Steps to Track EMI Deductions for Car Loan

Track your car loan EMI deductions with ease to stay on top of payments and manage finances effectively.
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Steps to Track EMI Deductions for Car Loan
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5 min read
12 January 2024

Bajaj Finance offers two types of car loans – used car loans and new car finance. With used car loans, you can get funds for your pre-owned car purchase while new car finance gives you funds for a brand-new car. You can choose the loan product that suits your requirements the most.

However, repaying either of these car loans typically involves making regular monthly payments on a pre-set date over the agreed-upon loan terms. While repaying your EMIs (equated monthly instalments) on time is critical, it’s extremely important to keep track of it. This will help you not only in managing your loan repayment properly but also help you in avoiding any financial loss.

A statement of account helps track your loan repayment. It gives you a comprehensive overview of all transactions associated with your loan account. This detailed summary encompasses crucial information such as the loan amount, tenure, total EMIs paid, related fees and charges, and part-prepayment details. The statement undergoes regular updates with each loan EMI debit or additional payments. It serves as a reliable tool to stay informed about your loan-related transactions and promptly report any errors.

Bajaj Finance offers a host of DIY (do it yourself) services on its customer portal. These digital services include checking loan details, downloading loan statements, making payments and more.

If you’ve borrowed either of the car loans – used car loan or new car finance, you can visit our customer portal and download the loan statement in a few clicks.

A step-by-step guide to downloading your car loan statement

  • 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 by entering your date of birth and proceed.
  • Select the loan account for which you want to download the loan statement.
  • Download the ‘Statement of Account’ by clicking on it.

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You can also download your ongoing loan statement from the Bajaj Finserv app. Visit the Play Store or the App Store to download our app today.

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.

Frequently asked questions

Can I check the status of my car loan EMI payments online?

Yes, you can check your car loan EMI payments online by logging into your lender's customer portal or mobile app. Navigate to the loan section to view your payment history, upcoming dues, and transaction details. Ensure you have your registered credentials for secure access.

What should I do if my car loan EMI is deducted incorrectly?

If your car loan EMI is deducted incorrectly, contact your lender immediately through customer support or email. Provide relevant transaction details and supporting documents to raise a complaint. The lender will investigate the issue and process a refund or adjustment if required.

How can I ensure my car loan EMI payments are deducted on time?

Ensure timely EMI payments by maintaining adequate funds in your registered bank account before the due date. Enable standing instructions or auto-debit facilities for seamless deductions. Regularly monitor your account and update your bank details if needed to avoid delays.

Can I receive alerts for my car loan EMI deductions?

Yes, you can receive alerts for car loan EMI deductions by opting for SMS, email, or app notifications from your lender. These alerts provide reminders for due dates, payment confirmations, and missed payments, helping you stay informed and maintain a good repayment track record.

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