Manage your loan EMIs in our customer portal
When you take a loan, you repay the amount over a defined period of time. The part of the loan you repay every month is called an instalment or an EMI (equated monthly instalment). If you opt for a Term Loan, your EMI consists of the principal, which is the amount you have borrowed, and the interest charged on it. However, if you have chosen Flexi variants, the instalment may contain only interest or both interest and principal.
Your EMIs are defined at the beginning of the loan tenure. And the instalment is deducted from your bank account on a fixed date every month. You also have several other options that you can use for the repayment of the loan. These include paying an EMI in advance, part-prepaying and foreclosing your loan.
Visit our customer portal – My Account and explore our loan repayment options, such as:
Pay an EMI in advance to avoid bounce charges. This will also help you maintain your CIBIL Score.
Pay back a part of your loan before time. You can complete your loan tenure sooner and save on interest.
Pay off the entire outstanding loan amount in one go.
If you miss a loan EMI or have an instalment that you were unable to clear in time, you can visit My Account and complete your overdue payment.
Clear your overdue EMIs
Usually, your loan EMIs get automatically deducted from your bank account on the due date. However, in the rare possibility of a technical issue or if you do not maintain sufficient funds in your account, your EMI could remain unpaid. Such unpaid instalment is called an overdue EMI.
Overdue instalments can adversely affect your credit score and make it harder for you to get loans in the future. Besides this, you will also need to pay an additional fee or charges known as penal interest.
If you have missed a loan EMI, it is important to clear it as quickly as possible. You can manage all your overdue EMIs for loans taken from Bajaj Finserv by visiting My Account.
Overdue paymentYou can pay your overdue EMIs in My Account by following these simple steps:
- Click on the ‘Sign-in’ button on this page to go to our customer portal
- Enter your mobile number and date of birth
- Choose the ‘Overdue or missed EMI’ option from the list of payment options provided
- Select the loan account with overdue EMIs
- Enter the overdue amount and review the penal charges applicable
- Complete the payment and clear your dues
You can also pay your overdue instalment by clicking on the ‘Clear your overdue EMI’ option below. You will be redirected to the payment section, where you can click on ‘Overdue or missed EMI’ from the list of options, select your loan account and proceed with payment.
Manage your loan EMIs
Choose from multiple payment options and repay your loan easily. Sign-in to My Account to begin.
Pay your EMIs in advance
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.
This advance payment will get automatically 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 are facing an issue with your registered bank account or if you fear missing on your due date. This will ensure that your EMI gets covered in time and you avoid any negative impact on your credit score or penal charges applicable in the case of missed EMIs.
With My Account, 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.
However, if you want your advance payment to be adjusted towards your upcoming EMI, you must do so before the 22nd of the ongoing month.
Please note that advance EMI is not to 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.
Advance EMI payments
You can pay your loan EMIs in advance in My Account by following these simple steps:
- Go to our customer portal by clicking on ‘Sign-in’ button on the top of this page
- Enter your mobile number and date of birth and verify your details with an OTP
- Choose the ‘Advance EMI’ option from the list
- Click on the loan account for which you want to make an advance payment
- Enter the required details and proceed to pay
You can also pay an EMI in advance by clicking on the ‘Pay your EMI in advance’ option below. You will be asked to sign-in to ‘My Account’. Once signed-in, you can select ‘Advance EMI’ option, choose the loan account, and proceed with payment.
Part-prepay your loan
If you have surplus funds, you can pay back a part of your loan amount ahead of schedule. This means that interest is charged only on the remaining amount due-which in-turn reduces your loan tenure and/or the EMI.
Repay a part of your loan in advance
You can part-prepay your loan amount in just a few simple steps
- Sign-in to our customer portal with your mobile number and date of birth.
- Choose ‘Part-prepayment’ from the list of payment options.
- Select the loan account for which you are making part-prepayment.
- Enter the amount and review the applicable charges, if any.
- Once you enter all the required details, proceed to part-prepay your loan.
You can click on the ‘Pay a part of your loan’ option below. Sign-in to ‘My Account’, select ‘Part-prepayment’ option, and proceed.
Foreclose your loan
Depending on the additional funds you have, you may choose to pay off the entire outstanding loan amount in one go. This is called loan foreclosure or full pre-payment of loan
Foreclosing your loan can help you save on interest payments and reduce the overall cost of your loan.
Before you decide to foreclose your loan, it is important to carefully evaluate the terms and conditions as well as the additional charges applicable for the foreclosure of the loan.
Repay your entire loan amount in advance
You can foreclose any of your loans in My Account by following these simple steps:
- Sign-in to our customer portal by using our two-factor authentication
- Select ‘Foreclosure’ from the payment options available
- Enter the required details and review the applicable foreclosure charges.
- Once the required details are entered, proceed with the payment to foreclose your loan
You can also close your loan by clicking on the ‘Foreclose your loan’ option below. You can sign-in to ‘My Account’, click on the ‘Foreclosure’ option, select your loan account, and proceed with payment.
Frequently asked questions
An advance EMI refers to the payment of an EMI in advance, i.e., before the due date. This amount gets adjusted toward your upcoming EMI. However, your advance EMI payment should be made before the 22nd of the ongoing month.
Advance EMI payments made after the 22nd of the month will get adjusted in the subsequent month’s EMI. Visit our customer portal ‘My Account’ to pay your advance EMIs.
Pay your EMI in advance
Yes, you can pay an EMI in advance. However, if you pay an advance EMI after the 22nd 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. However, if your current month's EMI bounces, we will adjust the advance payment towards your loan.
Advance EMI payments can be made towards any Term Loan or Flexi Loan. You can pay up to five EMIs if you have a regular term loan, and for a Flexi Loan, you can pay one EMI in advance.
You will need to clear all bounce/ overdue charges before foreclosing your loan. When you apply for a loan foreclosure, you can check all overdue charges on your loan account and pay them.
There are no foreclosure charges applicable to consumer durable loans and those availed using your Insta EMI Card.
However, for business loans, professional loans, and personal loans, foreclosure charges are applicable. You can click here to check the complete list of fees and charges.
No, not at all. Once you foreclose a loan, the same will be reported to CIBIL as 'Closed' along with 'Zero’ outstanding'.