What are the Bajaj Finance EMI Bounce Charges?

Bajaj Finance Limited is a leading non-banking financial company. They impose EMI bounce charges when a borrower’s Equated Monthly Instalment (EMI) payment fails because of reasons such as insufficient funds, expired payment mandates, or technical issues. The Bajaj EMI bounce charges as far as I know starts at Rs.700/-. Let’s learn more about this charge.

Bajaj Finance Check Bounce Charges

These charges are levied as a penalty to cover the administrative costs incurred by BFL for processing the failed transaction and ensuring payment recovery.

• Bajaj Finance charge is Rs 700 per bounced EMI. The exact amount depends on the loan product and specific terms agreed upon in the loan agreement. 

• Along with bounce charges, penal charges may also be levied for the overdue amount. This is usually charged as Rs 8 per day per installment from the due date until the dues are cleared. 

• Missing an EMI affects the borrower’s credit history and can lower their CIBIL score, reducing future loan eligibility. 

• Repeated defaults may lead to legal action or seizure of collateral if the loan is secured.

• Frequent EMI bounces might tarnish a borrower’s credibility with financial institutions.

How to Avoid Bajaj Finance Bounce Charges

To avoid bounce charges, you must follow the below tips.

• You must ensure sufficient funds in your account before the EMI due date. 

• Use automated payment setups to avoid manual errors. 

• Regularly track EMI schedules via the Bajaj Finance customer portal or mobile app.

This is all about Bajaj Finance EMI bounce charges.

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What are ECS Return Charges Bajaj Finance

Bajaj EMI bounce charges are applied if you miss an EMI payment due to insufficient funds or any other reason. These charges can significantly add to your overall debt if not managed promptly. 

What are the Bajaj Finance Personal Loan EMI Bounce Charges?

Here’s a detailed explanation of Bajaj Finance EMI cheque bounce charges. Generally, Bajaj Finance charges Rs.700 per bounce as a penalty. While Rs. 8 per day for delay in payment of installments is levied.

What Happens on Frequent Defaults?

• Missing an EMI negatively affects your credit score, reducing your creditworthiness and making it more difficult to obtain loans in the future. 

• May attract recovery actions by Bajaj Finance, including legal notices or visits from recovery agents. Repeated non-payment can escalate to more serious legal consequences.

To avoid actions against you for

Bajaj finance EMI cheque bounce charges, do the following:

• Link your loan EMI payments to an auto-debit facility from your bank account to avoid missed payments. 

• Set up payment reminders through SMS, email, or mobile apps to track your EMI due dates.

• If you miss an EMI, pay the overdue amount as soon as possible to prevent further penalties. 

• Stay disciplined with your loan repayments to help you avoid these extra costs and maintain financial stability.

This is all about Bajaj EMI cheque bounce charges.

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I have worked at Bajaj Finance previously and currently work at a private bank. I am thus aware of the Bajaj Finserv EMI bounce charges and can tell you about them in detail.

What are the Bajaj Finance EMI Bounce Charges?

The EMI bounce charges for personal loans at Bajaj Finance lie in the range of Rs. 700 to Rs/ 1200 for every bounce. 

The bounce can impact you as a lender negatively. The credit report shows that you’ve made a payment bounce, and it thus lowers your credit score. Moreover, the interest and the amount on the personal loan can be increased. 

Hence, it becomes important that you do not let this happen from your end. Let me tell you some ways through which you can ensure that you have a sufficient amount in the account for EMI payment. 

Plan your expenditure and cut down on unnecessary spending. Keep a minimum balance above the EMI to keep things on track.

You can invest money in schemes where the returns exceed the loan interest rate.

You can also automate your payments so that the EMI gets debited as soon as your salary gets credited.

I’ll wrap up my answer here. I believe you now know the Bajaj EMI bounce charges.