EMI stands for Equated Monthly Installments. EMI provides you with ease and benefit of paying back your loan amount in over a period of time through fixed monthly payments. Every EMI installment comprises of principal and interest component.
Repayment schedule provides the amount of each EMI, due dates and breakup between principal and interest components. It also provides the outstanding principal after realization of each EMI.
You need to send self attested copy of any KYC documents as mentioned earlier in the Eligibility & Documentation section to our customer care e-mail id firstname.lastname@example.org or walk in to any of our branches along with your KYC documents.
New phone number details can be changed by calling our call centre helpline. This could be done as soon as your contact details changes in order for us to service you better.
Special schemes are available from time to time. You should get in touch with our representative at Bajaj Auto dealers to get suitable scheme.
Yes. However, any approval will be based on your eligibility criteria.
Yes. If you have cleared your loan without any defaults, you could be eligible for a special scheme. You can either apply online or write to us at email@example.com with BFL loan agreement and contact details, our representative will contact you.
Your loan will be processed within 2-48 Hrs depending upon the documents submitted and verification.
RBI has instructed all Banks in India to issue new cheques with additional security features (CTS 2010 standard) to prevent fraud and ensure error-free clearance. Such cheques are called CTS 2010 cheques. From 01 August 2013, all bank cheque clearances will require CTS cheques only (RBI circular No.RBI/2012-13/280/DNBS.PD/CC.NO.308/03.10.001/2012-13) dated November 6, 2012, It is compulsory for all customers to provide CTS 2010 cheques for repayment of their loans.
You may approach your bank branch / call center for issuing a fresh CTS compliant cheque book to you. Kindly ensure that if you have old cheques given to Bajaj Auto Finance or any other financier, you must send new cheques to replace the balance old cheques. You may call Bajaj Auto Finance call center to get the number of cheques you need to send for your loan. Your old cheques will be destroyed on receipt of the new cheques. Failure to replace the old cheques with CTS compliant cheques will result in additional charges as may be decided by RBI for old cheques.
You may write to us in case of a query by accessing Complaints/Requests section of our website. If you are still not satisfied by the resolution provided, you may escalate to us as per Grievance Redressal policy.
Yes, you can change your bank account/ bank anytime during the tenure of your loan.
Yes, at the time of giving fresh repayment mode, you may also opt to change the repayment mode. For e.g. if you had given cheques earlier towards repayment of your loan, you can now opt to give an ECS/ Auto debit mandate.
You have to pay swapping charges of Rs. 500/- in case you want to change the repayment mode. These charges can be paid by way of DD drawn in favour of “Bajaj finance Ltd.” payable at Pune & dispatched along with fresh repayment mode to BFL, OR you can opt to directly pay the charges from your bank account through the Quick Pay option on our web site.
With reference to your request to change the mode of repayment /account for your loan, there are 3 modes of repayment for your loan account.
- Auto Debit Mandate (ADM) - In case you have an account with any of Banks listed in the Form center you can pay opt to pay by Auto Debit.
- Electronic Clearing Service (ECS) - In case your Bank is not part of the above list, we suggest you confirm with your Banker if your Branch participates in ECS clearing. If yes, you can download the ECS form from the Form center.
- Post-dated Cheques (PDC) - You also have the option of sending us fresh cheques for the balance tenure of your loan. Please ensure that the cheques are CTS - 2010 standard cheques.
In case you would like to provide ECS or Auto Debit as the fresh repayment mode you need to- 1. Download and print 2 copies of the mandate from the form center on the website. The mandate forms should be updated for (a) account number, (b) name of account, (c) duly signed as per the mode of operation of your account and (d) your loan account number with BFL is mentioned on the mandate 2. The signatures on the mandate form have to be verified by your banker to ensure that your Banker does not reject the mandate on submission by BFL 3. You need to submit 4 security cheques of your new account. The security cheques are to be drawn (a) in favour of “Bajaj Finance Ltd.”, (b) crossed and (c) signed as per the mode of operation of your account. Please do not fill in the amount on the security cheques. In case you would like to provide cheques, please ensure that all cheques are drawn (a) in favour of “Bajaj Finance Ltd.”, (b) crossed, (c) signed as per the mode of operation of your account and (d) your loan account number is mentioned on the back side of the cheques. Please note that from date/ to end dates & amounts will be filled in by Bajaj Finance Ltd. before submission to Bankers. This is to ensure that mandates/ cheques are not unnecessarily rejected for wrong dates/ amount. You can send the fresh mandate/ cheques with your request letter and demand draft for swap charges to our head office at: Bajaj Finance Ltd, Old Pune-Mumbai Highway, Akurdi, Pune
For mandate / cheques received by BFL at Pune on or before the 15th of the month the swap will be given effect from the immediate next month. If the mandates / cheques are received after the 15th of the month, the effect of change will be given from next to next month. For e.g. your current due date is 8th of every month, and you send swap mandates/ cheques to BFL,
a) if the mandates / cheques are received on 13th March, the effect of change in bank account will be given in time for transactions to be presented on 8th April
b) if the mandates/ cheques are received on 19th March, the effect of change in bank account will be given in time for transactions to be presented on 8th May You will receive a SMS confirmation for effect given for such swap in repayment mode. The SMS will also mention the date from which the transaction will be presented on your new account.
You also have the option of calling us at our call center, or writing to us firstname.lastname@example.org.
Yes. You can foreclose your loan anytime. 3% foreclosure charges applicable on principal outstanding amount if foreclosure is done before 12th EMI is billed (applicable for loans disbursed w.e.f 22nd July 2015)