Part payment for secured loans refers to an additional payment made towards the loan principal, over and above your regular EMIs (Equated Monthly Instalments). This option allows borrowers to reduce the outstanding principal amount, which in turn lowers the interest payable and can shorten the loan tenure.
For Bajaj Finserv Secured Loans, part payment is a flexible repayment solution that empowers borrowers to manage their debt more effectively. By utilising surplus funds, such as bonuses or savings, borrowers can reduce their financial burden and achieve their repayment goals sooner.
Key benefits of part payment:
- Reduced interest: By lowering the principal amount, borrowers pay less interest over the loan’s tenure.
- Shortened tenure: Part payments help accelerate the repayment timeline, enabling borrowers to close their loans earlier.
- Improved financial flexibility: Borrowers can use this option to manage their finances better, especially when they have surplus funds.
