Steps to change your Flexi loan drawdown bank account

Managing a Flexi Loan is all about convenience, and one of the key features that add to this flexibility is the ability to change your drawdown bank account. Whether you’ve switched banks, opened a new account, or simply want to manage your funds differently, updating your drawdown account is a straightforward process with Bajaj Finance. Changing your drawdown bank account ensures that your loan funds are disbursed into the correct account without any delays. This simple yet crucial step allows you to maintain seamless access to your loan while managing your finances efficiently. Let’s explore the step-by-step process and the necessary documents required for changing your Flexi Loan drawdown bank account.

A step-by-step guide to changing your drawdown bank account

Changing your Flexi Loan drawdown bank account with Bajaj Finance is a simple process that can be completed in just a few steps. Here’s how you can do it:

1. Log in to your account: Start by logging into your Bajaj Finance account through the official website or the mobile app.

1. Navigate to the services section: Once logged in, go to 'Your relations' by clicking on “Account”, where you will find all your active loans with Bajaj Finance. Select the loan for which you want to change the drawdown bank.

1. Select 'Change bank account': Click on “Quick actions” to change your bank account details. You’ll need to provide the new bank account number, IFSC code, and other relevant details.

1. Upload required documents: After entering your new bank details, you will need to upload supporting documents, such as a cancelled cheque or bank statement, to verify the new account.

1. Verify and confirm: Review the entered details carefully and proceed with verification, usually done through OTP sent to your registered mobile number.

1. Confirmation: Once verified, your new bank account details will be updated, and future loan drawdowns will be credited to this account.

For any assistance, you can always reach out to Bajaj customer service.

Required documents for changing drawdown bank account

To successfully change your drawdown bank account for a Flexi Loan with Bajaj Finance, you’ll need to provide specific documents for verification. Here’s what you’ll need:

1. Cancelled cheque: A cancelled cheque from the new bank account is typically required. This helps verify the account number and IFSC code, ensuring the correct details are updated.

1. Bank statement: A recent bank statement from the new account may also be required. This document should ideally be from the last three months and should clearly show your account details and recent transactions.

1. ID proof: Some lenders may also ask for a government-issued ID proof to verify your identity along with the bank account change request.

1. Account holder’s name confirmation: Ensure that the name on the bank account matches the name on the loan account. Any discrepancies could delay the process, so it’s essential to provide accurate information.

1. Application form: In some cases, you may be required to fill out a formal application form requesting the change. This form can usually be downloaded from the lender's website or provided by customer service.

Make sure all documents are clear and legible to avoid any processing delays. If you face any issues, consider clearing any pending obligations, such as pay overdue EMI before requesting the change. For further assistance, Bajaj customer service is available to help you through the process. If you're considering loan foreclosure, this might also be an opportunity to make the necessary updates.Top of FormBottom of Form