I took a loan of ₹55,000 from Bajaj Finance at 25.49% interest. My monthly EMI is ₹2,650, which I’ve been paying on time. However, after 9 months, Bajaj Finance is asking for ₹51,000 to close my loan. I thought EMI includes principal and interest. Could you clarify this for me?

Apni Law
Apni Law
Law Forum › Category: Banking / Finance › I took a loan of ₹55,000 from Bajaj Finance at 25.49% interest. My monthly EMI is ₹2,650, which I’ve been paying on time. However, after 9 months, Bajaj Finance is asking for ₹51,000 to close my loan. I thought EMI includes principal and interest. Could you clarify this for me?
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Apni Law Staff asked 5 months ago

I took a loan of ₹55,000 from Bajaj Finance at 25.49% interest. My monthly EMI is ₹2,650, which I’ve been paying on time. However, after 9 months, Bajaj Finance is asking for ₹51,000 to close my loan. I thought EMI includes principal and interest. Could you clarify this for me?

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Best Answer

Apni Law Staff answered 5 months ago

The ₹51,000 closure amount is likely a pre-closure penalty charged by Bajaj Finance. While EMIs include principal and interest, loan agreements often have pre-closure clauses allowing lenders to charge a penalty for early repayment. This is legal under Indian law.

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