One of the most important parts of loan management is repaying your loan on time. When you borrow any loan, you need to track your repayment so that you do not miss any EMIs. In case of missed EMIs, your CIBIL Score gets impacted which eventually results in lowering your eligibility for a new loan.
It is also important to be on top of your loan repayment so that you can become debt-free faster and without any defaults. Usually, when you borrow a loan, you repay it in small monthly installments known as EMIs. This pre-defined amount gets deducted from your bank account on a pre-set date. However, there are a host of other methods that allow you to repay your loan faster. These include – advance EMI, part-prepayment and foreclosure.
In case you have missed any EMIs due to some issues with your bank account or due to other technical issues, you have the option to clear your overdue. However, you might need to pay additional penal charges which are applicable in case of overdue installments.
If you opt for any of the loan products offered by Bajaj Finance, you can easily manage its repayments with the customer portal – My Account.
My Account offers a host of payment options that help you manage your loan repayment efficiently. Apart from the monthly instalments, you have options of paying an EMI in advance, part-prepaying or foreclosing your loan. You can also clear your overdue installments easily in a hassle-free online process.
You can explore these payment options and a host of additional services by visiting My Account – Bajaj Finance customer portal.
- Enter your registered mobile number and date of birth and submit the OTP to sign-in.
- Select the loan account for which you want to make payment from the ‘My Relations’ section.
- Click on ‘Make Payment’ within the ‘Quick Actions’ section.
- Choose the payment option from the list.
- Enter the required details, review additional charges if applicable and proceed to pay using the secured payment getaway.
You can easily make loan payments in a hassle-free process from the comfort of your home. These multiple payment options help you manage your loan repayment efficiently and that too without any branch visit.
Read also: How to Check Bajaj Finserv Loan Statement?