How to Pay Overdue EMI in Bajaj Finance Online – Step-by-Step Guide

Usually, your loan EMIs get automatically deducted from your bank account on the due date. However, in the rare possibility of a technical issue or if you do not maintain sufficient funds in your account, your EMI could remain unpaid. Such unpaid instalment is called an overdue EMI.

Overdue instalments can adversely affect your credit score and make it harder for you to get loans in the future. Besides this, you will also need to pay an additional fee or charges known as penal interest. If you have missed a loan EMI, it is important to clear it as quickly as possible. You can manage all your overdue EMIs for loans taken from Bajaj Finance by visiting the service portal.

How to pay missed EMI in Bajaj Finance

You can pay your overdue EMIs in the service portal by following these simple steps:

• Visit our Service portal by clicking the ‘Sign-in’ button.
• Enter your registered mobile number, and submit the OTP to sign-in.
• Verify your details with your date of birth and proceed.
• Go to 'Service’ section, and select your loan from ' Your Relations.'
• Click on 'Make loan payments', and select 'Missed instalments/other overdues' option.
• Select the month for which you wish to make payment and click on ‘Proceed to payment’.
• Select your preferred payment mode and click on ‘Pay now’.

What causes loans to become overdue

Loans become overdue when the borrower fails to make scheduled payments by the due date. Common causes include insufficient funds, unexpected financial emergencies, and lack of proper budgeting. Unemployment, health issues, or changes in income can also contribute to missed payments. Occasionally, borrowers may forget payment dates or misunderstand the loan terms. External factors such as economic downturns or market fluctuations might affect a borrower’s ability to pay on time. To prevent loans from becoming overdue, it's important for borrowers to maintain an emergency fund, monitor their finances closely, and communicate with lenders about potential payment issues.

Consequences of overdue loan payments

Overdue loan payments can lead to various negative consequences for borrowers. Firstly, lenders may charge late fees or penalty interest, increasing the total amount owed. Secondly, persistent late payments can damage the borrower’s credit score, making it difficult to secure future loans. Moreover, the lender might take legal action or initiate the repossession of collateral if the loan remains unpaid. In extreme cases, defaulting on the loan can result in wage garnishment or asset seizure. Therefore, it is crucial for borrowers to prioritise timely payments or communicate with lenders to renegotiate terms if financial difficulties arise.

Outstanding payments vs overdue payments

Outstanding payments refer to the amount of money a borrower still owes on a loan, including all future instalments that are yet to be paid. They are a part of the loan's remaining balance but are not necessarily past due. Overdue payments, on the other hand, are those instalments that have not been paid by the agreed-upon due date, leading to potential penalties or late fees. While outstanding payments are expected and accounted for in the loan agreement, overdue payments indicate a breach of the payment schedule, which can negatively impact the borrower’s credit score and financial standing with the lender.

You can also pay your overdue instalment by clicking on the ‘Clear your overdue EMI’ option below. You will be redirected to the payment section, where you can select your loan account, click on ‘Missed instalments/ Other overdue’ from the list of options, and proceed with payment.

If you miss your Bajaj Finance EMI payment, your loan account may become overdue. In such cases, additional charges or penal interest may apply as per the loan terms and conditions.

Common charges may include:

The exact charges depend on your loan type and agreement terms. You can check the applicable charges through your loan documents, Bajaj Finance app, or customer portal.

Paying your EMI before the due date helps you avoid extra costs and maintain a good repayment record.

How overdue EMI affects CIBIL score at Bajaj Finance

Paying your Bajaj Finance EMIs on time is important for maintaining a healthy credit profile. If your EMI remains unpaid after the due date, it may impact your repayment history.

A delayed EMI payment can affect your CIBIL score in the following ways:

• Late payment record: Missed or delayed EMIs may appear in your credit report.
• Lower credit score: Regular delays can reduce your credit score over time.
• Future loan eligibility: A poor repayment history may affect future loan or credit approvals.

If you miss an EMI, try to clear the overdue amount as soon as possible. Making timely payments and managing your loans responsibly can help improve your credit behaviour and maintain your financial profile.

How to pay Bajaj Finance overdue EMI via UPI, Net Banking, and Debit Card

You can pay your Bajaj Finance overdue EMI online using different digital payment options. Clearing overdue payments quickly can help avoid additional charges and keep your loan account updated.

Follow these steps:

1. Visit the Bajaj Finance customer portal or open the Bajaj Finance app.
2. Sign in using your registered mobile number.
3. Select your loan account with the pending EMI.
4. Choose your preferred payment method.

Available payment options may include:

• UPI: Pay directly through your UPI-enabled application.
• Net banking: Complete payment using your bank's online banking service.
• Debit card: Use your debit card details to make the payment.

After successful payment, you can check your updated loan status online.