How to Check Late Fees and Charges on Your Unsecured Loan

Late fees and charges are additional amounts that may become payable if you do not pay your unsecured loan EMI by its due date. These charges are applied according to the terms and conditions of your loan agreement and may increase the total amount you need to repay.

Late fees are different from your scheduled EMI. Your EMI is the regular monthly repayment, while late fees are applicable only when a payment is delayed. Depending on the payment situation, your loan account may also reflect other applicable charges.

Late payment charges on unpaid EMIs are applied as penal charges. These charges may be calculated daily on the overdue amount and, as per RBI guidelines, are not added to your loan principal. Checking these details regularly helps you understand your total outstanding amount before making a payment.

Steps to check charges through Bajaj Finance

You can check your unsecured loan's outstanding balance, EMI due amount, and applicable late fees through the Bajaj Finance self-service platforms. Reviewing these details before making a payment helps you understand the total amount due and download your loan statement whenever required.

Follow these steps to view your loan details online:

1. Open the Bajaj Finance App or visit the My Account portal.
2. Sign in using your registered mobile number and complete the OTP verification.
3. Verify your identity by entering your Date of Birth to proceed.
4. Go to the 'My Relations' or 'Service' section and select the relevant loan account.
5. Open 'Loan Details' to view your total outstanding balance, EMI due amount, and applicable fees/bounce charges.
6. Click 'Statement of Account' under Quick Actions or Document Centre if you need a downloadable record of all charges.

After reviewing your loan details, you can make your payment using the available payment options. Checking your account regularly helps you stay informed about your outstanding amount, applicable charges, and repayment status.

A delayed EMI may result in different entries appearing in your loan account depending on your repayment status and the terms of your loan agreement. Understanding these charges helps you verify your outstanding amount before making payment.

The actual charges applicable to your loan depend on your loan terms and repayment history. Refer to your loan documents or account statement for complete details.

Why should you check overdue charges regularly?

Checking overdue charges regularly gives you a clear picture of your repayment obligations. It helps you understand the total amount due and lets you take timely action before additional charges accumulate. Reviewing your loan account often makes it easier to spot any newly applied charges, plan your repayment more effectively, and reduce the chances of further charges building up from continued delays. Over time, this habit also supports a healthier overall repayment record. If you have already missed an EMI, reviewing your account promptly helps you understand the exact payable amount and make an informed repayment decision.

What should you do if you notice incorrect late fees or charges?

If you believe a charge shown in your loan account does not match your repayment records, verify the information before taking further action. Comparing your payment history with your loan statement can help identify whether the charge is accurate.

You can take the following steps:

• Review your recent loan statement.
• Check your payment confirmation or transaction receipt.
• Compare the payment date with the EMI due date.
• Verify whether any payment was unsuccessful.
• Contact customer support if you require clarification.
• Continue paying future EMIs on time to prevent additional overdue charges.

Keeping copies of your payment acknowledgements and regularly checking your loan account can make resolving any queries easier.