How to Clear Overdue Payments for Bajaj Finserv Secured Loans?

An overdue payment for a secured loan refers to an instalment or EMI (Equated Monthly Instalment) that remains unpaid past its due date. For instance, if you have taken a home loan or a loan against property and fail to pay the EMI by the specified date, it is classified as overdue.

It is important to note the distinction between overdue and default payments. Overdue payments are typically those that are delayed for a short period, while defaults occur when payments are missed entirely for an extended duration. Under Bajaj Finserv guidelines, overdue payments are flagged as soon as the payment due date is missed, and timely action is recommended to avoid escalation.

Take Action Now: Login with your registered mobile number to check overdue payment details now.
 

Failing to clear overdue payments can lead to several short-term and long-term consequences:

1. Additional penalties and late fees

When you miss a payment, lenders may impose late fees or penalties. These charges can accumulate over time, increasing your financial burden.

2. Negative impact on your credit score

Your credit score, or CIBIL score, is a key factor that lenders evaluate when approving loans. Overdue payments are reported to credit bureaus, which can lower your score. A poor credit score reduces your chances of securing loans in the future or may result in higher interest rates.

3. Legal action or asset confiscation

In extreme cases, prolonged overdue payments can lead to legal action or the confiscation of pledged assets. For secured loans, such as a home loan or gold loan, the lender has the right to seize the collateral if payments remain unpaid.

Addressing overdue payments promptly is crucial to avoid these consequences. By taking timely action, you can safeguard your financial health and prevent further complications.

Avoid penalties today: Check your overdue payment status online with just a few clicks.

Understanding the difference between overdue and outstanding payments is essential for effective financial management.

Overdue payments

Overdue payments refer to instalments or amounts that remain unpaid beyond their due date. For example, if your EMI for a secured loan was due on the 5th of the month and you have not paid it by the 6th, it becomes an overdue payment.

Outstanding payments

Outstanding payments represent the total loan balance that remains unpaid over the loan tenure. This includes both the principal amount and interest.

Why this distinction matters

Knowing the difference helps you track your financial obligations accurately and prioritise overdue payments to avoid penalties. For example, while your outstanding balance may be significant, addressing overdue payments first ensures you stay compliant with your loan terms and maintain a good credit score.

Stay informed: View your loan summary, including outstanding balance and overdue payments, by logging into the Bajaj Finserv Service Portal.

How to clear overdue payments for secured loans

If you have overdue payments, here are some actionable steps to resolve them:

1. Check your overdue status online

Log into the Bajaj Finserv Service Portal using your registered mobile number or email ID. Navigate to the ‘Loan’ section to view your overdue payment details.

2. Make an immediate payment

Clearing overdue payments as soon as possible helps you avoid additional penalties. Bajaj Finserv provides multiple payment options, including online transfers, debit cards, and UPI.

3. Set up payment reminders

To ensure you never miss a payment again, set up reminders or automate your EMI payments. This can help you stay on top of your loan obligations.

4. Contact customer support

If you are unable to pay the overdue amount, reach out to Bajaj Finserv’s customer support team. They may provide guidance or discuss alternative solutions based on your situation.

Take control of your payments: Log in securely with OTP and clear your overdue payments today.

Conclusion

Clearing overdue payments for secured loans is essential to protect your financial health, avoid penalties, and maintain a strong credit score. Bajaj Finserv provides customer-friendly solutions to help you manage your loan obligations seamlessly.

By logging into the Bajaj Finserv Service Portal, you can check your overdue payment status, make payments online, and access valuable tools to stay on top of your finances. Take action today to avoid penalties and secure your financial future.

Take the first step now: Check overdue status and clear payments online.