Pay in Advance EMI – Manage Your Loan Payments Effectively

Manage your advance EMI payment in our service portal.

What is Advance EMI Payment in Bajaj Finance?

For most loans, the instalment amount remains fixed over the repayment tenure. A set amount gets deducted from your bank account on a fixed date. If you have surplus funds at some point over the loan tenure, you may choose to pay off an EMI before the due date.

If advance payment is made 4 days before the due date of the ongoing month, your EMI will automatically get adjusted towards your instalment for the next month. This means that your EMI will not be deducted from your bank account next month.

You may choose the advance EMI option if you fear missing your due date, have issues with your bank account registration or any such instances. In fact, you can choose from several modes of payment to make an advance EMI. This will ensure that your EMI is paid ahead of time, and you avoid any penal charges applicable and any negative impact on your credit score in the case of missed EMIs.

With the service portal, you can pay one EMI in advance if you have opted for our Flexi Loan variant and up to five EMIs if you have chosen a regular term loan.

Note: Advance EMI cannot be treated as part-prepayment or foreclosure of the loan(s) irrespective of the loan variant availed or the amount paid by you and hence no interest is payable by BFL on the advance EMI or no interest benefit by treating advance EMI amount as part-payment will be given in the loan.

  • How to Pay EMI in Advance Online?

    How to Pay EMI in Advance Online?

    You can pay your loan EMIs in advance in the service portal by following these simple steps:

    • Click on ‘Sign-in’ button on this page.
    • Enter your mobile number, date of birth and verify your details with an OTP.
    • Go to ‘Home’ and click on ‘Pay EMIs’
    • Select your loan account number and click on ‘Proceed’
    • Scroll to the ‘Advance EMI’ tab
    • Select the month for which you wish to make payment and click on ‘Proceed to payment’
    • Select your preferred payment mode and click on ‘Pay now’


    Alternatively, you can also follow the given steps to make an advance EMI payment:

    1. Go to ‘Service’ and click on ‘Relations’
    2. Select your loan account number
    3. Click on ‘Make loan payments’ and select ‘Advance EMI’
    4. Select the month for which you wish to make payment and click on ‘Proceed To Payment’
    5. Select your preferred payment mode and click on ‘Pay Now’

    Pay your EMI in advance

  • Partial vs. Full Advance Payment: Key Differences

    Feature

    Partial Advance Payment

    Full Advance Payment

    Definition

    Payment of one or more upcoming EMIs in advance without closing the loan.

    Clearing the entire outstanding loan amount before the end of tenure.

    Purpose

    Reduces short-term EMI burden or future interest outgo.

    Aims to close the loan entirely and become debt-free early.

    Tenure Impact

    May reduce EMI burden or slightly adjust loan tenure.

    Ends the loan tenure immediately.

    Interest Savings

    Helps reduce future interest on advanced EMIs.

    Maximises total interest saved by closing the loan early.

    Charges Applicable

    Usually no charges, but depends on lender policy.

    Foreclosure charges may apply based on terms and tenure.

    Loan Closure

    Loan remains active; regular EMIs continue post-advance period.

    Loan account is closed upon successful payment.

    Credit Score Impact

    Positive impact when payments are timely.

    Positive impact with a note of early closure.

    Documentation Needed

    Minimal or none.

    May require foreclosure request or formal intimation.

     

    Bajaj Advance EMI Payment Charges & Rules

    • Advance Payment Definition: You can pay one or more upcoming EMIs in advance using the Bajaj Finserv customer portal or app.

    • Charges: No additional charges for paying EMIs in advance, provided it's done via official channels.

    • Eligibility: Available to customers with active loan accounts and regular EMI history.

    • Modes of Payment: Payments can be made via UPI, net banking, debit card, or NACH.

    • Effect on EMI Cycle: Subsequent EMIs will be adjusted according to the amount paid in advance.

    • Preconditions: Some products may have minimum advance payment amounts or restrictions based on tenure.

    • Confirmation: Always download and retain the updated statement after making an advance EMI payment.

    Impact on Credit Score & Loan Tenure

    Making an advance EMI payment—either partially or fully—can have a positive effect on your credit score if managed responsibly. Timely or advance payments signal strong repayment behaviour, which credit bureaus view favourably. Partial advance payments help reduce the interest burden slightly and reflect financial discipline, though they don’t alter the overall loan tenure drastically. On the other hand, full advance payments, also known as foreclosure, directly close the loan account. This not only eliminates future EMIs but also improves the credit utilisation ratio, boosting the credit score in most cases.

    Regarding loan tenure, a partial advance may allow for a minor rescheduling of the EMI timeline or reduction in monthly instalments, depending on lender policy. However, a full payment brings the tenure to an end immediately. While early closure is beneficial, it’s important to check foreclosure charges, as they can reduce the overall interest-saving benefit.

    If you have surplus funds or have a fear of missing your monthly instalment due date, you can choose to pay your EMIs in advance. This payment option will help you avoid any penal charges applicable in the case of a missed EMI.

    However, if you pay an advance EMI 4 days before your payment due date of the month, your advance EMI amount gets adjusted in the subsequent month’s instalment. This is because your current month’s EMI is under presentation to your bank for the deduction. In case your upcoming EMI bounces, your advance payment can be adjusted towards your loan.

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  • Manage your loan EMIs

    Choose from multiple payment options and repay your loan easily. Sign-in to service portal to begin.

Frequently asked questions

When can I make part-prepay my loan?

If you have surplus funds, you can pay a part of your loan ahead of its tenure. Part-prepayment helps in either reducing your EMIs or the tenure. However, the conditions for part-prepayment depends on your loan type. Therefore, it’s advised to check your loan agreement before you decide to make part-prepayment.

How long does it take for an advance EMI payment to get updated in my loan statement?

Following an EMI payment, the transaction details may take up to 24 hours to reflect in your account statement. Please follow these steps to check your statement of account:

  1. Go to ‘Relations’ and select your loan account 
  2. Scroll to 'Documents and statements'
  3. Download or view the 'Statement of Account'
Where and when can I get the no dues certificate (NDC)?

Your no dues certificate gets generated once you close your loan and no EMIs are due. If you have recently closed your loan, you can download your NDC by following these simple steps:

  1. Go to ‘Relations’
  2. Select your loan account number
  3. Click on ‘View No Dues Certificate’
How can I clear my overdue payments?

You can clear your overdue EMIs by following these simple steps:

  • Go to ‘Home’ and click on ‘Pay EMIs’
  • Select your loan account number and click on ‘Proceed’
  • Scroll to the ‘Missed instalments/ other overdues’ tab
  • Enter the amount you want to pay and click on ‘Proceed To Payment’
  • Select your preferred payment mode and click on ‘Pay Now’
How to pay the remaining EMI at once?

To pay the remaining EMI at once, contact your lender and request for a foreclosure or prepayment of the loan. You will need to obtain a foreclosure statement detailing the outstanding amount. Once you have this, you can make a lump sum payment either through online banking, a mobile app, or by visiting a branch. Ensure you receive a confirmation of the payment and a No Objection Certificate (NOC) from the lender, confirming that the loan has been fully repaid.

Can I pay advance EMI via UPI for Bajaj loans?

Yes, Bajaj Finance allows advance EMI payments through UPI. You can use the Bajaj Finserv app or customer portal to initiate the payment and select UPI as the preferred mode. Ensure the payment is completed successfully to receive a confirmation and avoid delays in reflecting it in your account.

How soon does the advance payment reflect in my loan account?

Advance EMI payments typically reflect in your loan account within 24 to 48 working hours. You’ll receive a confirmation via SMS or email once the payment is processed. If it takes longer, you may contact customer support with your transaction ID to check the status or escalate the issue.

Is advance EMI payment better than foreclosure?

Advance EMI payments help reduce short-term financial pressure but don't end the loan. Foreclosure, however, closes the loan completely and offers greater interest savings. If you're looking to reduce interest and become debt-free early, foreclosure is better. For temporary relief, advance EMI payments offer more flexibility without closing the loan.

Can I reverse an advance EMI payment if made by mistake?

Generally, Bajaj Finance does not allow reversal of advance EMI payments once processed. These payments are non-refundable and get adjusted against upcoming dues. In case of an error, you should immediately contact customer care to explore any possible resolution, although reversals remain subject to internal policies and discretion.

Will advance payment reduce my future EMIs or loan tenure?

Advance EMI payments reduce the number of upcoming EMIs but not the EMI amount. The overall loan tenure may remain unchanged unless recalculated by the lender. It doesn’t lower individual EMI amounts but helps in pre-paying part of your loan, leading to marginal interest savings over time.

How to check my Bajaj advance payment history?

You can view your advance payment history by logging in to the Bajaj Finserv customer portal or mobile app. Navigate to your active loan details and select the payment or statement section. It will display all transactions, including advance EMIs, with dates, modes of payment, and amounts credited.

Are there tax benefits on advance EMI payments?

Advance EMI payments are treated similarly to regular EMIs for tax purposes. If the loan qualifies for tax benefits—like a home loan—the advance interest paid may be claimed under the respective income tax sections. However, consumer loans generally do not offer tax deductions on EMI payments.

Can I schedule advance payments automatically?

Currently, Bajaj Finance does not offer an auto-scheduling feature specifically for advance EMI payments. However, standing instructions or NACH mandates can be set up for regular EMI debits. To make an advance EMI, you must manually initiate the transaction each time through the app or customer portal.

Does Bajaj Finance offer discounts for advance payments?

Bajaj Finance typically does not offer specific discounts for advance EMI payments. However, early or advance payments can lead to interest savings depending on your loan structure. Promotions or festive offers may occasionally provide incentives, but these are limited-time and product-specific, not standard for all advance payments.

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