Part Payment – Complete Guide with Steps & Benefits

If you have surplus funds, you can pay back a part of your loan amount ahead of schedule. This means that interest is charged only on the remaining amount due – which in-turn reduces your loan tenure and/or the EMI.

Benefits of Bajaj Finserv Part Payment

• Reduces interest burden: Making a part payment helps lower the outstanding principal, reducing the overall interest payable on the loan.

• Shortens loan tenure: With a reduced principal, the loan tenure can be decreased, helping you become debt-free sooner.

• Improves credit score: Timely part payments reflect financial discipline, positively impacting your credit profile and CIBIL score.

• Retains EMI flexibility: You can continue with your existing EMI or opt to revise it after the part payment.

• Convenient digital process: Bajaj Finserv offers a seamless online part payment option via the customer portal or app.

• No impact on benefits: Existing loan benefits, such as insurance coverage or EMI holiday (if any), remain unaffected.

• Ideal for surplus funds: Makes efficient use of bonuses, incentives, or windfall income without disrupting your financial planning.

Part Payment Eligibility

Documents Required for Part Payment

To make a part payment with Bajaj Finserv, minimal documentation is needed. Typically, you must provide:

• Loan account number – For identification and processing of payment.

• Valid ID proof – Such as Aadhaar, PAN, or driving licence.

• Payment instrument – Net banking details, debit card, or UPI-enabled app.

These documents ensure secure and authorised transaction processing.

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  Steps to Make Part Payment of your loan in advance

  You can part-prepay your loan amount in just a few simple steps by visiting our service portal.

  • Click on ‘Sign-in’ button on this page.
  • Enter your mobile number, date of birth and verify your details with an OTP.
  • Go to ‘Service’ and click on ‘Relations’ 
  • Select your loan account number
  • Click on ‘Make loan payments’
  • Select ‘Part-prepayment’ and click on ‘Continue’  
  • Enter the amount and review the applicable charges
  •  Select your preferred payment mode and click on ‘Pay now’

  You can click on the ‘Pay a part of your loan’ option below. Sign-in to the service portal, select ‘Part-prepayment’ option, and proceed.

  Part Payment Charges & Fees

  Fee Component	Details
  Part Payment Charges	Up to 4% on the amount paid (varies by loan type)
  Minimum Payment Requirement	One EMI or ₹5,000, whichever is higher
  Frequency of Part Payment	Limited to a specific number per year (as per loan T&C)
  Processing Fees	Usually Nil for part payments
  Mode of Payment Charges	Nil for digital payments via app or customer portal

  
  Impact of Part Payment on Loan Tenure & Interest

  Making a part payment on your Bajaj Finserv loan can significantly reduce both your interest burden and loan tenure, depending on your repayment strategy. When you make a lump sum payment towards the principal, the outstanding balance decreases. This leads to a reduction in the total interest payable over the loan’s duration.

  You can choose between two options post part payment:

  • Keep the EMI same and reduce tenure: This helps you close the loan earlier while maintaining monthly cash flow.

  • Reduce the EMI and keep the tenure same: This lowers your monthly burden, making repayment more manageable.

  Either way, part payment boosts long-term savings. It also enhances your credit profile as it reflects responsible borrowing. It’s especially beneficial when you have surplus funds and want to minimise future liabilities.

  Pay a part of your loan