3 min
15-April-2025
When you need immediate funds without liquidating your investments, a Loan Against Securities (LAS) can be a smart financial move. With LAS, you can pledge your shares, mutual funds, bonds, or other eligible securities as collateral and access a line of credit or a term loan. One of the most convenient features of this loan is the Equated Monthly Instalment (EMI) option, allowing you to repay the borrowed amount in manageable chunks over time. The Loan Against Securities EMI typically includes both the principal and the interest component, calculated based on the loan amount, tenure, and applicable interest rate. This makes it easier for borrowers to plan their finances without disrupting their investment goals. With flexible repayment options, attractive interest rates, and continued ownership of your securities, EMI-based LAS loans are ideal for meeting urgent financial needs—be it personal expenses, business expansion, or emergency costs—while keeping your portfolio intact.
Missed or delayed EMI from previous month: If an EMI from the prior month was missed or delayed due to insufficient funds or technical issues, the lender may deduct two EMIs the following month — one for the current cycle and one as a recovery from the previous month.
Change in repayment cycle: Sometimes, lenders revise the repayment cycle or adjust it based on system upgrades or policy changes. In such cases, the borrower may see two EMIs deducted close together to realign the repayment schedule.
Auto-debit authorisations: If multiple bank accounts are linked to the loan and auto-debit mandates are set up on more than one, duplicate deductions might occur accidentally. Though this is rare, it can lead to double deductions unless promptly rectified.
Interest adjustments or loan top-ups: If you've opted for a top-up loan or if the interest recalculation results in higher EMIs, there could be a temporary double deduction to balance the account.
Check your loan statement for clarification.
Contact your lender immediately to understand the reason.
Request a refund or adjustment in case of incorrect deduction.
Being proactive with your loan management and monitoring your bank statements regularly can help you avoid surprises. Always ensure adequate balance before EMI dates and keep communication open with your lender to handle such issues efficiently.
Review bank statements regularly
Check your monthly bank statements to spot any unusual or duplicate deductions related to your Loan Against Securities (LAS).
Track EMI payment dates
Maintain a record of your scheduled EMI deduction dates to easily identify if two payments were debited in a single month.
Compare loan account statements
Match your bank deductions with your loan account statement to verify if two EMIs have been accounted for correctly.
Set up notifications
Enable SMS or email alerts for EMI debits. This helps you stay informed in real-time if more than one deduction occurs.
Monitor for missed EMI recoveries
If you missed an EMI in a previous month, lenders may recover it along with the current EMI. Check for notes or adjustments in your loan account.
Look for top-up loan deductions
If you’ve recently availed a top-up on your LAS, an additional EMI may appear. Verify whether it’s linked to the new disbursal.
Identify multiple mandates
In rare cases, if more than one bank account is linked for EMI payments, double deductions might occur due to overlapping auto-debit mandates.
Seek clarification from the lender
If unsure, contact your loan provider’s customer support for a detailed breakdown of EMI deductions and confirmation of any double charges.
Raise a dispute promptly
If an error is confirmed, raise a formal dispute and request a refund or future EMI adjustment.
Proactive monitoring and timely communication with your lender are key to managing and resolving double EMI charges efficiently.
Step 1: Verify bank transactions
Start by checking your bank statement for the specific month in question. Identify the dates and amounts of the EMI deductions to confirm if a double deduction has actually occurred.
Step 2: Cross-check loan account statement
Log in to your lender's portal or mobile app to access your LAS account statement. Compare the EMI entries with your bank deductions to identify whether both payments have been recorded correctly.
Step 3: Look for missed or deferred EMI recovery
If you missed an EMI in the previous month or if the auto-debit failed, the lender may deduct it along with the current EMI. Review past EMI payment records to rule this out.
Step 4: Identify additional loan components
Check whether a top-up loan or any interest adjustment has been recently added to your account, which may result in an additional EMI deduction.
Step 5: Contact customer service immediately
Reach out to the lender’s customer care via phone, email, or chat. Clearly explain the double deduction and request a transaction breakdown for clarity.
Step 6: Raise a formal complaint
If the issue is not resolved via initial communication, file a formal complaint with your lender’s grievance redressal cell. Note down the complaint reference number for follow-up.
Step 7: Request a refund or EMI adjustment
Depending on the lender’s policy and the nature of the double deduction, request a refund to your bank account or adjustment against future EMI payments.
Step 8: Follow up regularly
Keep track of your complaint status and follow up with the lender until the issue is resolved and a written confirmation is provided.
Step 9: Escalate if needed
If no resolution is provided within the expected timeframe, escalate the matter to the lender’s nodal officer or approach the financial ombudsman.
By acting quickly and following these steps, you can ensure your loan account stays in good standing and your finances remain on track.
Step 1: Confirm the extra deduction
Check your bank statement and loan account to confirm the extra EMI deduction. Make a note of the dates, amounts, and any narration or reference numbers provided.
Step 2: Download and review loan statement Log in to the customer portal and download your LAS statement. Verify if both EMIs have been reflected and whether one was adjusted against previous dues or top-ups.
Step 3: Contact customer support If the deduction is indeed extra or accidental, reach out to support. You can call the Bajaj Finance customer service number for immediate assistance and to raise a concern.
Step 4: Raise a service request
Once you're connected with customer care, request them to lodge a formal service request for refund of the extra EMI. Make sure to get the reference number for future tracking.
Step 5: Submit supporting documents
If required, provide supporting documents such as your bank statement, transaction ID, and screenshots of the deductions for validation by the support team.
Step 6: Follow up through customer portal Track your service request status via the customer portal and keep a close watch on updates shared by the lender.
Step 7: Receive confirmation of refund
Upon successful verification, the lender will initiate a refund to your registered bank account or adjust the amount against your next EMI. A confirmation message or email will be shared with you.
Step 8: Escalate if needed
If you don’t receive a timely response, escalate the matter through the escalation matrix or approach the grievance redressal team for quicker resolution.
Acting promptly and keeping all communication records handy can help streamline the refund process. Regularly reviewing your loan transactions ensures better financial control and prevents such issues in the future.
Understanding double EMI deductions for loan against securities
A Loan Against Securities (LAS) offers a convenient way to meet your financial needs by pledging your investments such as shares, mutual funds, bonds, or insurance policies as collateral. While the loan structure is generally straightforward, borrowers may sometimes encounter situations where double EMI deductions are observed in a particular month. Understanding the reasons behind this occurrence is crucial for financial planning and avoiding unnecessary panic.Why do double EMI deductions happen?
Double EMI deductions in LAS typically occur due to one of the following reasons:Missed or delayed EMI from previous month: If an EMI from the prior month was missed or delayed due to insufficient funds or technical issues, the lender may deduct two EMIs the following month — one for the current cycle and one as a recovery from the previous month.
Change in repayment cycle: Sometimes, lenders revise the repayment cycle or adjust it based on system upgrades or policy changes. In such cases, the borrower may see two EMIs deducted close together to realign the repayment schedule.
Auto-debit authorisations: If multiple bank accounts are linked to the loan and auto-debit mandates are set up on more than one, duplicate deductions might occur accidentally. Though this is rare, it can lead to double deductions unless promptly rectified.
Interest adjustments or loan top-ups: If you've opted for a top-up loan or if the interest recalculation results in higher EMIs, there could be a temporary double deduction to balance the account.
How to address it?
If you notice a double EMI deduction:Check your loan statement for clarification.
Contact your lender immediately to understand the reason.
Request a refund or adjustment in case of incorrect deduction.
Being proactive with your loan management and monitoring your bank statements regularly can help you avoid surprises. Always ensure adequate balance before EMI dates and keep communication open with your lender to handle such issues efficiently.
Identifying double EMI charges for loan against securities
Double EMI charges can disrupt your financial planning if not identified and addressed promptly. Here’s a helpful guide to recognize such occurrences and take corrective action:Review bank statements regularly
Check your monthly bank statements to spot any unusual or duplicate deductions related to your Loan Against Securities (LAS).
Track EMI payment dates
Maintain a record of your scheduled EMI deduction dates to easily identify if two payments were debited in a single month.
Compare loan account statements
Match your bank deductions with your loan account statement to verify if two EMIs have been accounted for correctly.
Set up notifications
Enable SMS or email alerts for EMI debits. This helps you stay informed in real-time if more than one deduction occurs.
Monitor for missed EMI recoveries
If you missed an EMI in a previous month, lenders may recover it along with the current EMI. Check for notes or adjustments in your loan account.
Look for top-up loan deductions
If you’ve recently availed a top-up on your LAS, an additional EMI may appear. Verify whether it’s linked to the new disbursal.
Identify multiple mandates
In rare cases, if more than one bank account is linked for EMI payments, double deductions might occur due to overlapping auto-debit mandates.
Seek clarification from the lender
If unsure, contact your loan provider’s customer support for a detailed breakdown of EMI deductions and confirmation of any double charges.
Raise a dispute promptly
If an error is confirmed, raise a formal dispute and request a refund or future EMI adjustment.
Proactive monitoring and timely communication with your lender are key to managing and resolving double EMI charges efficiently.
Steps to address double EMI deductions for loan against securities
Experiencing a double EMI deduction on your Loan Against Securities (LAS) can be concerning, but resolving it is usually straightforward if you follow the right steps. Here is a detailed guide in pointers to help you address the issue effectively:Step 1: Verify bank transactions
Start by checking your bank statement for the specific month in question. Identify the dates and amounts of the EMI deductions to confirm if a double deduction has actually occurred.
Step 2: Cross-check loan account statement
Log in to your lender's portal or mobile app to access your LAS account statement. Compare the EMI entries with your bank deductions to identify whether both payments have been recorded correctly.
Step 3: Look for missed or deferred EMI recovery
If you missed an EMI in the previous month or if the auto-debit failed, the lender may deduct it along with the current EMI. Review past EMI payment records to rule this out.
Step 4: Identify additional loan components
Check whether a top-up loan or any interest adjustment has been recently added to your account, which may result in an additional EMI deduction.
Step 5: Contact customer service immediately
Reach out to the lender’s customer care via phone, email, or chat. Clearly explain the double deduction and request a transaction breakdown for clarity.
Step 6: Raise a formal complaint
If the issue is not resolved via initial communication, file a formal complaint with your lender’s grievance redressal cell. Note down the complaint reference number for follow-up.
Step 7: Request a refund or EMI adjustment
Depending on the lender’s policy and the nature of the double deduction, request a refund to your bank account or adjustment against future EMI payments.
Step 8: Follow up regularly
Keep track of your complaint status and follow up with the lender until the issue is resolved and a written confirmation is provided.
Step 9: Escalate if needed
If no resolution is provided within the expected timeframe, escalate the matter to the lender’s nodal officer or approach the financial ombudsman.
By acting quickly and following these steps, you can ensure your loan account stays in good standing and your finances remain on track.
Refund process for extra EMI deductions for loan against securities
If you’ve noticed an extra EMI deduction on your Loan Against Securities (LAS), it’s essential to address the issue promptly and initiate the refund process. Here is a step-by-step guide in pointers to help you through it:Step 1: Confirm the extra deduction
Check your bank statement and loan account to confirm the extra EMI deduction. Make a note of the dates, amounts, and any narration or reference numbers provided.
Step 2: Download and review loan statement Log in to the customer portal and download your LAS statement. Verify if both EMIs have been reflected and whether one was adjusted against previous dues or top-ups.
Step 3: Contact customer support If the deduction is indeed extra or accidental, reach out to support. You can call the Bajaj Finance customer service number for immediate assistance and to raise a concern.
Step 4: Raise a service request
Once you're connected with customer care, request them to lodge a formal service request for refund of the extra EMI. Make sure to get the reference number for future tracking.
Step 5: Submit supporting documents
If required, provide supporting documents such as your bank statement, transaction ID, and screenshots of the deductions for validation by the support team.
Step 6: Follow up through customer portal Track your service request status via the customer portal and keep a close watch on updates shared by the lender.
Step 7: Receive confirmation of refund
Upon successful verification, the lender will initiate a refund to your registered bank account or adjust the amount against your next EMI. A confirmation message or email will be shared with you.
Step 8: Escalate if needed
If you don’t receive a timely response, escalate the matter through the escalation matrix or approach the grievance redressal team for quicker resolution.
Acting promptly and keeping all communication records handy can help streamline the refund process. Regularly reviewing your loan transactions ensures better financial control and prevents such issues in the future.
