Buying a bike on EMI is a common practice today. But, keeping track of your EMI status is equally important. Here’s a simple, jargon-free guide on how to check your bike’s EMI status.
Following are some of the ways to check your bike’s EMI Status –
- Through the bank/lender’s Website
- Mobile App
- Customer Care
- Email Updates
- Physical Statements
- SMS Alerts
- Visiting the Branch/Offline
1. Through the Lender’s Website
Most banks and non-banking financial companies (NBFCs) provide online portals or mobile apps where you can access your loan account details anytime.
For example, if you have taken a bike loan from Bajaj Finserv, you can check your bike EMI status online by visiting their customer portal – My Account. Here are the steps to follow:
- Click on the ‘Sign-in’ button on this page to go to My Account.
- Enter your registered mobile number and date of birth and submit the OTP to sign-in.
- Click on ‘View All’ next to the ‘My Relations’ section.
- Select the bike loan account for which you want to view details.
- Find loan details such as EMI amount, due date, and more.
2. Mobile Applications
Many banks or lenders have apps that provide a user-friendly way to check your EMI status. Download the app, log in, and look for the EMI status option.
3. Customer Care
If you prefer speaking to a representative, you can call the lender’s customer care number. They can provide you with the necessary details.
If you have taken a bike loan from Tata Capital, you can check your bike EMI status offline by calling their customer care number – 1860 267 6060. You will need to provide your PAN or mobile number to verify your identity and get your loan details.
4. Email Updates
Some lenders send monthly EMI updates via email. Check your inbox for these updates.
5. Physical Statements
Though less common now, some lenders still send physical statements. These will include your EMI status.
6. SMS Alerts
Some lenders provide SMS alerts for every EMI transaction. These alerts will keep you updated about your EMI status. Make sure you have registered your current mobile number with the lender.
7. Visiting the Branch
You can visit the nearest branch of your lender. The bank representatives can help you check your EMI status.
Tips on How to Pay Your Bike EMIs on Time
Here are some tips on how to pay your bike EMIs on time and avoid any hassles:
- Choose a suitable EMI amount that fits your monthly budget and does not strain your finances.
- Opt for a longer loan tenure if you want to reduce your EMI amount and vice versa.
- Use an auto-debit facility or set up reminders to ensure that you do not miss any payments.
- Keep some funds aside in a separate account or an emergency fund for paying your EMIs in case of any unforeseen circumstances.
- Avoid taking multiple loans or using credit cards excessively as they can increase your debt burden and affect your ability to pay your EMIs.
- Monitor your credit score regularly and take steps to improve it if it is low.
Benefits of Paying Your Bike EMIs on Time
Some of the benefits are:
- Improves your credit score: Your credit score is a measure of your creditworthiness and reflects your repayment history. Paying your bike EMIs on time can boost your credit score and help you get better loan offers in the future.
- Saves you from penalties or charges: If you delay or default on your bike EMIs, you may have to pay additional penalties or charges to your lender. This can increase your loan cost and affect your finances.
- Reduces your interest cost: Paying your bike EMIs on time can reduce your interest cost as you will pay less interest over the loan tenure. This can help you save money and repay your loan faster.
Keeping track of your bike’s EMI status is crucial to maintain a healthy credit score. Choose the method that works best for you and stay updated.