Clear dues from ₹1,000 onwards
Clear overdue EMIs and get back on track today
Repayment subject to outstanding loan balance. T&C apply.
The way you manage your loan repayment can make a real difference to your finances. Paying only the minimum EMI for the full tenure usually means paying more interest overall, while a few simple habits, such as prepaying when you can or automating your payments, can help you close your loan sooner and reduce your total interest outgo.
Make part-prepayments whenever you have surplus funds
If you receive a bonus, incentive, or any other lump sum amount, using part of it to prepay your loan can help reduce your outstanding principal. A lower principal means less interest is charged going forward, which can shorten your loan tenure or reduce your EMI amount, depending on what your lender offers.
A few points to keep in mind:
- Even small, regular part-prepayments can add up over the loan tenure
- Prepayment rules and any applicable charges vary depending on your loan type and interest rate structure, so check your loan agreement first
- Some lenders allow you to choose between reducing your EMI or reducing your tenure after a part-prepayment
Increase your EMI amount as your income grows
If your income increases after you have taken a loan, consider requesting your lender to increase your EMI amount. A higher EMI reduces the loan tenure and lowers the total interest you pay over the life of the loan. This option works well for salaried and self-employed borrowers whose income tends to grow year on year. Before opting for a higher EMI, check that it comfortably fits your monthly budget, since committing to a higher outflow without adequate buffer can create financial strain later.
Automate EMI payments through a NACH mandate
Setting up a NACH mandate is one of the simplest ways to keep your repayment stress-free. Once registered, your EMI is deducted automatically from your bank account on the due date each month, removing the risk of a missed or late payment. This helps you avoid overdue status, bounce charges, and penal interest, while also building a consistent repayment record over time. Just ensure your linked account has sufficient balance before each due date to prevent a failed deduction.
Pay your EMI in advance to stay ahead of your schedule
Paying an upcoming EMI ahead of its due date is a simple way to build a buffer against missed payments. If your income is ever delayed or disrupted, having an EMI already cleared means you are less likely to face an overdue status, bounce charges, or penal interest. This differs from a part-prepayment, since it clears a future instalment rather than reducing your principal, but it is still a useful habit for staying consistently on top of your repayment schedule.
Track your loan account regularly through My Account
Staying informed about your loan is just as important as making the right repayment choices.
| Action | Why it helps |
|---|---|
| Check outstanding balance | Confirms exactly what you owe before deciding on a prepayment |
| Review upcoming due dates | Helps you plan ahead and avoid missing a payment |
| Confirm NACH mandate status | Ensures your automated payments are actually active |
| Download loan statements | Useful for your own records or when applying for future credit |
Making this a regular habit means you are far more likely to catch and resolve issues, such as a failed auto-debit, before they escalate into penal charges or affect your credit score.
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Frequently Asked Questions
Loan Repayment Basics
Overdue EMI & Charges
Debt Management Tips
What happens if I miss an EMI payment?
A missed EMI attracts penal charges and is reported to credit bureaus, which can lower your CIBIL score. If left unpaid, it may also lead to reminder calls, recovery notices, and further action, so clearing it quickly is important.
How many days after due date is an EMI considered overdue?
An EMI is generally considered overdue from the day after your specified due date, as per your loan agreement. There is no standard grace period, so it is best to pay on or before the due date to avoid overdue status.
Can I repay my loan early without penalty?
This depends on your loan type. Floating-rate loans for individual borrowers generally do not attract a foreclosure charge, as per RBI guidelines, while other loan types may have applicable charges. Check your loan agreement to confirm what applies to you.
How do I repay my Bajaj Finserv loan online?
Log in to My Account or the Bajaj Finance app using your registered mobile number and OTP, select your loan account, choose your payment option, and complete the transaction using UPI, net banking, or a debit card.
Does prepayment of loan affect my credit score?
Prepayment does not negatively affect your credit score. In fact, reducing your outstanding debt and closing a loan responsibly generally reflects well on your credit profile over time, provided your repayment history remains consistent.
What are the charges for a missed or bounced EMI?
Charges typically include penal interest on the overdue amount and a bounce charge if an auto-debit fails, as per your loan agreement. The exact amount varies by loan type, so check your loan documents or My Account for specifics.
How can I clear my overdue EMI amount?
Log in to My Account or the Bajaj Finance app, go to your loan account, and select the overdue payment option. Choose your preferred payment method and complete the transaction to clear the dues and avoid further charges.
Will I get a grace period to pay my overdue EMI?
Bajaj Finance does not offer a standard grace period for EMI payments. Penal charges typically apply from the due date itself if payment is delayed, so it is best to pay on or before your due date.
Can my overdue loan be reported to CIBIL?
Yes, an overdue EMI that remains unpaid can be reported to credit bureaus and may lower your CIBIL score. Clearing the overdue amount promptly helps limit the impact and supports a healthier repayment record.
What happens if I continue to miss EMI payments for more than 3 months?
Continued non-payment increases penal charges and the risk of recovery action. Prolonged delinquency may also lead to the loan being classified as a Non-Performing Asset, which significantly affects your credit profile and future borrowing eligibility.
What is the best strategy to repay multiple loans?
Prioritising the loan with the highest interest rate first, while continuing minimum payments on others, generally saves the most money over time. Consolidating multiple debts into a single loan can also simplify repayment for some borrowers.
How does loan restructuring help during financial difficulty?
Restructuring adjusts your repayment terms, such as tenure or EMI amount, to make repayment more manageable during genuine financial hardship. It generally has a less severe impact on your credit score than settlement or prolonged default.
Is it better to do part prepayment or foreclose the loan?
This depends on your funds and goals. Part-prepayment reduces your principal while keeping the loan active, useful if you don't have the full amount. Foreclosure closes the loan entirely, ideal if you can clear the full outstanding balance.
How can I avoid EMI bounce charges?
Maintain sufficient balance in your linked bank account a day or two before your due date. Setting reminders or paying your EMI manually in advance through My Account or the app can also help you avoid a failed deduction.
What is debt consolidation and how can it help me?
Debt consolidation combines multiple loans into a single loan, ideally with a lower interest rate, resulting in one manageable monthly payment. This can simplify repayment, reduce the risk of missing a payment, and potentially lower your overall interest cost.
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Ensure Timely Repayment
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