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NACH E-Mandate : Benefits
NACH E-Mandate : How to Register?
NACH E-Mandate registration process is a very simple 4 steps procedure. E-Mandate steps are as under :
Step 1: Starting E-Mandate Journey
To start, click on the NACH e-mandate link on our website.
Step 2: Validation of Loan Information
The link takes you to login of e-mandate page. Enter your 14-digit loan account number and the last 4 digits of your registered mobile number. After submitting, you receive an OTP on your registered mobile number. Enter the 6-digit OTP received and click on submit.
Step 3: Completion of E-Mandate form
After clicking submit, you move to the next step to complete your e-mandate form. The main page has a form, which is auto filled with your personal, loan and EMI details for your ease. The details we need from you are given below:
- Type of debit account
- Debit account number
- Name of the bank
- Type of authentication mode (Internet Banking/Debit Card)
Tick the Terms and Conditions box and then click on submit.
Step 4: Completion of Transaction
In the last step, you will be taken to the Bill Desk page. Here, you must check the accuracy of the data provided and your consent to complete the e-mandate form.
After verifying, click proceed to complete the authentication process. You will be redirected to your bank's website where you need to complete the transaction via Internet Banking or Debit Card.
Once the authentication process is complete you will get the NACH e-mandate receipt and confirmation on your registered email address. Please keep a print of the receipt for your future reference.
When can my NACH e-mandate application be rejected?
The application may get rejected when the borrower enters incorrect personal details for e.g., bank number, folio number, etc. It could also get rejected if the borrower’s bank is not authorized to provide e-mandate.
What kind of payments/loans come under NACH e-mandate?
Any individual, businessmen or corporation can borrow an amount of money. For e.g., recurring payments, insurance premiums, SIPs, etc.
What is the eligibility of NACH e-mandate?
An applicant needs to have an Aadhar card and PAN card to be eligible for e-mandate.
Are ECS (Electronic Clearing Service) and NACH e-mandate alike?
Yes, but with e-mandate an individual will be able to regularly track their payments digitally through net banking. In the case of ECS, the process is completely offline.
What are the types of mandates that NACH provides?
NACH provides debit and credit to individuals and corporations.
Is NACH e-mandate approved by the RBI?
Yes, RBI has granted final approval for NACH e-mandate for banks.