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Understand how to repay your Bajaj Finance loan online with ease, using a quick, secure, and convenient payment method.
If you have taken a personal loan from Bajaj Finance, timely loan repayment is an essential part of managing your finances. The repayment process has been streamlined through the Bharat Bill Payment System (BBPS) platform, providing a secure and convenient method for online payments.
This system is used by Bajaj Finance Limited to facilitate digital repayments, allowing you to choose from multiple payment options such as debit cards, credit cards, net banking, e-wallets, and UPI.
The process is hassle-free, with payments confirmed instantly via email and SMS. You will also receive a BBPS bill receipt for your records, ensuring transparency and easy tracking of your transactions.
There are two main methods for making Bajaj Finserv loan repayments online, through the website or app. Both options are convenient and provide instant payment confirmation.
Here are the detailed steps:
Here’s how:
Visit the Bajaj Finserv website
Select ‘Loan Repayment’ under the ‘PAYMENTS’ tab
Choose your biller from the drop-down menu
Enter your loan account number and click on ‘FETCH YOUR BILL’
Select your payment method (credit card, debit card, net banking, UPI)
Enter your payment details and click ‘PAY NOW’
You will receive a confirmation notification from Bajaj Finserv once the payment is processed
Here are the steps you can follow:
Download the Bajaj Finserv app from the Google Play Store or App Store
Login with your credentials
Go to ‘BILLS AND RECHARGES’ and select ‘LOAN REPAYMENT’
Choose ‘BAJAJ FINANCE’ and enter your Loan Agreement Number
Enter the loan amount and select your preferred payment method
Complete the payment and receive an e-receipt for your records
To calculate your loan repayment amount, you need to know the principal amount, interest rate, and loan tenure. This helps determine your EMI (Equated Monthly Installment), which is the amount you need to pay every month towards your loan.
Details required to calculate an EMI:
Loan Amount (Principal): This is the total amount you borrow
Interest Rate: The annual rate charged by Bajaj Finance, typically expressed as a percentage
Repayment Period: The loan tenure, which could be in months or years
The formula to calculate the EMI is:
EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]
Where:
P = Principal amount
r = Monthly interest rate (Annual Rate ÷ 12)
n = Number of months (loan tenure)
For example, suppose you get a Bajaj Finance Personal Loan of ₹1,00,000 at an annual interest rate of 10% over 2 years (24 months):
P = ₹1,00,000
r = 10% ÷ 12 = 0.00833 (monthly interest rate)
n = 24 months
Using the formula, the monthly EMI would be ₹4,947.44. This amount includes both the principal and interest portions.
When making Bajaj Finance loan payments, there are certain fees and charges to keep in mind. Below are the standard fees associated with loan repayments:
| Fee Type | Details |
|---|---|
Penal Charges |
Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
Bounce Charges |
₹700 to ₹1,200 per bounce Bounce Charges” shall mean charges levied on each instance in the event of: (i) dishonour of any payment instrument irrespective of whether the customer subsequently makes the payment through an alternate mode or channel on the same day; and/or (ii) non-payment of instalment(s) on their respective due dates where any payment instrument is not registered/furnished; and/or (iii) rejection or failure of mandate registration by the customer’s bank |
Disclaimer: All fees and charges mentioned are indicative and may vary based on the payment method, loan type, and transaction amount. It’s advisable to check Bajaj Finserv for the latest updates on loan repayment fees.
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
You can check your Bajaj Finance loan statement by logging into your account on the Bajaj Finserv website or app. Your loan statement will show the loan balance, repayment history, and upcoming payments.
To view your loan repayment history, simply log into your Bajaj Finserv account. The history section will display the details of all your past payments and the outstanding balance.
You can make Bajaj Finance loan repayments via various modes such as credit card, debit card, net banking, UPI, or e-wallets on the Bajaj Finserv website or app.
If you miss a Bajaj Finance loan payment, you may incur late fees and interest charges. It's important to make your payments on time to avoid additional charges and damage to your credit score.
You can check the Bajaj Finance loan payment status by logging into your Bajaj Finserv account or by checking your email/SMS for payment confirmation after each transaction.
After making a Bajaj Finance loan repayment, you can download the EMI payment receipt from the Bajaj Finserv website or app. A confirmation receipt will be sent to your registered email.
Bajaj Finance offers various repayment options, including flexible EMI plans, allowing you to repay your loan over a tenure that suits your financial situation.
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