Guide to change mandate account and update EMI bank for Bajaj Finance loans.

A bank mandate is an authorisation provided by a customer to their bank, allowing the lender to automatically debit a specific amount for EMI payments on a set schedule. This eliminates the need for manual payments, ensuring timely repayments and maintaining a good credit history.

NACH (National Automated Clearing House) is a centralised payment system managed by the National Payments Corporation of India (NPCI). It facilitates bulk electronic transactions, such as salary disbursements, utility bill payments, and EMI deductions, across banks in India.

Why is a bank mandate and NACH important?

1. Convenience: Automates EMI payments, reducing the risk of missed payments.
2. Timely Payments: Ensures that EMIs are deducted on the due date, helping you avoid late fees and penalties.
3. Credit Score Maintenance: Regular EMI payments positively impact your credit score.

By updating your bank mandate and NACH details, you ensure uninterrupted EMI payments, even if your bank account details change.

Updating your EMI deduction bank account is necessary in specific circumstances. Below are common reasons why customers need to make this change:

• You have closed your existing bank account.
• You have switched to a different bank and need to update the account for EMI deductions.
• Your bank account details have changed (e.g., account number or IFSC code).
• Your existing bank account has insufficient funds, and you wish to switch to another account.
• You want to consolidate your financial activities into a single bank account for better management.

Proactively updating your bank mandate ensures that your loan repayment process remains seamless and avoids any disruptions.

Eligibility to change mandate account in Bajaj loan

Before proceeding with the update, ensure you meet the following eligibility criteria:

• You are an existing Bajaj Finance customer with an active loan or financial product.
• Your loan account has no overdue payments or pending penalties.
• The new bank account is active and capable of supporting NACH or ECS transactions.
• You have the necessary documents required for the mandate change process.

Documents needed to update EMI deduction bank account

To update your EMI deduction bank account, you will need to provide specific documents. Below is a comprehensive list:

Ensure all documents submitted are valid and up to date to avoid delays in processing.

How to update bank mandate for EMI payments in your Bajaj Finance loan account

Updating your bank mandate is a straightforward process. Follow these steps to make the changes via the Bajaj Finance customer portal:

1. Login to the Bajaj Finance Customer Portal:
   Visit the Bajaj Finance Customer Portal and log in using your registered mobile number and OTP.
2. Navigate to Loan Services:
   Once logged in, go to the ‘Loan Services’ section and select the loan account for which you want to update the mandate.
3. Access the Mandate Update Option:
   Click on the ‘Update Bank Mandate’ or ‘NACH Mandate’ option.
4. Provide New Bank Details:
   Enter your new bank account details, including the account number and IFSC code.
5. Upload Required Documents:
   Upload scanned copies of the necessary documents, such as a canceled cheque and ID proof.
6. Submit the Request:
   Review the details and submit your request. You will receive a confirmation message along with a reference number.

Inline CTA: Login with your registered mobile number to update your bank mandate today.

Online process to change NACH mandate via Bajaj Finance app or portal

For customers who prefer online convenience, Bajaj Finance offers an easy-to-use mobile app and portal. Follow these steps:

1. Download the Bajaj Finance App:
   Install the Bajaj Finance app from the Google Play Store or Apple App Store.
2. Log In:
   Use your registered mobile number and OTP to access your account.
3. Select the Mandate Option:
   Navigate to the ‘Mandate’ or ‘EMI Services’ section under your loan account details.
4. Enter New Bank Details:
   Input your updated bank account information, including account number and IFSC code.
5. Upload Documents:
   Upload a canceled cheque and other required documents.
6. Submit the Request:
   Confirm and submit the request. You can track the status of your update via the app.

Inline CTA: Download the Bajaj Finance app now to update your NACH mandate seamlessly.

If you prefer an offline process, visit your nearest Bajaj Finance branch. Follow these steps:

1. Visit the Branch:

   
   

   Locate the nearest Bajaj Finance branch and carry the required documents.

2. Fill the Mandate Update Form:

   
   

   Request and fill out the NACH mandate form at the branch. Ensure all details are accurate.

3. Submit Documents:

   
   

   Provide the completed form along with the necessary documents, such as a canceled cheque and ID proof.

4. Receive Confirmation:

   
   

   The representative will verify your details and provide an acknowledgment receipt.

Note: Processing times may vary, and it is recommended to follow up with customer support for updates.

Timelines and status tracking for change NACH mandate requests

Typically, the mandate change process takes 7-10 working days, depending on the verification of your documents and bank processing times. You can track the status of your request through:

• The Bajaj Finance customer portal.
• The Bajaj Finance app.
• By contacting customer support.

Charges and penalties related to mandate change in Bajaj loans

Mandate change requests may involve nominal processing fees. For detailed information on charges, refer to the Bajaj Finance Charges and Fees page.

Impact of mandate change on EMI due date and loan repayment

Changing your mandate does not alter your EMI due date. Ensure funds are available in the new account to avoid EMI bounces during the transition period.

How Bajaj Finance handles failed EMIs during mandate change

If an EMI fails during the mandate change process, Bajaj Finance may:

• Notify you via SMS or email.
• Charge a penalty for the missed payment.
• Allow you to clear the overdue amount manually through the portal or app.

Credit score impact if EMI bounces while you change mandate account

Missed EMIs can negatively impact your credit score. To prevent this, ensure sufficient funds are available in your old account until the new mandate is activated.

Security tips while updating EMI deduction bank account details

• Use only official Bajaj Finance platforms for updates.
• Do not share OTPs or account details with anyone.
• Verify the authenticity of emails or messages before responding.

Whom to contact for support on how to change mandate account in Bajaj loan

For assistance, reach out to Bajaj Finance through:

• Customer Portal: Log in to raise a service request.
• Helpline: Call the Bajaj Finance customer care number.
• Branch Visit: Visit the nearest Bajaj Finance branch.

Key do’s and don’ts when you change NACH mandate for Bajaj Finance loans

Do’s:

• Double-check bank details before submission.
• Maintain sufficient funds in your old account during the transition.

Don’ts:

• Do not delay the update process if your current account is inactive.
• Avoid sharing sensitive information with unauthorised sources.

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