Paying your EMIs (Equated Monthly Installments) on time is crucial to maintain a good credit score and avoid penalties. If you want to pay an advance EMI or make an early payment on your Bajaj Finserv loan, it’s an easy and convenient process through the Bajaj Finserv app. By making advance EMI payments, you can reduce your outstanding balance and potentially lower your future EMI amounts. In this guide, we will show you how to pay an advance EMI using the Bajaj Finserv app, step by step.
Why Pay Advance EMI?
Before we dive into the process, here are a few reasons why you might want to consider paying your advance EMI:
- Reduce Loan Tenure: By paying extra EMIs, you can reduce the tenure of your loan and become debt-free sooner.
- Improve Credit Score: Timely EMI payments or advance payments can improve your credit score over time.
- Flexible Repayment: Paying advance EMIs provides flexibility in managing future payments and reduces the financial burden.
Steps to Pay Advance EMI in Bajaj Finserv App
Follow these simple steps to make an advance EMI payment using the Bajaj Finserv app:
- Download and Open the Bajaj Finserv App
- If you haven’t already, download the Bajaj Finserv app from the Google Play Store or Apple App Store and install it on your smartphone.
- Log In to Your Account
- Open the app and log in using your registered mobile number and password. If you’re a new user, you’ll need to register first.
- Go to ‘Loans’ Section
- Once logged in, navigate to the ‘Loans’ section in the app’s main dashboard. This section shows all the loans you have with Bajaj Finserv.
- Select the Loan Account
- Choose the loan account for which you want to pay the advance EMI. You’ll see all the loan details, including the EMI amount, due date, and outstanding balance.
- Choose ‘Pay Advance EMI’ Option
- In the loan account details, look for the option labeled ‘Pay Advance EMI’ or ‘Prepay EMI’. Click on this option to proceed.
- Enter the EMI Amount
- The app will show the details of your upcoming EMI payments. You can select to pay the full next EMI or an additional EMI amount in advance. Enter the amount you wish to pay and click on ‘Proceed’.
- Select Payment Method
- Choose your preferred payment method (such as debit/credit card, UPI, or net banking) to make the payment. Ensure that your payment method is linked to your Bajaj Finserv account for a smooth transaction.
- Confirm and Make Payment
- After reviewing the details, confirm the advance EMI payment and proceed with the payment. Once the transaction is successful, you will receive a payment confirmation on your app and an email/SMS for the same.
- Track Your Payment
- You can track your advance EMI payment status in the ‘Payment History’ section of the Bajaj Finserv app. The payment will be reflected in your loan account, and your outstanding balance will decrease accordingly.
Things to Keep in Mind Before Paying Advance EMI
- Check EMI Due Date: Ensure that you are making the advance payment ahead of time. You may want to check if the payment is already due or if it’s better to pay it in advance to avoid late fees.
- Excess Payments: While paying extra EMIs is a good way to pay off your loan faster, always check your loan agreement for prepayment terms and conditions, as there may be penalties in some cases.
- Payment Confirmation: Always wait for the payment confirmation and keep a record of the transaction for future reference.
- Payment Method: Ensure that your payment method (like UPI or net banking) is linked correctly to avoid payment failures.
Frequently Asked Questions (FAQs)
1. Can I pay multiple advance EMIs at once?
Yes, you can pay more than one EMI in advance, provided your loan account allows it. This will help reduce the total loan tenure.
2. Is there any penalty for paying advance EMI?
No, there are no penalties for paying advance EMI in most cases. However, it is always a good idea to check the terms and conditions of your loan agreement to confirm.
3. Will my advance EMI payment reflect immediately?
Yes, once your payment is processed successfully, it will reflect in your Bajaj Finserv loan account, and your outstanding balance will be updated.
4. Can I pay advance EMI using UPI?
Yes, UPI is one of the payment methods available for making an advance EMI payment via the Bajaj Finserv app.
5. Can I make advance EMI payments through the Bajaj Finserv website?
Yes, you can also make advance EMI payments through the Bajaj Finserv website by following similar steps as in the mobile app.
Conclusion
Paying an advance EMI on your Bajaj Finserv loan is a simple and convenient process that helps you reduce your outstanding balance and manage your finances better. By following the steps outlined in this guide, you can easily pay your advance EMI using the Bajaj Finserv app and enjoy the benefits of early repayment. Whether you’re looking to reduce your loan tenure or improve your credit score, paying advance EMIs is a smart financial move.