5 min read Banking 101

How to Pay Bajaj Finance Emi Payment

Bajaj Finance Emi Payment

Paying your EMIs (Equated Monthly Installments) on time is crucial to maintaining a good credit score and avoiding any penalty charges. Bajaj Finance offers several convenient options to ensure your payments are made seamlessly. Here's a detailed guide:

Table of Contents

Online Payment

a. Through Bajaj Finserv Customer Portal:

  • Log in to the Bajaj Finserv customer portal using your registered mobile number and OTP.
  • Navigate to the 'My Relations' section and select the loan account for which you want to make the payment.
  • Click on 'Make Payment' and choose the payment mode (net banking, debit card, or UPI).
  • Enter the payment details and confirm the transaction.

b. Through the Bajaj Finserv App:

  • Download the Bajaj Finserv app from the Google Play Store or Apple App Store.
  • Log in using your registered credentials.
  • Select 'Loan Details' and choose the loan account you want to pay for.
  • Click on 'Make Payment' and follow the instructions to complete the transaction.

Auto Debit

Set Up Auto Debit:

  • Log in to the Bajaj Finserv customer portal.
  • Navigate to 'Mandate Registration' and fill out the form with your bank details.
  • Once approved, the EMI amount will be automatically debited from your bank account on the due date.

NEFT/RTGS Payment

Using NEFT/RTGS:

  • Log in to your bank’s net banking portal.
  • Add Bajaj Finance as a beneficiary using the following details:
  • Beneficiary Name: Bajaj Finance Limited
  • Account Number: Your loan account number
  • IFSC Code: Provided by Bajaj Finance
  • Enter the EMI amount and complete the transaction.

Cheque Payment

By Cheque:

  • Draw a cheque in favor of 'Bajaj Finance Limited.'
  • Mention your loan account number on the back of the cheque.
  • Submit the cheque at the nearest Bajaj Finance branch or any designated drop box.

Physical Branch Payment

Visit a Branch:

  • Go to the nearest Bajaj Finance branch.
  • Provide your loan account details and make the payment via cash, cheque, or debit card.

Important Points to Remember

  • Timely Payments: Ensure you make your EMI payments on or before the due date to avoid late fees and maintain a good credit score.
  • Bounce Charges: If an EMI payment is bounced due to insufficient funds or other issues, a bounce charge of Rs. 700 per bounce is applicable.
  • Penal Charges: Delay in payment of installments attracts penal charges of Rs. 8 - Rs. 12 per day per installment.

By following these steps and choosing the payment method that suits you best, you can ensure that your Bajaj Finance EMI payments are made on time without any hassle.

How to Pay Bajaj Advance Emi Payment?

To pay your Bajaj Advance EMI, follow these steps:

  • Log In: Visit the Bajaj Finserv customer portal and log in using your registered mobile number and OTP.
  • Navigate to 'Account': Click on 'Account' and go to 'Your Relations.'
  • Select Your Loan Account: Choose the loan account for which you want to make the advance payment.
  • Choose 'Advance EMI': Select the 'Advance EMI' option from the list.
  • Enter Details: Provide the necessary details and proceed with the payment.

By paying your EMI in advance, you can avoid any potential late fees and positively impact your credit score. If you have any surplus funds and want to ensure timely payments, this is a great option.

Benefits of Bajaj Advance EMI Payment

Paying your EMI in advance with Bajaj Finance offers several benefits:

  • No Overdue EMIs: Avoid the risk of missing your EMI due date and facing overdue payments.
  • Avoid Penal Charges: By paying in advance, you can save on any potential penal charges that might apply for late payments.
  • Maintain a Healthy Credit Score: Timely payments help maintain a good credit score, which is crucial for future loan approvals.
  • Flexibility: You can pay one EMI in advance if you have a Flexi Loan, or up to five EMIs in advance if you have a Term Loan.
  • Peace of Mind: Knowing that your EMIs are paid in advance can provide financial peace of mind, especially if you have surplus funds.

FAQs:

When can I make an advance EMI payment in Bajaj Finserv?

  • You can make an advance EMI payment anytime in Bajaj Finserv, provided it is allowed as per the terms of your loan agreement.

Will my loan tenure be reduced if I make an advance EMI payment?

  • Yes, making an advance EMI payment will reduce your loan tenure and save you interest.

Is there any additional fee for making an advance EMI payment?

  • It depends on the terms of your loan. In some cases, a processing fee might be charged. Check your loan documents for detailed information.

Does making an advance EMI payment affect my credit score?

  • Yes, making an advance EMI payment before time can improve your credit score, as it reflects financial discipline.

Can I make an advance EMI payment by visiting a Bajaj Finserv branch?

  • Yes, you can visit your nearest Bajaj Finserv branch to make an advance EMI payment.

Can I pay advance EMI online?

  • Yes, you can make advance EMI payments online through the Bajaj Finserv customer portal or mobile app.

Are any specific documents required for making an advance EMI payment?

  • Generally, no additional documents are required for advance EMI payment, but your identity and loan-related information may be verified.

Is it safe to make an advance EMI payment?

  • Yes, payments made through Bajaj Finserv's customer portal and mobile app are secure and reliable. Always ensure you are using the official website or app for online payments.

How do I calculate my loan EMI using Paytm?

Following are the steps to calculate loan EMI using Paytm:

  • Go to the Paytm website and navigate to ‘Financial tools & calculators
  • Click on the “EMI Calculator” button.
  • Use the sliders to adjust the loan amount and tenure to see how it affects the EMI and total interest.
  • Once you are satisfied with the calculations, you can proceed to apply for the loan through Paytm.

Is it possible to pay off my loan in full through Paytm before the end of the repayment period?

  • Yes, it is possible to pay off your loan in full through Paytm before the end of the repayment period. If you have a loan with a lender that allows payments through Paytm, you can use the platform to make payments on your loan and pay it off in full before the end of the repayment period.

Can I view my loan EMI payment history on Paytm?

  • Yes, it is possible to view your loan EMI payment history on Paytm. To view your payment history, you will need to log in to your Paytm account and navigate to the “Passbook” section.

Are there any fees associated with using Paytm to make loan EMI payments?

  • Paytm may charge a fee for certain services related to loan EMI payments.

Can I set up reminders for my loan EMI payments on Paytm?

  • Yes, you can set up reminders for your loan EMI payments on Paytm. This way, you won’t have to set up a reminder for every EMI payment.

How do I contact Paytm customer support for assistance with loan EMI payments?

There are several ways you can contact Paytm customer support for assistance with loan EMI payments:

  • You can use the in-app support feature to get help with your EMI payments through the Paytm app
  • You can also call Paytm’s customer support team for assistance with your EMI payments. The toll-free number is 1800-120-130.
  • Email support: You can send an email to Paytm’s customer support team at [email protected].

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Anubhav Dwivedi