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Loan repayment online on Bajaj Finserv

You can now effortlessly repay your loans using the Bajaj Finserv ‘BILLS AND RECHARGES’ service via the BBPS platform. The Reserve Bank of India conceptualised the Bharat Bill Payment System (BBPS), which is a one-stop bill payment eco-system. You may easily make loan repayments for all major banks in the country utilising the Bajaj Finserv BBPS platform, which is a simple and quick loan repayment method.

Know about loan repayment

Loan repayment is when you give back the money you borrowed. Imagine you borrowed some money to buy a bike. Now, every month, you need to pay back a bit of that money, plus a little extra called interest. It is like returning a small piece of the borrowed amount until it is all paid off. If you do not pay on time, it can cause problems, like having to pay more or affecting your ability to borrow in the future. So, it is important to stick to the plan and make those regular payments.

  • Benefits of making loan payments on Bajaj Finserv

    • Quick and hassle-free
      With the BBPS platform on Bajaj Finserv, you can pay your loan quickly and effortlessly.
    • Safe and secure
      Bajaj Finserv provides a safe and secure payment platform on BBPS. Your payment details are secure with the platform’s robust security measures.
    • Multiple payment options
      The Bajaj Finserv BBPS platform offers multiple payment options, including debit cards, credit cards, net banking, e-wallets, and UPI. This allows you to choose the payment method that suits you best.
    • Instant confirmation
      After making the payment, the platform immediately confirms the payment through an email and SMS.

    Types of interest rates on loans

    There are five types of interest rates on loans, refer to the table below to understand:

    Type of interest rate

    Description

    Fixed interest rate

    The interest rate remains the same for the entire life of the loan.

    Variable interest rate

    The interest rate fluctuates based on a benchmark rate, such as the prime rate.

    Adjustable-rate mortgage (ARM)

    The interest rate on an ARM starts low, but it can adjust

    Up or down periodically based on a benchmark rate.

    Simple interest rate

    Interest is calculated on the original principal amount of the loan only.

    Compound interest rate

    Interest is calculated on the principal amount of the loan,

    Plus, any unpaid interest that has accumulated over time.

    Loan amortisation schedule

    A loan amortisation schedule is a structured plan detailing the allocation of your loan payments between interest and principal throughout the loan term. It serves as a financial roadmap, providing a clear breakdown of how each payment contributes to reducing the borrowed amount and covering interest charges.

    In simpler terms, it is like a financial itinerary for your loan. It shows precisely how much of your monthly payment is used to pay off the actual loan amount (principal) and how much goes towards covering the interest charges.

    Example:

    Consider a loan of Rs. 10,000 with a 5% interest rate. In the initial month, approximately Rs. 41.67 is designated for interest, leaving Rs. 208.33 to chip away at the principal amount. This detailed schedule offers insights into this division for every month, offering a transparent guide throughout your repayment journey.

    Fees and charges

    A convenience fee of up to 2% will be charged depending on the transaction amount and payment mode (inclusive of applicable taxes). For more information on fees and charges, click here.

    Note: For failed transactions, the total amount including charges except taxes are reversed.

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Steps to make loan repayment online on the Bajaj Finserv app

You can make loan payment online on Bajaj Finserv by following these steps:

  1. Download the Bajaj Finserv app from the Google Play Store or App Store and install it on your device
  2. Open the app, log in, or register if you are a new user
  3. Go to ‘BILLS AND RECHARGES’ and select ‘LOAN REPAYMENT’
  4. Choose your issuer
  5. Enter your loan number and click on ‘FETCH YOUR BILL’
  6. Select a payment method from the list of available payment options such as credit cards, debit cards, e-wallets, UPI, and net banking
  7. After choosing your preferred payment mode, enter the requested payment details
  8. Check the details you entered and click on 'PAY NOW’

You will receive a notification from Bajaj Finserv after successful payment.

Steps to loan repayment on the Bajaj Finserv website

Following are the steps to repay your loan using the Bajaj Finserv website:

  1. Visit the Bajaj Finserv website or click on https://www.bajajfinserv.in/
  2. Go to the ‘BILLS AND RECHARGES’ under the ‘PAYMENTS’ section
  3. Under ‘FINANCIAL SERVICES AND TAXES,’ select ‘LOAN REPAYMENT’
  4. Choose your biller from the drop-down
  5. Enter your loan number and click on ‘FETCH YOUR BILL’
  6. Select a payment method from the list of available payment options such as credit cards, debit cards, e-wallet, UPI, and net banking
  7. After choosing your preferred payment mode, enter the requested payment details
  8. Check the details you entered and click on 'PAY NOW’

You will receive a notification from Bajaj Finserv after successful payment.

Pay loan EMIs for other financial institutions

The Bajaj Finserv BBPS platform supports online loan repayment for a list of financial institutions such as Manappuram Finance, IDFC First Bank, Hero Fincorp, Muthoot Finance, ICICI Bank, HDB Finance, Axis Bank, Mahindra Finance, IIFL Finance, and more.

Frequently asked questions

What is loan repayment?

Loan repayment is the process of paying back the sum borrowed from a lender or a financial institution. This amount can be paid in easy monthly instalments along with an added interest as charged by your loan provider. You can securely repay your loan amount online through the BBPS platform on Bajaj Finserv.

What is the rule of loan repayment?
  • Timely payments: Avoid penalties and maintain credit.
  • Payment amount: Fulfill scheduled installments (interest + principal).
  • Grace period: Understand before due date.
  • Late payments: Incur penalties, affect credit.
  • Loan terms: Comprehend agreement for adherence.
How to calculate loan repayment?
  1. Determine loan amount (principal)
  2. Know interest rate per period
  3. Select repayment period (in months)
  4. Use loan repayment formula: Payment = (Principal * Interest Rate) / (1 - (1 + Interest Rate)^-Periods)
  5. Add values into formula for monthly payment. Consider online calculators for convenience
Why choose the BBPS platform on Bajaj Finserv for loan repayment?

You can choose the BBPS platform on Bajaj Finserv for your loan repayment as it keeps your bank details and payment information secure.

What payment methods can be used for loan payment online using the BBPS platform on Bajaj Finserv?

You can use any payment method such as credit card, debit card, UPI, e-wallet, and net banking for loan repayment using the BBPS platform on Bajaj Finserv.

What is the maximum time for loan repayment?

The maximum time depends on the type of loan you have applied for.

How many financial institutions are available for loan repayment on the Bajaj Finserv BBPS platform?

At the moment, we have over 100 financial institutions available on the platform for loan repayment.

How do I know if my loan amount is paid?

Once the payment is completed, you will get a message for successful payment. You will also receive the BBPS bill receipt in email/SMS/print form and the transaction ID. A confirmation/transaction success message will also appear on your screen once the transaction is complete. Check your transaction history for future reference.

What payments can be made using the ‘Bills and Recharges’ service on Bajaj Finserv?

You can use the ‘Bills and Recharges’ service on Bajaj Finserv to pay for the following:

  • Electricity bill
  • Gas bill
  • Water bill
  • Telecom bill
  • DTH bill
  • Loan repayment
  • Insurance EMI
  • Municipal tax
  • Subscription fee
  • FASTag recharge
  • Prepaid mobile recharge
  • Cable recharge
How can I pay my loan amount in one go?

To pay off your loan in one go, follow the steps below:

  1. Contact lender: Inform your lender about your plan
  2. Ask payoff amount: Request the total amount due, including principal and interest
  3. Get payment instructions: Inquire about the preferred payment method
  4. Verify details: Double-check the payoff amount and payment instructions
  5. Make payment: Transfer funds as instructed before the agreed-upon date
  6. Confirm closure: Ensure your lender acknowledges the full repayment
  7. Check for penalties: Clarify if there are any penalties for early repayment
Does Bajaj Finserv provide recharge services apart from loan payment?

Yes, Bajaj Finserv also provides other recharge services such as:

Does Bajaj Finserv provide bill payment services apart from loan payment?

Yes, Bajaj Finserv also provides other bill payment services such as:

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