One of the easiest ways to fund your planned and unplanned expenses is by borrowing a loan. In the current scenario, multiple financial institutions offer you a range of secured and unsecured loan options. The process of applying for a loan has become very easy and convenient with multiple fintech companies.
Although loans help you in managing your expenses, it is a debt that you need to repay to the financial institutions. Therefore, it is extremely important to stay at the top of managing your loan. One of the most critical aspects of loan management is repayment. Usually, when you borrow a loan, you repay it in small monthly installments which get debited from your registered bank account on a pre-set date. This monthly instalment usually comprises the principal and the interest amount.
However, you also have other payment options that help you manage your loan repayment efficiently. One such popular loan repayment option is part payment. In case you have surplus funds, for example, you got a bonus, you can use these funds to pay a part of your loan ahead of your schedule. This means that interest is charged only on the remaining amount. This in turn helps you in reducing your loan tenure and/or the EMIs.
However, part-paying your loan might involve additional charges and therefore if you decide to make a prepayment, you must check with your lender for any additional charges that you might need to pay.
If you have borrowed a loan from Bajaj Finance, you can easily part-prepay it without any branch visit. All you have to do is go to My Account – Bajaj Finance customer portal and prepay your loan in a few easy steps.
Part payment is simple and can be done in just a few steps.
- Go to the customer portal – My Account and enter your registered mobile number and date of birth to sign-in.
- Select the loan account you want to part-prepay from the ‘My Relations’ section.
- Click on the ‘Make Payment’ option in the ‘Quick Actions’ section.
- Select ‘Part-prepayment’ from the list of payment options.
- Enter the required details and review the additional charges if applicable.
- Use our secure payment gateway and proceed with your part prepayment.
In case you have opted for a Flexi variant offered by Bajaj Finance, you can part-prepay your loan as many times without paying anything extra. You can easily make a part-prepayment by visiting the customer portal Bajaj Finance My Account.
Apart from part-prepayment, the customer portal – My Account offers a host of other payment services that help you manage your loan repayment. These payment options include advance EMI, foreclosing your loan or paying an overdue EMI. You can part-prepay your loan or use other payment options easily and manage your loan repayment. You can explore these payment options and much more without any branch visits.
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