What is part-prepayment?
Part-prepayment is a facility where you can pay a part of your loan amount in advance when you have extra funds. With our Flexi Loan variants, you can part-prepay your loan as many times as you want at no additional cost. However, you can part-prepay your loan only after 24 hours of the disbursement.
Do I need to pay any extra charges for making part payments towards my loan?
When you part-prepay a Term Loan, you may have to pay an additional charge on part-prepayment.However, in the case of our Flexi Term and Flexi Hybrid Loans, no such charges are levied.
How can I make part-prepayment towards my Flexi Personal Loan?
You can follow these simple steps to part-prepay your Flexi Loan account:
- Enter your registered mobile number and submit the OTP to sign-in to our customer portal – My Account.
- Verify your details with your date of birth and proceed.
- Go to ‘My Relations’ at the top of the page and click on 'View All'.
- Select the loan account number (LAN) for which you wish to make part-prepayment.
- Under 'Quick Actions', click on 'Make Payments'.
- Click on the ‘Part-prepayment’ option from the list.
- Enter the amount you want to pay and proceed to complete the payment.
- Select your preferred payment method (debit card, UPI, and NetBanking) and proceed.
- Based on the mode selected, your payment will get processed, and you’ll receive the payment confirmation on your screen.
Please note that you are required to maintain a minimum balance of Rs. 100 or Rs. 1000, as specified in your loan agreement., as your outstanding principal amount to keep your Flexi Loan account active.
How long does it take for part-prepayments to get adjusted towards my loan?
After making a part-prepayment, it takes up to 24 hours for the amount to get adjusted against your loan. You can also check your repayment schedule or download your account statement by visiting ‘Document Centre’. Once you’re signed-in, you can select your loan account number from ‘Document Centre’ and find all your loan-related documents.
Note:
- In an event of a national holiday or any other unforeseen circumstances, the above-mentioned time may be impacted.
- Also, if your part-prepayment amount doesn’t reflect in the repayment schedule within 24 hours then you can raise a request with us. When you’re raising a request with us, you might need to upload your bank statement.Additional Read: What is Flexi Loan
Frequently asked questions
To make the part-prepayment, follow these simple steps:
Sign-in to our customer portal - My Account by entering your registered mobile number and the OTP.
Verify your details using your date of birth and proceed
Go to 'Loan payment' from the main menu.
Click on 'Other payments' and select the loan account for which you wish to make the payment.
Choose Part-prepayment as your payment option.
Enter the required details and proceed to pay
Additionally, you can visit the nearest Bajaj finance branch if you intend to make the partial payment using a cheque or demand draft.
Note: Maintain a minimum balance of Rs. 100 or Rs. 1000, as specified in your loan agreement., as your outstanding amount to keep your Flexi Loan account active. Please deposit the cheque in favor of Bajaj Finance Ltd. Please note that the clearance process for cheques and demand drafts will take approximately three business days.
After making a part-prepayment, it takes up to 24 hours for the amount to get adjusted towards the loan.
To check your repayment schedule for updated loan details, follow the steps below:
- Enter your registered mobile number and the OTP to sign-in to our customer portal – My Account.
- Verify your details by entering your date of birth and proceed.
- Go to 'My Relations' and select your loan account.
- Click on 'View Statements'.
- You can now download and view the statement of account.
To continue enjoying Flexi Loan benefits and to keep your loan account active, please maintain a minimum principal amount of Rs. 100.
Note: The cheques and demand drafts clearance process will take approximately three business days.
Part-prepayment options for personal loans vary among lenders. Some may allow it, but terms and conditions apply, including any associated fees or restrictions. With Bajaj Finance Limited, you can make part-prepayment towards your personal loan.
Yes, with Bajaj Finance Limited, borrowers can choose to make part-prepayment of their personal loan.
Prepayment can reduce the total interest paid over the loan term but may not necessarily reduce the EMI. It depends on the lender's policy and the terms of your loan.
Prepayment typically does not directly affect your CIBIL score. However, it demonstrates responsible financial behaviour, which can indirectly impact your score positively.
The amount of prepayment allowed depends on the lender's policies and the terms of your loan agreement. Some lenders may have minimum or maximum limits on prepayment amounts.
