For routine online EMI payments through My Account, no physical documents are required. However, in specific situations such as clearing an overdue amount, raising a dispute, or requesting a repayment adjustment, the following may be needed:
| Document | When it may be needed |
|---|---|
| Loan account number | Required for all repayment transactions and customer care queries |
| Identity proof (Aadhaar or PAN) | For branch visits or formal requests |
| Payment receipt or reference number | When following up on a payment that has not reflected |
| Bank statement | To verify a debit that did not credit to your loan account |
| Overdue notice or statement | When resolving an overdue situation with customer care |
All these documents are either available in My Account or from your bank. You do not need to collect physical documents for online payments.
What happens if you miss a personal loan EMI
Missing a personal loan EMI has immediate and lasting consequences. Understanding these helps you act quickly to limit the impact.
Immediate consequences:
- Penal charges apply from the due date on the overdue amount, as per your loan agreement
- Bounce charges apply if the NACH mandate debit was attempted and failed due to insufficient funds
- The missed payment is reported to credit bureaus in the next monthly reporting cycle
Credit consequences:
- A Days Past Due entry, or DPD, is recorded on your CIBIL report
- Each additional month the payment is missed adds a higher DPD entry
- If EMIs remain unpaid for 90 consecutive days, the loan may be classified as a Non-Performing Asset, which is one of the most damaging entries on a credit report
What to do immediately:
- Log in to My Account and pay the overdue amount including any charges using UPI, net banking, or debit card
- Save the payment confirmation receipt
- Contact Bajaj Finance customer care at 8698 010 101 if the payment does not reflect within a reasonable period
How to foreclose or part-prepay your personal loan
If your financial situation has improved and you want to reduce your outstanding balance or close the loan early, both part-prepayment and foreclosure are available through My Account.
Part-prepayment lets you pay a lump sum over and above your regular EMI directly towards the outstanding principal. This reduces the principal balance and may reduce your future interest cost or tenure, depending on your loan terms. Foreclosure lets you pay the entire outstanding principal in one payment and close the loan before the original tenure ends.
To use either option:
- Log in to My Account and go to the Services section
- Select your loan and click Make Loan Payments
- Choose Part-Prepayment or Foreclosure
- Review any applicable charges displayed before confirming
- Complete the payment using UPI, net banking, or debit card
Foreclosure and part-prepayment charges may apply depending on your loan type and agreement. Always review the charges in My Account before confirming the transaction.
Tips to manage personal loan repayment without missing EMIs
Staying on top of your personal loan repayment requires a few consistent habits. These apply whether you are in the early months of your loan or approaching the end of the tenure.
- Keep your NACH mandate active: Verify that your mandate is registered and linked to an account with sufficient funds before each due date. A lapsed or failed mandate means your EMI will not be debited automatically
- Maintain a buffer balance: Keep more than your EMI amount in your account on and around the due date to account for any other automatic debits on the same day
- Track your due date: Note your EMI due date and set a reminder a few days before. Check your account balance at that point
- Pay advance EMIs if income is irregular: If your income varies across months, consider paying advance EMIs during higher-earning periods to cover months where cash flow may be tighter
- Act early if you foresee a problem: If you anticipate difficulty making a payment, contact Bajaj Finance customer care before the due date, not after. Early contact gives you more options
