Steps to confirm your advance EMI payment

Follow these steps to confirm your payment of advance EMI
SIGN IN
Steps to confirm your advance EMI payment
SIGN IN
3 min
10-September-2024
Advance EMI payment involves paying your Equated Monthly Instalments (EMIs) ahead of their scheduled due dates. This practice offers several advantages, including reduced interest costs, improved credit scores, and financial flexibility. Methods to make advance EMI payments include online banking, mobile apps, and visiting the lender's branch. For a detailed guide on making advance payments, visit Pay in Advance. Ensuring you have a receipt and statement of your advance payments is essential for accurate financial records and confirming the transaction.

Need of advance EMI payment receipt

An advance EMI payment receipt is crucial for maintaining accurate financial records and confirming that the payment has been successfully processed. This receipt serves as proof of payment and can be useful for future reference or resolving any disputes with the lender. It also helps in tracking your financial commitments and ensuring that your advance payments are accounted for correctly in your loan account.

How to confirm advance EMI payment?

To confirm your advance EMI payment, you should:

  1. Check your account: Log in to your lender’s online portal or mobile app and navigate to the loan section. Verify that the payment has been credited to your account.
  1. Obtain a receipt: Ensure you receive an official receipt from the lender, either electronically or in physical form.
  1. Contact customer support: If the payment is not reflected in your account, contact customer support to verify and confirm the transaction.
By following these steps, you can ensure that your advance payment has been successfully processed.

How to view and download advance EMI payment statement?

To view and download your advance EMI payment statement:

  1. Online portal: Log in to the lender’s online portal using your credentials. Navigate to the loan section and select the option to view or download your EMI payment statement.
  1. Mobile app: Use the lender’s mobile app to access your account and find the statement section. Download the required statement from there.
  1. Email request: Send an email to the customer support team requesting a copy of your advance EMI payment statement.
  1. Branch visit: Visit the nearest branch of your lender and request a printed copy of your statement.
For more details, refer to loan EMI statement.

Advantages of advance EMI payment confirmation

Confirming your advance EMI payment offers several benefits:

  1. Accurate record keeping: Ensures that your financial records are up-to-date and accurate.
  1. Dispute resolution: Provides proof of payment in case of any discrepancies or disputes with the lender.
  1. Financial planning: Helps in tracking your loan repayment progress and planning your finances better.
  1. Interest savings: Allows you to see the reduction in interest costs due to advance payments.
By confirming and maintaining records of your advance EMI payments, you can enjoy these advantages and manage your finances more effectively.Top of FormBottom of Form

 Bajaj Finserv App for All Your Financial Needs and Goals

Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.

You can use the Bajaj Finserv App to:

  • Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
  • Explore and apply for co-branded credit cards online.
  • Invest in fixed deposits and mutual funds on the app.
  • Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
  • Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
  • Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on Easy EMIs.
  • Shop from over 100+ brand partners that offer a diverse range of products and services.
  • Use specialised tools like EMI calculators, SIP Calculators.
  • Check your credit score, download loan statements and even get quick customer support—all on the app.

Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.

Disclaimer

While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent inaccuracies or typographical errors or delays in updating the information. The material contained in this site, and on associated web pages, is for reference and general information purpose and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Subscribers and users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. In case any inconsistencies observed, please click on reach us.

*Terms and conditions apply

Do more with the Bajaj Finserv App!

UPI, Wallet, Loans, Investments, Cards, Shopping and more

GET THE APP

Frequently asked questions

What will happen if I pay advance EMI?
Paying an advance EMI reduces your overall loan tenure and the total interest payable. This is because the interest is calculated on the outstanding principal, which decreases with advance payments. Additionally, it reflects positively on your credit profile as it demonstrates financial discipline and the ability to manage your debts effectively.

Which is better EMI in advance or EMI in arrears?
EMI in advance involves paying the EMI at the beginning of the month, which can reduce the principal faster and save on interest. EMI in arrears is paid at the end of the month. Generally, EMI in advance is considered better as it reduces the loan tenure and interest burden more efficiently. However, the best option depends on your cash flow and financial planning.

Does paying EMI in advance increase cibil score?
Yes, paying EMI in advance can positively impact your CIBIL score. Timely and advance payments demonstrate good credit behavior, reducing the risk of missed payments and improving your creditworthiness. This practice can lead to a higher credit score, which is beneficial for future credit applications.

What is the rule of advance payment?
The rule of advance payment involves paying the EMI at the start of the billing cycle rather than at the end. This reduces the principal amount more quickly, thereby lowering the interest charges over the loan tenure. It's essential to check with your lender if there are any specific terms or conditions associated with making advance payments, as some loans may have prepayment penalties or restrictions.

Show More Show Less