Loan Payments: Pay EMIs In Advance With My Account

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Experts say that 67% of all Indians occasionally take out loans to cover important financial responsibilities. Utility bills, medical costs, travel and touring, tuition fees, house improvements, and other expenses fall under this category. Therefore, two out of every three people in India borrow money. 

Usually, any loan is repaid in small monthly instalments also known as equated monthly instalments (EMI).  These EMIs usually consist of the principal and the interest amount. It gets deducted from your registered bank account on a pre-set date.  

However, there are other host of options that are available to make loan payment easier for you. One such option is paying an EMI in advance. With this facility, you have the option to pay your monthly instalment before its due date. You can use this option if you have a fear of missing your due date or facing any technical issue with your bank account. 

For example, you have taken a personal loan and your EMI due date is June 2nd. However, if you have surplus funds and have a fear of missing your EMI due date you can use the option and pay your EMI in advance on May 20 i.e. before the due date. This advance instalment will get adjusted against your upcoming EMI which means that your monthly instalment will not get deducted on the due date.

This payment facility allows you to pay your EMI in advance and avoid any default which eventually helps you in maintaining a good CIBIL Score.When you choose any of the loan products from Bajaj Finance, you can make an advance EMI payment easily by visiting the Bajaj Finance My Account customer portal.

  1. Go to the customer portal and enter your mobile number, birth date, and a one-time password (OTP) to sign-in.
  2. Choose the loan account from the ‘My Relations’ section.
  3. Click on the ‘Make Payment’ option from the ‘Quick Actions’ section.
  4. Choose ‘Advance EMI’ from the list of payment options and proceed.
  5. Enter the required details and proceed to pay using the secured payment gateway.

Benefits of advance EMI payments in My Account

  • Good credit score- EMI defaults might impact your credit score negatively. With the option of paying an EMI in advance using Bajaj Finance My Account, you have the option to avoid this default. This in turn ensures that your CIBIL Score remains healthy which eventually improves your eligibility for getting a loan at better terms and conditions. 
  • You avoid penalties and fines- In case you have missed your EMIs, you might be asked to pay additional penal charges. With the help of the advanced EMI payment option, you can avoid EMI default which in turn helps you avoid any penal charges.
  • Quick process- It takes a few seconds to complete the advance EMI payment process. Within a minute, your payment will be made. 

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