Pay your EMIs in advance using service section

For most loans, the instalment amount remains fixed over the repayment tenure. A set amount gets deducted from your bank account on a fixed date. If you have surplus funds at some point over the loan tenure, you may choose to pay off an EMI before the due date.

If advance payment is made before the 22^nd of the ongoing month, your EMI will automatically get adjusted towards your instalment for the next month. This means that your EMI will not be deducted from your bank account next month.

You may choose the advance EMI option if you fear missing on your due date, have issues with your e-mandate or any such instances. In fact, you can choose from several modes of payment to make an advance EMI. This will ensure that your EMI is paid ahead of time, and you avoid any penal charges applicable and any negative impact on your credit score in the case of missed EMIs.

With the service portal, you can pay one EMI in advance if you have opted for our Flexi Loan variant and up to five EMIs if you have chosen a regular term loan.

Note: Advance EMI cannot be treated as part-prepayment or foreclosure of the loan(s) irrespective of the loan variant availed or the amount paid by you and hence no interest is payable by BFL on the advance EMI or no interest benefit by treating advance EMI amount as part payment will be given in the loan.

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  Steps to Pay Your Loan EMI in Advance?

  You can pay your loan EMIs in advance in service portal by following these simple steps:

  • Go to our customer portal by clicking on ‘Sign-in’ button on this page.
    
  • Enter your mobile number, date of birth and verify your details with an OTP.
    
  • Click on the loan account for which you want to make an advance payment.
    
  • Choose the ‘Advance EMI’ option from the list.
    
  • Enter the required details and proceed to pay.
    

  
  You can also pay an EMI in advance by clicking on the ‘Pay your EMI in advance’ option below. You will be asked to sign-in to the service portal. Once signed-in, you can choose the loan account, select ‘Advance EMI’ option and proceed with payment.
  

  Pay your EMI in advance

If you have surplus funds or have a fear of missing your monthly instalment due date, you can choose to pay your EMIs in advance. This payment option will help you avoid any penal charges applicable in the case of a missed EMI.

You can visit our customer portal, select your loan account, choose the option ‘Advance EMI’ and proceed with the payment.


However, if you pay an advance EMI after the 22nd of the month, your advance EMI amount gets adjusted in the subsequent month’s instalment. This is because your current month’s EMI is under presentation to your bank for the deduction. In case your upcoming EMI bounces, your advance payment can be adjusted towards your loan.