Manage your loan repayment in My Account

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 one of our 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:

• 

  Overdue EMIs

  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.
  

• 

  Advance EMI

  Pay an EMI in advance to avoid bounce charges. This will also help you maintain your CIBIL Score.
  

• 

  Part-prepayment

  Pay back a part of your loan before time. You can complete your loan tenure sooner and save on interest.
  

• 

  Foreclosure

  Pay off the entire outstanding loan amount in one go.
  

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 payment

  You 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, date of birth and submit the OTP.
  • 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 select your loan account, click on ‘Overdue or missed EMI’ from the list of options, and proceed with payment.

  Clear your overdue EMI

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 before the 22nd 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 on your due date, have issues with your e-mandate 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 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.

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.

• 

  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 this page.
    
  • Enter your mobile number, date of birth and verify your details with an OTP.
    
  • Click on the loan account for which you want to make an advance payment.
    
  • Choose the ‘Advance EMI’ option from the list.
    
  • 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 choose the loan account, select ‘Advance EMI’ option and proceed with payment.

  Pay your EMI in advance
  

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 with date of birth, mobile number and OTP.
    
  • Select the loan account you want to foreclose.
    
  • Choose ‘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’, select your loan account, click on the ‘Foreclosure’ option, and proceed with payment.
  
  Foreclose your loan