Pay loan EMI online on Bajaj Finserv
Loan repayment is when you give back the money you borrowed. Imagine you borrowed some money to buy a bike. Now, every month, you need to pay back a bit of that money, plus a little extra called interest.
You can now effortlessly repay your loans using the Bajaj Finserv ‘BILLS AND RECHARGES’ service via the BBPS platform. The Reserve Bank of India conceptualised the Bharat Bill Payment System (BBPS), which is a one-stop bill payment eco-system.
You may easily make loan repayments for all major banks in the country utilising the Bajaj Pay, the Bajaj Finserv BBPS platform, which is a simple and quick loan repayment method.
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Benefits of making loan payments on Bajaj Finserv
- Quick and hassle-free
With the BBPS platform on Bajaj Finserv, you can pay your loan quickly and effortlessly. - Safe and secure
Bajaj Finserv provides a safe and secure payment platform on BBPS. Your payment details are secure with the platform’s robust security measures. - Multiple payment options
The Bajaj Finserv BBPS platform offers multiple payment options, including debit cards, credit cards, net banking, e-wallets, and UPI. This allows you to choose the payment method that suits you best. - Instant confirmation
After making the payment, the platform immediately confirms the payment through an email and SMS.
Fees and charges
A convenience fee of up to 2% will be charged depending on the transaction amount and payment mode (inclusive of applicable taxes). For more information on fees and charges, click here.
Note: For failed transactions, the total amount including charges except taxes are reversed.
Pay loan EMIs for other financial institutions
The Bajaj Finserv BBPS platform supports online loan repayment for a list of financial institutions such as:
Quick links for lenders loan paymentHow To Pay Cars24 Financial Services Private Limited Loan Payment
- Quick and hassle-free
Steps to loan repayment on the Bajaj Finserv website
Following are the steps to repay your loan using the Bajaj Finserv website:
- Visit the Bajaj Finserv website
- Go to ‘LOAN REPAYMENT’ under the ‘PAYMENTS’ section and click on ‘PAY NOW’
- Choose your biller from the drop-down
- Enter your loan number and click on ‘FETCH YOUR BILL’
- Select a payment method from the list of available payment options such as credit cards, debit cards, e-wallet, UPI, and net banking
- After choosing your preferred payment mode, enter the requested payment details
- Check the details you entered and click on 'PAY NOW’
You will receive a notification from Bajaj Finserv after successful payment.
Loan amortization [EMI] schedule for loan payment
A loan amortisation schedule is a structured plan detailing the allocation of your loan payments between interest and principal throughout the loan term. It serves as a financial roadmap, providing a clear breakdown of how each loan repayment contributes to reducing the borrowed amount and covering interest charges.
In simpler terms, it is like a financial itinerary for your loan. It shows precisely how much of your monthly payment is used to pay off the actual loan amount (principal) and how much goes towards covering the interest charges. To calculate your monthly EMI payment you can use the EMI calculator service of Bajaj Finserv.
Example:
Consider a loan of Rs. 10,000 with a 5% interest rate. In the initial month, approximately Rs. 41.67 is designated for interest, leaving Rs. 208.33 to chip away at the principal amount. This detailed schedule offers insights into this division for every month, offering a transparent guide throughout your repayment journey.
Recharge and Pay Bills
Bajaj Finserv app for all your financial needs and goals
Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.
You can use the Bajaj Finserv App to:
- Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
- Invest in fixed deposits and mutual funds on the app.
- Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
- Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
- Apply for Insta EMI Card and get a pre-qualified limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on Easy EMIs.
- Shop from over 100+ brand partners that offer a diverse range of products and services.
- Use specialised tools like EMI calculators, SIP Calculators
- Check your credit score, download loan statements and even get quick customer support—all on the app.
Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.
Frequently asked questions
Loan repayment is the process of paying back the sum borrowed from a lender or a financial institution. This amount can be paid in easy monthly instalments along with an added interest as charged by your loan provider. You can securely repay your loan amount online through the BBPS platform on Bajaj Finserv.
- Timely payments: Avoid penalties and maintain credit.
- Payment amount: Fulfill scheduled installments (interest + principal).
- Grace period: Understand before due date.
- Late payments: Incur penalties, affect credit.
- Loan terms: Comprehend agreement for adherence.
To pay off a loan early, make extra payments towards the principal, increase your monthly payment amount, or make a lump sum payment. Check for any prepayment penalties.
Required details include loan account number, payment amount, bank account information, and payment method (e.g., online, cheque).
- Determine loan amount (principal)
- Know interest rate per period
- Select repayment period (in months)
- Use loan repayment formula: Payment = (Principal * Interest Rate) / (1 - (1 + Interest Rate)^-Periods)
- Add values into formula for monthly payment. Consider online calculators for convenience
- Missed payments hurt your credit score.
- Banks may impose penalties and late fees.
- In severe cases, lenders can repossess collateral or sue for repayment.
The loan amount you receive upfront, deposited into your account or provided as a check. It's the principal amount you borrow that you agree to repay with interest over time.
You can choose the BBPS platform on Bajaj Finserv for your loan repayment as it keeps your bank details and payment information secure.
You can use any payment method such as credit card, debit card, UPI, e-wallet, and net banking for loan repayment using the BBPS platform on Bajaj Finserv.
The maximum time depends on the type of loan you have applied for.
At the moment, we have over 100 financial institutions available on the platform for loan repayment.
Once the payment is completed, you will get a message for successful payment. You will also receive the BBPS bill receipt in email/SMS/print form and the transaction ID. A confirmation/transaction success message will also appear on your screen once the transaction is complete. Check your transaction history for future reference.
You can use the ‘Bills and Recharges’ service on Bajaj Finserv to pay for the following:
- Electricity bill
- Gas bill
- Water bill
- Telecom bill
- DTH bill
- Loan repayment
- Insurance EMI
- Municipal tax
- Subscription fee
- FASTag recharge
- Prepaid mobile recharge
- Cable recharge
To pay off your loan in one go, follow the steps below:
- Contact lender: Inform your lender about your plan
- Ask payoff amount: Request the total amount due, including principal and interest
- Get payment instructions: Inquire about the preferred payment method
- Verify details: Double-check the payoff amount and payment instructions
- Make payment: Transfer funds as instructed before the agreed-upon date
- Confirm closure: Ensure your lender acknowledges the full repayment
- Check for penalties: Clarify if there are any penalties for early repayment
