Manage Business Loan EMI Payment Online

Learn how you can manage repayment of your ongoing Bajaj Finserv Business Loan.
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Manage Business Loan EMI Payment Online
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5 min read
17 August 2023

When you borrow a business loan, you receive a specific amount of money that you need to pay back over time. Usually, you repay your business loan in small monthly instalments consisting of the principal and the interest amount. These monthly instalments are also known as equated monthly instalments (EMIs.). Your business loan EMIs get deducted from your registered bank account on a pre-defined date every month.

However, if you have opted for Bajaj Finserv Business Loan, you have multiple payment options to manage your  loan repayment. Here’s the list of payment options you can explore and repay your business loan more efficiently.

  • Part-prepayments: If you have surplus funds, you can use our part-prepayment facility to repay a portion of your outstanding loan balance. This might help you in either reducing your overall loan tenure or your EMI amount. Opting for this payment option may help you in saving on the overall cost of your loan. However, you might need to pay additional charges when you part-prepay your business loan.

  • Advance EMIs: If you’re afraid of missing out on your EMI due date, you can opt for our advance EMI option and make a payment before the scheduled date. If you’ve opted for our Term Loan variant, you can pay up to five EMIs. With our Flexi Loan variant, only one EMI can be paid in advance.

  • Clear overdue EMIs: You can also easily manage your unpaid EMIs. If you couldn't make an EMI payment due to a low account balance or a technical glitch, you can use this method to pay the missed EMI. Please note while you’re paying your overdue instalment, you might have to pay additional penal charges.

  • Foreclosure: If you have surplus funds, you can also choose to close your loan early by paying the entire outstanding amount in one go. This option helps you to become debt-free faster. However, you might have to pay additional foreclosure charges while you’re closing your business loan.

Making use of these online loan payment options reduces the need for branch visits. It allows you to make secure payments through our protected payment gateway.

Follow these simple steps to manage your loan payment via Bajaj Finance customer portal.

  • Click on the ‘Sign-in’ button on this page to go to our customer portal
  • Enter your registered mobile number and the OTP to sign-in
  • Verify your details with your date of birth and proceed
  • Choose the type of payment from the list
  • Select the loan account number for which you want to make the payment
  • Enter the amount and, if applicable, review the additional charges
  • Click on ‘Proceed’ to complete the payment via our secure payment gateway

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You can also choose to download our app from the Play Store or App Store and manage your business loan repayment easily.

Frequently asked questions

How can I reduce my business loan EMI payments?

You can reduce business loan EMIs by opting for a longer loan tenure, which spreads payments over an extended period. Alternatively, consider prepaying a portion of the loan to reduce the outstanding principal, resulting in lower EMIs. Negotiating with the lender for a lower interest rate or switching to a lender offering better terms through balance transfer can also help.

What happens if I miss an EMI payment on my business loan?

Missing a business loan EMI can lead to late payment penalties, increased interest on the overdue amount, and a negative impact on your credit score. Persistent defaults might prompt lenders to take legal action or seize collateral if the loan is secured. It’s advisable to inform your lender in advance and explore possible solutions like restructuring the loan.

What are the penalties for late EMI payments on business loans?

Penalties for late business loan EMI payments typically include late fees, additional interest charges on overdue amounts, and possible damage to your credit score. Penalty amounts vary by lender, often expressed as a percentage of the missed EMI. Continued defaults may lead to stricter consequences, such as legal action or collateral forfeiture in case of secured loans.

How can I manage EMI payments during low cash flow months?

To manage EMIs during low cash flow months, negotiate with your lender for temporary relief options, such as loan restructuring or a moratorium. Building an emergency fund in advance can also provide a financial cushion. Exploring part-payment or Flexi loan options, which allow interest-only payments for a short period, can further ease financial pressure.

Can I refinance my business loan to lower my EMI?

Yes, refinancing a business loan can help lower EMIs by transferring the loan to a new lender offering a lower interest rate or extending the loan tenure. Refinancing can also provide better terms or consolidate multiple loans into one. Ensure you account for any refinancing charges and compare overall savings before opting for this approach.

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Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.

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