Understanding EMI Processing on Bank Holidays

Managing your finances can be challenging, especially when it comes to Electronic Mortgage Installment (EMI) payments. If your Bajaj Finserv EMI is due on a Sunday and you are unable to deposit the money due to a bank holiday, this article will guide you through the typical processes and outcomes.

Processing on the Next Business Day

Generally, most banks and financial institutions will process your payments on the next business day. If your EMI is due on a Sunday and there is a bank holiday, your payment may be processed on the following Monday. Ensuring that your payment is made by the next business day can help you avoid unpleasant surprises.

Late Payment Charges

It is crucial to check Bajaj Finserv's specific policies regarding late payments. Although your payment may not be processed on the due date, some companies may still charge a late fee if the payment is not received by the due date, even if it is due to a holiday. This emphasizes the importance of timely payments and being well-informed about the terms and conditions of your loan.

Tactical Communication with Bajaj Finserv

It is a good practice to communicate with Bajaj Finserv about your situation, especially if you anticipate a delay in payment. In some cases, the company may provide options or advice regarding your EMI payment. Being proactive and transparent can help you navigate financial challenges more smoothly.

Avoiding Negative Impacts

To avoid any negative impact on your credit score, consider setting up automatic payments or scheduling your payments a few days in advance, particularly if you know a due date falls near a holiday. This proactive approach can save you from the inconvenience of missed payments and potential financial penalties.

New NPCI Instructions

Recently, the National Payments Corporation of India (NPCI) has updated its instructions, stating that EMI money can be debited even on holidays, and the leave rule does not apply on these days. If customers have opted for automatic debits, they are generally fine. However, if you are unable to perform an auto-debit, consider other options like using UPI or IMPS transfers.

Instant UPI and IMPS Transfers

For those who cannot rely on auto-debits, there are other methods to ensure your payment reaches on time. Do a UPI transfer or IMPS transfer, which are free or involve a very small cost. Setting up a UPI address from your debit card can help you automate transfers. If your account has sufficient funds, you can link both to the same UPI address and transfer between them. Otherwise, seek assistance from someone to transfer the funds temporarily, ensuring the amount is re-paid promptly.

Take action promptly to avoid any delays in your EMI payments. This not only helps in maintaining your credit score but also avoids the hassle of facing late payment fees. Stay informed and proactive, and you can manage your financial obligations more effectively.

Note: This article is provided for informational purposes only. Always check the specific policies of Bajaj Finserv and other financial institutions for the most accurate and up-to-date information.