5 Benefits Of Making Advance Emi Payments On Bajaj Finance My Account

Loans are popular financial tools that help you manage your planned and unplanned expenses. Repaying your loan is one of the most crucial aspects of loan management. It is important to track your loan payments so that you do not miss any EMIs. Missing an EMI might result in reducing your CIBIL Score which eventually impacts your creditworthiness and eligibility for a new loan. 

Usually, you repay your loan in small monthly installments that get debited on a pre-set date from your registered bank account. However, there are multiple options available to manage your loan repayment. One such option is making an advance EMI payment. This payment option allows you to pay your loan EMI before its due date. This means that your EMI amount will not get debited on its due date while the amount you paid in advance will get adjusted against your instalment.

Here are 5 benefits of paying an EMI in advance

Maintain CIBIL Score

With the option to pay an EMI in advance, you can pay your upcoming EMIs before their due date. You can use this payment option in case you have a fear of missing your EMI due date. You can also use this option in case you are facing any mandate-related issues. This helps you avoid any EMI bounce that might impact your CIBIL Score.

Avoid penal charges

If you have a fear of missing your EMI, you can use this option and make an advance EMI payment. This helps you to avoid any overdue EMIs and also the additional penal charges that are applicable in case of overdue payment.

Easy online process

Leading financial institutions like Bajaj Finance with their customer portal – My Account provide you with the facility to make online payments. If you have taken any loan from Bajaj Finance, you can easily make advance EMI payments by visiting the customer portal – My Account.

Improves your loan eligibility

This payment method helps you in avoiding any overdue EMIs which in turn help you to maintain your CIBIL Score. If your CIBIL Score is good, your eligibility to get a loan at better terms and conditions also increases.

Attractive offers

Strong repayment history results in lenders offering you attractive offers on a host of financial products such as loans and cards. These offers may be easily available, and you can avail of these offers without any lengthy paperwork.

If you have opted for a loan from Bajaj Finance, you can easily pay your EMI in advance without paying any additional charges in an easy online process. All you have to do is visit the customer portal Bajaj Finance My Account and follow these simple steps

• Go to the customer portal – My Account and enter your mobile number and date of birth to sign-in.
• Select the loan account number for which you need to pay an EMI in advance from the ‘My Relations’ section.
• Click on the ‘Make Payment’ option in the ‘Quick Actions’ section.
• Select ‘Advance EMI’ from the list of payment options.
• Enter the required details and click on ‘Proceed’.
• Select a mode of payment and proceed to pay your advance EMI using the secured payment gateway.

Apart from paying an EMI in advance, you can also use other payment options such as part-prepayment and foreclosure and repay your loan faster.

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