NPCI, which could cause a duplicate debit (though any excess is automatically adjusted toward your balance or refunded).
3. Clearing overdue balances and credit score recovery
- If an EMI bounce occurred, paying immediately via Bajaj Pay pulls the total accumulated liability (installment + late charges).
- Clearing this instantly halts the accrual of Days Past Due (DPD), ensuring your credit report at CIBIL, Experian, CRIF, and Equifax remains healthy.
Recharge and Pay Bills
Bajaj Finance app for all your financial needs and goals
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You can use the Bajaj Finance App to:
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Frequently asked questions
You can choose from multiple secure digital payment instruments:
- Bajaj Pay UPI
- Net Banking (across all major Indian banks)
- Debit Cards (Visa, Mastercard, RuPay)
- Credit Cards
- Bajaj Pay Wallet
You can repay all major retail and business loan products from IIFL Finance Limited, including:
- Gold Loans(monthly interest and bullet dues)
- Business and MSME Loans
- Personal Loans
- Loan Against Property (LAP)
- Microfinance & Group Loans
Yes, you can pay in advance. IIFL generates upcoming monthly EMI demands on the Bharat Connect network 5 to 10 days prior to your due date.
If you have an active auto-debit: Make your manual payment at least 3 to 5 business days before the due date so the bank's system can cancel the automated clearing presentation.
If paid within 48 hours of the due date, allow the auto-debit to process naturally to avoid temporary double debits.
Payment acknowledgment and downloadable receipts with a Bharat Connect Reference ID / UTR are generated instantly. IIFL Finance updates its core banking loan ledger within 24 to 48 working hours.
Under RBI turnaround time (TAT) guidelines, if money is debited during a failed transaction, it is automatically reversed back to your source bank account within T+3 to T+5 working days. You can also track the status using your transaction UTR in the Bajaj Finance Help Center.
Bajaj Pay is designed for regular scheduled EMIs, monthly interest servicing, and overdue clearances. For full loan foreclosure or lump-sum principal prepayments, please visit the official IIFL Finance Customer Portal or your nearest IIFL branch to receive an official foreclosure statement and NOC.
For loan-related queries, account statements, or NOC requests, you can contact IIFL Finance Limited customer care at 1860 267 3000 (Monday to Saturday, 9:00 AM – 6:00 PM).
Yes, Bajaj Finance also provides other recharge services such as-
Yes, Bajaj Finance also provides other bill payment services such as-
