Clear your overdue EMIs

Usually, your loan EMIs get automatically deducted from your bank account on the due date. However, in the rare possibility of a technical issue or if you do not maintain sufficient funds in your account, your EMI could remain unpaid. Such unpaid instalment is called an overdue EMI.

Overdue instalments can adversely affect your credit score and make it harder for you to get loans in the future. Besides this, you will also need to pay an additional fee or charges known as penal interest.

If you have missed a loan EMI, it is important to clear it as quickly as possible. You can manage all your overdue EMIs for loans taken from Bajaj Finserv by visiting the service section

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  Overdue payment

  You can pay your overdue EMIs in your account by following these simple steps:

  • Click on the ‘Sign-in’ button
  • Enter your mobile number and date of birth.
  • Go to ‘Home’ and click on ‘Pay EMIs’
  • Select your loan account number and click on ‘Proceed’
  • Scroll to the ‘Missed instalments/ other overdues’ tab
  • Enter the amount you want to pay and click on ‘Proceed To Payment’
  • Select your preferred payment mode and click on ‘Pay Now’

  What causes loans to become overdue?

  Loans become overdue when the borrower fails to make scheduled payments by the due date. Common causes include insufficient funds, unexpected financial emergencies, and lack of proper budgeting. Unemployment, health issues, or changes in income can also contribute to missed payments. Occasionally, borrowers may forget payment dates or misunderstand the loan terms. External factors such as economic downturns or market fluctuations might affect a borrower’s ability to pay on time. To prevent loans from becoming overdue, it's important for borrowers to maintain an emergency fund, monitor their finances closely, and communicate with lenders about potential payment issues.

  Consequences of overdue loan payments

  Overdue loan payments can lead to various negative consequences for borrowers. Firstly, lenders may charge late fees or penalty interest, increasing the total amount owed. Secondly, persistent late payments can damage the borrower’s credit score, making it difficult to secure future loans. Moreover, the lender might take legal action or initiate the repossession of collateral if the loan remains unpaid. In extreme cases, defaulting on the loan can result in wage garnishment or asset seizure. Therefore, it is crucial for borrowers to prioritise timely payments or communicate with lenders to renegotiate terms if financial difficulties arise.

  Outstanding payments vs overdue payments

  Outstanding payments refer to the amount of money a borrower still owes on a loan, including all future instalments that are yet to be paid. They are a part of the loan's remaining balance but are not necessarily past due. Overdue payments, on the other hand, are those instalments that have not been paid by the agreed-upon due date, leading to potential penalties or late fees. While outstanding payments are expected and accounted for in the loan agreement, overdue payments indicate a breach of the payment schedule, which can negatively impact the borrower’s credit score and financial standing with the lender.

  You can also pay your overdue instalment by clicking on the ‘Clear your overdue EMI’ option below. You will be redirected to the payment section, where you can select your loan account, click on ‘Missed instalments/ Other overdue’ from the list of options, and proceed with payment.
  

  Clear your overdue EMI

An overdue EMI has a negative impact on your CIBIL Score. In fact, missed EMIs also attract a penal charge, which, over a long period of time, can amount to a larger fee.

If you have missed any of your loan EMIs, you can clear them in a few simple steps by visiting our service portal.