Personal Loan Repayment Schedule: A Complete Guide

A personal loan repayment schedule outlines your planned instalments, due dates and repayment details throughout the agreed loan tenure. Reviewing it helps you plan monthly expenses, monitor payments and identify discrepancies in your loan account.

• Check the Bajaj Finance My Account portal, app or loan documents for the repayment details available for your account.
• Review EMI amounts, due dates, principal and interest components, and the remaining tenure where shown.
• Set aside funds for scheduled payments and check your bank balance before an automatic debit.
• Compare your repayment schedule with your Statement of Account to verify recorded payments and outstanding dues.
• Keep payment receipts and contact your lender if an instalment is missing or the details do not match.

For example, a 12-month repayment plan has 12 scheduled monthly instalments when the agreed terms remain unchanged. Review the applicable schedule before each due date. Your repayment schedule is a planning reference, while your Statement of Account helps verify recorded transactions. Use both to check your repayment position.

A personal loan repayment schedule sets out the instalments planned over your agreed loan tenure. It helps you understand when payments are due, how much you need to pay and how your outstanding balance changes over time.

Depending on the document format, your schedule can include:

• EMI amount: The scheduled instalment payable for each repayment period.
• EMI due date: The date on which each instalment is due.
• Principal component: The portion of the instalment allocated towards repaying the amount borrowed.
• Interest component: The portion allocated towards interest, where shown separately.
• Loan tenure: The agreed period for repaying the loan.
• Outstanding balance: The remaining loan amount shown against the relevant repayment entry, where available.

The schedule reflects the agreed repayment plan. Changes confirmed by your lender can affect future instalments or other repayment details. Use the schedule to organise your budget and check upcoming payments. If a due date or instalment amount appears incorrect, compare the schedule with your loan agreement and latest Statement of Account.

How can you check your personal loan repayment schedule online?

You can check your personal loan repayment schedule through the Bajaj Finance My Account portal or the Bajaj Finance app, subject to the facilities available for your loan account. Follow these steps to locate your loan details and check whether the schedule is available.

1. Open the official platform. Visit the Bajaj Finance My Account portal or open the Bajaj Finance app.
2. Sign in securely. Enter your registered mobile number and complete the required one-time password (OTP) verification.
3. Locate your loan account. Navigate to the section displaying your loan accounts or relationships.
4. Select your personal loan. Open the relevant account and review the available loan details.
5. Find the repayment information. Look for the repayment schedule or relevant loan documents available for your account.
6. Open or download the schedule. If the document is available, review the instalment amounts, due dates and other repayment details.

What details should you check in your repayment schedule?

Your repayment schedule shows planned instalments and other repayment information for your personal loan. Check the details below to understand your commitments and identify information that needs clarification.

The information and level of detail can vary by schedule format. A repayment schedule outlines planned instalments, while a Statement of Account records transactions and payments against your loan. Compare both documents when you need to confirm whether an instalment has been recorded. If the details differ, check your bank statement and contact your lender for clarification.

Your repayment schedule helps you organise monthly expenses around your scheduled instalments. Use the due dates and payment amounts to prepare for repayments and reduce the risk of overlooking a payment.

• Track due dates: Add upcoming EMI dates to your calendar so you can prepare for each payment.
• Plan monthly expenses: Account for your scheduled instalment when reviewing your income and regular expenses.
• Maintain sufficient funds: Check your linked bank account before a scheduled automatic debit.
• Verify payment records: Compare the schedule with your loan account and bank statement if a payment appears missing.
• Monitor the remaining tenure: Review the number of instalments left, where shown, to understand your repayment timeline.
• Prepare for financial changes: If your income or expenses change, review your commitments and contact your lender to ask about options available under your loan terms.

For example, if your schedule lists an EMI due on the 5th of each month, include that payment in your budget before the due date. The example illustrates how to plan a payment; your actual due date depends on your loan account.

Do not assume that your EMI amount, due date or tenure has changed because you requested a change or made an additional payment. Check your loan account and obtain confirmation from your lender before following a revised repayment plan.

What should you do if your repayment schedule does not match your loan account?

If your repayment schedule differs from your loan account, compare the relevant records and confirm which details apply before taking further action. A missing transaction or an updated schedule may require clarification from your lender.

Follow these steps:

1. Confirm the loan account. Check that the schedule belongs to the correct personal loan.
2. Compare repayment terms. Review the EMI amounts and due dates against your loan agreement and the latest schedule available.
3. Check your Statement of Account. Look for payment entries and outstanding dues recorded against your loan.
4. Review your bank statement. If a payment appears missing, check whether the amount was debited and retain the transaction reference.
5. Contact your lender. Explain the discrepancy through an authorised service channel and provide relevant records if requested.
6. Keep the reference details. Save the service request number, if provided, so you can follow up on the query.

If your lender has confirmed a change to the repayment terms, use the updated schedule that applies to your account. Ask for clarification if the reason for the change or its effect on future instalments is unclear.

What happens if you miss an EMI listed in your repayment schedule?

A missed personal loan EMI can leave an overdue amount and may result in applicable charges under your loan agreement. Continued non-payment can affect your credit repayment record and lead to further recovery action, subject to the loan terms and applicable law.

If you miss an instalment, take the following steps:

1. Check your loan account. Review the payment status, overdue amount and applicable charges displayed for your account.
2. Verify the bank transaction. Check whether the EMI failed, remains pending or was already debited.
3. Confirm the amount payable. Use your lender’s authorised channels to verify the outstanding dues before making another payment.
4. Pay the overdue amount if you can. Follow the available payment instructions and retain the transaction confirmation.
5. Contact your lender if you need help. Explain your repayment difficulty and ask about the options available under your loan terms.
6. Check the updated status. Confirm that the payment has been recorded and review any remaining overdue amount.

Paying the next scheduled EMI does not necessarily clear an earlier missed instalment. Check the overdue balance separately and confirm how the payment has been allocated. If the money was debited but the loan account still shows an unpaid instalment, retain your bank transaction details and contact your lender before attempting another payment. If your account or credit report contains incorrect information, raise a dispute through the relevant official process.