Clear your overdue EMI
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*Overdue charges include penalty interest and bounce fees as applicable. T&C apply.
In Summary
Penal Charges: How They're Calculated
Auto loan late fees and charges may apply when an EMI is delayed or a repayment instruction fails. Checking your loan account, Statement of Account, overdue amount and payment status can help you understand applicable charges and take timely action.
- Late or penal charges may apply when an EMI remains unpaid after its due date.
- Bounce charges may apply when an ECS, NACH or other repayment instruction fails.
- Check the Bajaj Finance app or My Account to review applicable loan charges.
- Review your Statement of Account to verify overdue EMIs, charges and payment entries.
- Keep payment receipts and transaction records if you need to raise a query.
- Paying EMIs on time and maintaining sufficient account balance can help avoid late charges.
What are auto loan late fees and charges?
Auto loan late fees and charges are amounts that may apply when an EMI is not paid by its scheduled due date or when a repayment instruction fails. These charges depend on the terms of the loan agreement and the reason for the missed or delayed payment. They may include a bounce charge where an ECS, NACH, or other repayment instruction is unsuccessful, along with penal charges or other applicable overdue-related amounts. The exact charges can vary, so borrowers should check their loan agreement, latest loan statement, or account details instead of assuming a fixed amount. Delayed EMI payments can also leave the instalment overdue until the required amount is paid and updated in the loan account. Continued repayment delays may affect the borrower’s repayment history and credit record when reported to credit bureaus. Borrowers should review the overdue amount promptly, maintain sufficient funds for scheduled debits, and use authorised payment channels to clear pending dues.
What charges can apply when an auto loan EMI is delayed?
When an auto loan EMI is not paid by the scheduled due date, additional charges may apply depending on the loan terms and the reason for the payment delay. A failed repayment instruction may attract a different charge from an EMI that remains overdue after the due date.
| Charge type | When it may apply | What to check |
| Penal charge | When an instalment is delayed beyond its due date | Loan agreement and statement of account |
| Bounce charge | When a payment or repayment mandate fails | Payment or mandate status |
| Other applicable charges | When specified under the applicable loan terms | Loan documents and fee schedule |
The type and amount of charges can differ based on the applicable loan agreement and repayment terms. Check your latest loan statement, fee schedule, and account details to understand the charges recorded against your auto loan before clearing the overdue amount.
How to check auto loan late fees and charges online?
You can check auto loan late fees and applicable charges through the Bajaj Finance app or My Account. Your loan details and Statement of Account can show overdue EMIs, applicable fees and charges, repayment transactions, and the outstanding amount recorded against your loan.
Follow these steps:
- Sign in to your account: Open the Bajaj Finance app or My Account and sign in using your registered mobile number and OTP.
- Complete the verification: Verify your details as required to access your loan information.
- Go to your loan relationships: Open the ‘Service’ or ‘My Account’ section and select ‘Relations’ or ‘My Relations’.
- Select your auto loan: Choose the relevant auto loan account from your active loan relationships.
- Check the loan details: Review the EMI status, outstanding balance, and any applicable fees or charges shown against the loan.
- Open your loan statement: Go to ‘Quick Actions’, ‘View Statements’, or ‘Documents and statements’, depending on the platform view.
- Check the Statement of Account: Review or download the Statement of Account and look for entries related to overdue EMIs, bounce charges, penal charges, or other applicable amounts.
- Verify the transaction details: Check the charge entry, payment date, overdue amount, and repayment history against your loan records.
If a charge appears in your account, check it against your applicable loan terms and latest Statement of Account. If you find an entry that you do not recognise or believe is incorrect, keep the relevant transaction details ready and raise a query through an authorised Bajaj Finance service channel.
When should you contact the lender about auto loan charges?
You should contact the lender when an auto loan charge is unclear, appears incorrect, or does not match your payment records. Keeping the relevant loan and transaction details ready can make it easier to explain the issue and verify the entry.
- Unrecognised charge: Contact the lender if you do not recognise a fee or charge shown in your loan account.
- Incorrect amount: Raise a query if the amount charged does not match the applicable loan terms or account records.
- Payment already made: Seek clarification if an EMI or overdue amount was paid, but related charges still appear unresolved.
- Failed payment dispute: Contact the lender if a bounce or failed-payment charge appears even though your bank records show a successful debit.
- Duplicate charge: Raise a query if the same fee or charge appears more than once for the same transaction.
- Statement mismatch: Seek clarification if the charge shown in your Statement of Account differs from the amount displayed elsewhere in your loan account.
Before contacting the lender, keep your Loan Account Number, payment receipt, transaction reference, bank statement, and latest Statement of Account ready. Use an authorised customer service channel so the charge can be reviewed against the applicable loan records.
How can you avoid auto loan late fees and charges?
Paying the full EMI by the due date is the main way to avoid charges linked to delayed repayment. Regularly checking your loan account can also help you track upcoming dues and identify any payment issue early.
- Check the EMI due date: Review your repayment schedule regularly so you know when the next EMI is payable.
- Maintain sufficient funds: Keep enough balance in the registered bank account before the scheduled auto-debit date.
- Review payment status: Check your loan account after the EMI due date to confirm that the payment has been processed.
- Act on failed payments: Address an unsuccessful EMI payment promptly instead of waiting for the next repayment cycle.
- Keep payment records: Retain payment confirmations, transaction references, and account statements for future verification.
If an EMI has already become overdue, check the latest amount payable and clear the applicable dues through an authorised payment channel. Reviewing the updated loan account afterwards can help confirm that the overdue payment has been recorded correctly.
Frequently Asked Questions
Auto Loan Late Fees
Clearing Auto Loan Overdue
What is the difference between an overdue EMI and a late charge?
An overdue EMI is the instalment that remains unpaid after its due date. A late or penal charge is an additional amount that may apply because of the delay, depending on the applicable loan terms.
Where can I check the total amount payable for an overdue auto loan EMI?
The latest amount payable may be available in your loan account, repayment details, or Statement of Account. Review the current outstanding amount before making a payment, as it may include applicable charges linked to the overdue EMI.
What happens after I pay an overdue auto loan EMI?
After payment, allow the transaction to be processed and updated in your loan account. Check the repayment history, outstanding balance, and Statement of Account to confirm that the overdue EMI and applicable charges have been recorded correctly.
Does paying a late charge automatically clear the overdue EMI?
Paying only the late or penal charge may not clear the overdue EMI. Check the total amount payable in your loan account and ensure that the required EMI and other applicable dues are paid as per the loan terms.
What should I do if an auto-debit mandate is no longer active?
Check your loan account for the next EMI due date and available authorised payment options. You should also contact the lender through an official service channel to understand how future repayments should be made.
How can multiple missed EMIs affect the amount payable?
If more than one EMI remains unpaid, the total overdue amount may include multiple instalments along with applicable charges under the loan terms. Review the latest Statement of Account to understand the current amount payable.
Does a delayed auto loan EMI affect my credit record?
A delayed EMI may affect your repayment history when the lender reports the payment status to credit bureaus. Paying overdue amounts promptly and checking your loan records can help you keep track of your repayment position.
How long should I keep records of overdue EMI payments?
Keep payment receipts, bank statements, transaction references, and updated loan statements until the payment is correctly reflected in your loan account. Retaining these records can help if you need to verify or clarify a transaction later.
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