While getting a loan sanctioned has become comparatively easier now than before, the delinquency rate is also increasing with that. External factors such as low disposable income, economic crisis, inflation, etc., have been reasons behind this.
Missing equated monthly payments with the NBFC can lead to several negative consequences. Apart from the hefty Bajaj Finserv penalty charges, borrowers have to face a lot of other difficulties that can affect their financial planning.
Bajaj Finserv penalty charges for missing EMIs
The penalty charges imposed on individuals for missing EMIs typically varies based on the financial product. For instance, personal loan borrowers have to incur Rs.600 to Rs.1200 bounce charges and 2% to 4% per month on outstanding EMIs.
Apart from knowing the particulars of penalty charges, one should also understand the negative effect of defaulting EMIs.
Adverse impacts due to missing EMI payments
Here are some consequences every borrower has to face in case he or she miss paying the equated monthly instalment amount on time:
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Decrease of credit score
In case one misses the EMI payment or delay in making the payment, the first thing that will be affected due to this is his/her credit profile. Owing to not keeping a decent repayment track record, the CIBIL score may reduce significantly. Generally, to get both secured and unsecured loans easily, keeping the credit score around 750 or above is advisable. Such reduction will automatically lower the chances of getting your loan approved.
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Creditworthiness becomes questionable
In case a borrower misses EMI payments or does not make the payment on time, he/she will be considered a risky borrower. Such incidents can affect a borrower’s creditworthiness. Naturally, whenever he/she tries to avail of another loan, it will not be easily approved due to this.
Apart from these, in case borrowers keep missing their EMI payments, they can also face issues such as regular warnings and getting their property seized, legal notice, etc. However, to deal with such issues, one can directly get in touch with the representatives of Bajaj Finserv customer care. The Experia portal is available for users to sort out their issues or submit their queries related to Bajaj Finserv penalty charges and more.
Features of Experia portal
Once individuals log in to the Bajaj Finserv customer portal Experia, they will be able to acquire the following facilities:
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View details of an existing loan
In order to submit the queries related to the loan, debtors need to obtain all the details about that properly. This online portal allows individuals to check everything, starting from EMI dues, dates when it is supposed to be paid, etc., to other errors. Customers of Bajaj Finserv can also monitor their loan account activities easily using this particular portal.
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Opt for prepayments
Borrowers who are struggling to bear the high EMI costs every month can decide to prepay their loan before the tenor ends. In case one manages to accumulate substantial funds, foreclosing or part prepayment of the loan can help him/her to deal with such issues.
Thankfully, Bajaj Finserv penalty charges are not levied in such cases . It is only applicable when borrowers default on their loan repayments or miss their EMI payments. One can make use of the customer care portal or even the Experia app to check details related to that to learn about hamraaz app.
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Check pre-approved offers
This leading NBFC also extends certain customised offers to existing customers to read detail about ticketon. The offers are generally available on several financial products, from secured credit variants like home loans to unsecured credit facilities like personal loans. The Experia portal can be utilised to check pre-approved offers by submitting names and contact details shuftipro.
Other than Bajaj Finserv penalty charges, intending borrowers can also acquire information about associated fees for any credit advance. Using the same Experia portal, they can know about the processing fees and other account maintenance expenses involved.
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