3 min
04-March-2025
When you take a loan against property, keeping your EMI bank account details updated is crucial to ensure seamless repayments. Your EMI is auto-debited from your registered bank account on the due date, helping you avoid late fees or penalties. However, certain situations may require you to update your EMI bank account details. Whether you’ve switched to a new bank, changed your primary account, or encountered any banking issues, updating your details ensures uninterrupted payments and a smooth financial journey.
Updating your EMI bank account details for a loan against property is a straightforward process, but it requires proper documentation and adherence to lender guidelines. Understanding the right steps can help you avoid delays and ensure a hassle-free experience. If you’re unsure about the process, this guide will walk you through the reasons why updating your EMI bank account details is necessary and the exact steps you need to follow.
Change of bank account: If you’ve switched to a new bank, your existing EMI mandate will not be valid. Updating your new account ensures uninterrupted payments.
Account closure or dormancy: If your current bank account is closed or inactive due to non-usage, your EMI payments will fail, leading to penalties.
Bank merger or changes in IFSC code: When banks merge or update their IFSC codes, auto-debit transactions might be affected. Keeping details updated prevents payment failures.
Salary account change: If your primary salary account has changed, updating it as your EMI account ensures an adequate balance for EMI deductions.
Loss or theft of bank account credentials: If your account is compromised due to fraud, updating your EMI details to a secure account is necessary.
Error in bank account details: Any incorrect details in the initial setup can lead to failed transactions and unnecessary charges.
Contact your lender: Reach out to your bank or financial institution through their customer service or visit the nearest branch to initiate the update process.
Fill out the mandate change request form: Most lenders require you to fill out a specific form to update your EMI bank details. Ensure all fields are accurately filled.
Submit necessary documents: Provide a cancelled cheque from your new bank account, updated KYC documents, and the loan account details for verification.
Provide a fresh NACH mandate: Lenders may require you to submit a fresh NACH (National Automated Clearing House) mandate to authorize auto-debit from your new account.
Verify with your bank: Ensure that your new bank supports auto-debit for loan EMI payments. Some banks may require additional authorization.
Follow up for confirmation: Once submitted, track the status of your request by contacting the lender’s customer care or checking updates through your loan account portal.
Ensure a smooth transition: Until the update is confirmed, maintain sufficient balance in your previous EMI account to prevent missed payments.
Update payment details in banking apps: If you use mobile banking for EMI tracking, update the new account details for accurate monitoring.
Receive confirmation from lender: Your lender will notify you once the new bank details are successfully updated and linked to your loan account.
Monitor first few transactions: Check your bank statements to ensure that EMI debits are processed correctly from the new account.
Incorrect details submission: Providing incorrect account details can lead to rejection or processing errors.
Pending EMIs in old account: Any outstanding EMIs in the previous account must be settled before switching.
Bank policy restrictions: Some banks may have specific requirements for auto-debit transactions.
Technical issues: Online system errors or banking portal downtime can cause temporary issues.
Rejected NACH mandate: If the NACH mandate is not approved, EMI payments will not be processed.
Lack of proper documentation: Missing or outdated documents can delay the update process.
Communication gap: If borrowers fail to follow up with the lender, the process may get delayed.
Insufficient balance during transition: Ensure funds are available in both old and new accounts until confirmation.
Duplicate EMI deduction: Some cases may experience deductions from both old and new accounts simultaneously.
Navigate to the EMI payment section: Look for an option related to EMI payment settings or bank details update.
Select change bank details: Choose the option to update your registered bank account for EMI deductions.
Enter new bank details: Provide updated account number, IFSC code, and bank name.
Upload required documents: Submit a cancelled cheque, updated KYC documents, and authorization forms as requested.
Submit NACH mandate online: Some lenders allow e-signing and submission of the NACH mandate digitally.
Verify and confirm: Double-check all details before submitting the request.
Receive acknowledgment: The lender will send a confirmation receipt or email about the request submission.
Track status online: Regularly check the lender’s portal to track the update progress.
Confirm EMI deduction from new account: Monitor bank statements to ensure successful EMI deduction.
Request the mandate change form: Ask for the official form required to update bank details.
Fill out the form accurately: Ensure all details, including the new bank account information, are correctly mentioned.
Attach supporting documents: Submit a cancelled cheque from the new account and updated KYC documents.
Submit the form to the loan officer: Hand over the completed form to the concerned representative.
Provide a new NACH mandate: Sign and submit a fresh NACH mandate for auto-debit approval.
Acknowledge the submission receipt: Ensure you receive a copy of the submission for tracking.
Follow up with the lender: Regularly contact customer service or visit the branch for status updates.
Ensure no payment misses: Maintain sufficient balance in the old account until the process is complete.
Receive final confirmation: Once the lender updates the details, check EMI deductions to confirm the change.
Aadhaar Card or Passport for identity verification
Latest passport-size photograph
Updated bank passbook or bank statement (last three months)
Authorization letter (if required by the bank)
Previous EMI payment records (if applicable)
NOC from the previous bank (if switching accounts due to closure)
Latest Income Tax Return (ITR) or Form 16
Business registration proof (for self-employed individuals)
Written request letter mentioning reasons for the change
Signature verification document from the bank (if needed)
Updating your EMI bank account details for a loan against property is a straightforward process, but it requires proper documentation and adherence to lender guidelines. Understanding the right steps can help you avoid delays and ensure a hassle-free experience. If you’re unsure about the process, this guide will walk you through the reasons why updating your EMI bank account details is necessary and the exact steps you need to follow.
Why change your EMI bank account details for a loan against property?
There are several reasons why you might need to update your EMI bank account details for a loan against property. Here’s why staying proactive in updating your banking details is essential:Change of bank account: If you’ve switched to a new bank, your existing EMI mandate will not be valid. Updating your new account ensures uninterrupted payments.
Account closure or dormancy: If your current bank account is closed or inactive due to non-usage, your EMI payments will fail, leading to penalties.
Bank merger or changes in IFSC code: When banks merge or update their IFSC codes, auto-debit transactions might be affected. Keeping details updated prevents payment failures.
Salary account change: If your primary salary account has changed, updating it as your EMI account ensures an adequate balance for EMI deductions.
Loss or theft of bank account credentials: If your account is compromised due to fraud, updating your EMI details to a secure account is necessary.
Error in bank account details: Any incorrect details in the initial setup can lead to failed transactions and unnecessary charges.
Steps to update EMI account information for a loan against property
To update your EMI bank account details for a loan against property, follow these steps:Contact your lender: Reach out to your bank or financial institution through their customer service or visit the nearest branch to initiate the update process.
Fill out the mandate change request form: Most lenders require you to fill out a specific form to update your EMI bank details. Ensure all fields are accurately filled.
Submit necessary documents: Provide a cancelled cheque from your new bank account, updated KYC documents, and the loan account details for verification.
Provide a fresh NACH mandate: Lenders may require you to submit a fresh NACH (National Automated Clearing House) mandate to authorize auto-debit from your new account.
Verify with your bank: Ensure that your new bank supports auto-debit for loan EMI payments. Some banks may require additional authorization.
Follow up for confirmation: Once submitted, track the status of your request by contacting the lender’s customer care or checking updates through your loan account portal.
Ensure a smooth transition: Until the update is confirmed, maintain sufficient balance in your previous EMI account to prevent missed payments.
Update payment details in banking apps: If you use mobile banking for EMI tracking, update the new account details for accurate monitoring.
Receive confirmation from lender: Your lender will notify you once the new bank details are successfully updated and linked to your loan account.
Monitor first few transactions: Check your bank statements to ensure that EMI debits are processed correctly from the new account.
Common issues while changing EMI bank account details
Processing delays: The update process may take time due to verification and approval by the lender and the bank.Incorrect details submission: Providing incorrect account details can lead to rejection or processing errors.
Pending EMIs in old account: Any outstanding EMIs in the previous account must be settled before switching.
Bank policy restrictions: Some banks may have specific requirements for auto-debit transactions.
Technical issues: Online system errors or banking portal downtime can cause temporary issues.
Rejected NACH mandate: If the NACH mandate is not approved, EMI payments will not be processed.
Lack of proper documentation: Missing or outdated documents can delay the update process.
Communication gap: If borrowers fail to follow up with the lender, the process may get delayed.
Insufficient balance during transition: Ensure funds are available in both old and new accounts until confirmation.
Duplicate EMI deduction: Some cases may experience deductions from both old and new accounts simultaneously.
Online process for updating EMI bank account details
Log in to the lender’s portal: Visit the official banking or financial institution’s website and log in to your loan account.Navigate to the EMI payment section: Look for an option related to EMI payment settings or bank details update.
Select change bank details: Choose the option to update your registered bank account for EMI deductions.
Enter new bank details: Provide updated account number, IFSC code, and bank name.
Upload required documents: Submit a cancelled cheque, updated KYC documents, and authorization forms as requested.
Submit NACH mandate online: Some lenders allow e-signing and submission of the NACH mandate digitally.
Verify and confirm: Double-check all details before submitting the request.
Receive acknowledgment: The lender will send a confirmation receipt or email about the request submission.
Track status online: Regularly check the lender’s portal to track the update progress.
Confirm EMI deduction from new account: Monitor bank statements to ensure successful EMI deduction.
Offline process for changing EMI bank account details
Visit the nearest branch: Go to the lender’s branch to request an EMI bank account update.Request the mandate change form: Ask for the official form required to update bank details.
Fill out the form accurately: Ensure all details, including the new bank account information, are correctly mentioned.
Attach supporting documents: Submit a cancelled cheque from the new account and updated KYC documents.
Submit the form to the loan officer: Hand over the completed form to the concerned representative.
Provide a new NACH mandate: Sign and submit a fresh NACH mandate for auto-debit approval.
Acknowledge the submission receipt: Ensure you receive a copy of the submission for tracking.
Follow up with the lender: Regularly contact customer service or visit the branch for status updates.
Ensure no payment misses: Maintain sufficient balance in the old account until the process is complete.
Receive final confirmation: Once the lender updates the details, check EMI deductions to confirm the change.
Documents required for EMI bank account details update
Updating your EMI bank account details with your lender is a crucial process to ensure timely payments and avoid any penalties. Below are the key documents required for a seamless update:Personal identification documents
Copy of PAN CardAadhaar Card or Passport for identity verification
Latest passport-size photograph
Banking documents
Cancelled cheque from the new bank accountUpdated bank passbook or bank statement (last three months)
Authorization letter (if required by the bank)
Loan account-related documents
Latest loan statementPrevious EMI payment records (if applicable)
NOC from the previous bank (if switching accounts due to closure)
Employer or income proof (if required)
Salary slips for the last three months (for salaried individuals)Latest Income Tax Return (ITR) or Form 16
Business registration proof (for self-employed individuals)
Additional requirements
Duly filled bank account update request form provided by the lenderWritten request letter mentioning reasons for the change
Signature verification document from the bank (if needed)
