When you take a loan, you usually repay it in small monthly installments that get deducted from your bank account on a pre-set date. Usually, your EMI consists of principal and interest. Usually, the financial institution does send a reminder SMS to your registered mobile number before your EMI due date. This is to ensure that you have enough balance in your registered bank account from which your EMI will get deducted on a pre-set date.
You do make an effort to pay back your loan EMIs on time. Despite your best efforts, things like a job loss, a pay cut, or a family sickness could cause your loan repayments to fall behind schedule. There may be instances where you have to deal with an overdue payment. Maybe you’ve fallen behind on your loan payments as a result of an unanticipated financial crisis. If you are facing any of these situations and failed to pay your EMI on your due date, it is called overdue or missed EMI.
An overdue EMI might have these impacts and it is important to clear it immediately.
It negatively impacts your credit score
Missing an EMI might impact your CIBIL Score negatively. Therefore, it is important to stay on top of your loan repayment plan and pay your EMIs on time. In case there is an overdue EMI, you must clear it so that the damage to your creditworthiness is minimal.
Additional penal charges
If you miss paying your loan EMIs on time, there are additional penal charges that are levied on overdue payments. This means when you decide to clear your overdue payment, you might be asked to pay additional charges. These penal charges might differ depending on your lender.
Lower your eligibility to get a loan
If your loan EMI is not paid on time, your CIBIL Score gets impacted negatively. This results in impacting your creditworthiness negatively. If you have a low CIBIL Score, it might be difficult for you to get a loan in future, or you may get a loan at higher interest rates.
In case you have borrowed a loan from Bajaj Finance, and you have missed your EMI due to some unavoidable circumstances, you can clear your overdue payment easily with the customer portal – My Account.
Bajaj Finance My Account customer portal offers you the facility to clear your overdue EMI easily in a hassle-free online process. You can simply follow these steps and can pay your overdue EMI.
Go to the customer portal – My Account and enter your registered mobile number and date of birth.
- Enter the OTP received on your mobile number to sign-in.
- Select the loan account with an overdue EMI from the ‘My Relations’ section.
- Click on the ‘Make Payments’ option from the ‘Quick Actions’ section.
- Select ‘Overdue or Missed EMI’ from the list of payment options.
- Enter the required details, review the penal charges if applicable and click on ‘Proceed’.
- Choose your payment mode and proceed to pay using the secured payment gateway.
Clearing your overdue EMIs is easy and requires no branch visit. You can pay your overdue installment easily with My Account in an easy online process.
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