Part-prepay your term loan
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What is Part Prepayment?
If you have surplus funds, you can pay back a part of your loan amount ahead of schedule. This means that interest is charged only on the remaining amount due – which in-turn reduces your loan tenure and/or the EMI.
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Steps to Make Part Payment of your loan in advance
You can part-prepay your loan amount in just a few simple steps by visiting our customer portal.
- Sign-in to My Account with your mobile number and date of birth.
- Select the loan account for which you want to make part-prepayment.
- Choose ‘Part-prepayment’ from the list of payment options.
- Enter the amount and review the applicable charges, if any.
- Once you enter all the required details, proceed to part-prepay.
You can click on the ‘Pay a part of your loan’ option below. Sign-in to ‘My Account’, select ‘Part-prepayment’ option, and proceed.
- Sign-in to My Account with your mobile number and date of birth.
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Manage your loan EMIs
Choose from multiple payment options and repay your loan easily. Sign-in to My Account to begin.
Frequently asked questions
The right time to consider part-prepayment of a loan would depend on various factors. This includes the interest rate of the loan, the remaining duration of the loan tenure, and the availability of funds. It is advised to part-prepay your loan if you have surplus funds and it will help you save on the interest amount in case of a longer tenure.
Part-prepayment of a loan refers to paying a part of your loan amount ahead of the tenure. Part-prepayment helps in reducing your loan tenure or your EMI amount.
You can use a host of online services offered by Bajaj Finance by visiting our customer portal – My Account. You can sign-in by entering your registered mobile number and the OTP and use our services such as documents download, loan payments, and more.
Part-payment involves paying an additional amount over the regular EMI to reduce the principal. Prepayment means repaying the entire loan amount before the due date. Pre-closure refers to settling the full loan amount early, ending the loan tenure.
Foreclosure payment is the total outstanding loan amount paid before the end of the loan tenure to close the loan account.
Yes, many lenders charge a foreclosure fee for early repayment of the loan. However, this varies by lender and loan agreement.
Advance EMI payment is when the borrower pays one or more EMIs in advance, usually at the start of the loan term, reducing the outstanding principal.
Part-payment involves paying an additional amount over the regular EMI to reduce the principal. Prepayment means repaying the entire loan amount before the due date. Pre-closure refers to settling the full loan amount early, ending the loan tenure.
Foreclosure payment is the total outstanding loan amount paid before the end of the loan tenure to close the loan account.
Yes, many lenders charge a foreclosure fee for early repayment of the loan. However, this varies by lender and loan agreement.
Advance EMI payment is when the borrower pays one or more EMIs in advance, usually at the start of the loan term, reducing the outstanding principal.
