Pay your EMIs in advance

For most loans, the instalment amount remains fixed over the repayment tenure. A set amount gets deducted from your bank account on a fixed date. If you have surplus funds at some point over the loan tenure, you may choose to pay off an EMI before the due date.

If advance payment is made 4 days before the due date of the ongoing month, your EMI will automatically get adjusted towards your instalment for the next month. This means that your EMI will not be deducted from your bank account next month.

You may choose the advance EMI option if you fear missing your due date, have issues with your bank account registration or any such instances. In fact, you can choose from several modes of payment to make an advance EMI. This will ensure that your EMI is paid ahead of time, and you avoid any penal charges applicable and any negative impact on your credit score in the case of missed EMIs.

With the service portal, you can pay one EMI in advance if you have opted for our Flexi Loan variant and up to five EMIs if you have chosen a regular term loan.

Note: Advance EMI cannot be treated as part-prepayment or foreclosure of the loan(s) irrespective of the loan variant availed or the amount paid by you and hence no interest is payable by BFL on the advance EMI or no interest benefit by treating advance EMI amount as part-payment will be given in the loan.

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  Steps to Pay Your Loan EMI in Advance?

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

  • Click on ‘Sign-in’ button on this page.
    
  • Enter your mobile number, date of birth and verify your details with an OTP.
    
  • Go to ‘Home’ and click on ‘Pay EMIs’
    
  • Select your loan account number and click on ‘Proceed’
    
  • Scroll to the ‘Advance EMI’ tab
    
  • 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’

  
  Alternatively, you can also follow the given steps to make an advance EMI payment:

  1. Go to ‘Service’ and click on ‘Relations’
  2. Select your loan account number
  3. Click on ‘Make loan payments’ and select ‘Advance EMI’
  4. Select the month for which you wish to make payment and click on ‘Proceed To Payment’
  5. Select your preferred payment mode and click on ‘Pay Now’

  Pay your EMI in advance

If you have surplus funds or have a fear of missing your monthly instalment due date, you can choose to pay your EMIs in advance. This payment option will help you avoid any penal charges applicable in the case of a missed EMI.

However, if you pay an advance EMI 4 days before your payment due date of the month, your advance EMI amount gets adjusted in the subsequent month’s instalment. This is because your current month’s EMI is under presentation to your bank for the deduction. In case your upcoming EMI bounces, your advance payment can be adjusted towards your loan.