How to Part-Prepay Your Bajaj Finance Loan Online

A part payment is a payment towards your outstanding loan principal before the tenure ends. It lowers the principal on which future interest is calculated, and you can make it online through the Bajaj Finance My Account service portal.

• Sign in with your mobile number, date of birth and OTP, then go to Service, Relations, select your loan and choose Make loan payments.
• Select Part-prepayment, enter the amount and review the applicable charges before you pay.
• Part payment fees and charges are up to 4.72%, depending on loan type. Check your loan agreement for the charges that apply to your account.
• After a part payment, you can keep your EMI and shorten the tenure or lower your EMI and keep the tenure the same.

Compare the charges with the interest you may save and keep the payment confirmation so you can check that your loan account shows the payment.

A part-prepayment is a payment you make towards your outstanding loan amount, in addition to your regular EMIs, before the loan tenure ends. It reduces your outstanding principal, which lowers the interest payable on the remaining balance. A part-prepayment is not a full repayment. Your loan stays active, and you continue to repay the remaining balance under your loan terms. To repay the entire outstanding amount and close the loan, you would use foreclosure instead.

What are the benefits of part-prepayment?

A part-prepayment can reduce your interest cost and give you more control over your repayment, depending on your loan terms and how you use the payment.

• Lower interest cost: A lower outstanding principal reduces the interest payable over the rest of the loan.
• Shorter tenure: If you continue paying your existing EMI after the principal falls, your loan can end earlier.
• EMI flexibility: You can continue with your existing EMI or choose to revise it after the part-prepayment.
• Online process: You can make the payment through the Bajaj Finance service portal without visiting a branch.
• No impact on existing benefits: Loan benefits such as insurance coverage or an EMI holiday, where you have them, remain unaffected.
• Use of surplus funds: You can put a bonus, an incentive or other extra income towards your loan without changing the rest of your financial plan.

Timely repayment supports a positive repayment record, but a part-prepayment does not guarantee a particular credit score.

How can you part-prepay your loan online?

You can part-prepay your loan through the Bajaj Finance My Account service portal. Follow these steps:

1. Sign in: Open the service portal and select Sign-in.
2. Verify your details: Enter your mobile number and date of birth, then verify with the OTP.
3. Open your loans: Go to Service and select Relations.
4. Select your loan: Choose your loan account number.
5. Open payments: Select make loan payments.
6. Choose the payment type: Select Part-prepayment and select Continue.
7. Enter the amount: Enter the amount you want to pay and review the applicable charges.
8. Pay: Select your preferred payment mode and select Pay now.

You can also use the Pay a part of your loan option on this page. Sign in to the service portal, select Part-prepayment and continue from there.

Part-prepayment fees and charges are up to 4.72%, depending on your loan type. Check your loan agreement for the charge that applies to your account before you pay.

Review the charge on the payment screen. The portal shows the applicable charges before you complete the payment.

For example, if a charge of 4.72% applied to a part-prepayment of Rs. 1,00,000, the charge would be Rs. 1,00,000 × 4.72% = Rs. 4,720. This is an illustration only. Your actual charge may be lower, or may not apply, depending on your loan type and terms.

How does a part-prepayment affect your EMI and tenure?

A part-prepayment reduces your outstanding principal, so the interest payable on the remaining balance also falls. Once Bajaj Finance has recorded the payment, you can choose how to use the benefit:

• Keep your EMI the same and reduce the tenure: You close the loan earlier while your monthly outgoings stay the same.
• Reduce your EMI and keep the tenure the same: You lower your monthly burden, which can make repayment easier to manage.

Check your updated loan statement and repayment schedule after the payment to confirm the revised EMI, tenure and outstanding balance. Continue paying your existing EMI until your account shows a change.

When should you consider a part-prepayment?

Consider a part-prepayment when you have surplus funds and a longer tenure left, because that is when a reduction in principal can save the most interest. The right time also depends on your interest rate, the remaining tenure and the funds you have available.

• Check the cost: Compare the interest you may save with the part-prepayment charge.
• Protect your cash: Keep enough money for essential expenses and upcoming EMIs after you pay.
• Check the amount: Confirm the outstanding principal before you decide how much to pay.
• Plan the outcome: Decide whether you want a shorter tenure or a lower EMI.

Pay a part of your loan