ECS/ NACH return charges
ECS or Electronic Clearing Services are a mode of transaction that streamline the entire process of making payments or receiving funds. It automates the whole process and eliminates the need for human intervention lowering the chances of any delays. Customers give ECS/ NACH mandate for repayment of EMIs. Such ECS/ NACH mandates are presented to the customers’ bank on scheduled dates for EMI clearance.
If your transaction fails due to lack of funds or any other reason, the respective financial institution (bank) shall levy a charge as a penalty. Such charges are disclosed by the relevant financial institution to their customers and may vary from one financial institution to another. Bajaj Finance Limited is one of the most trusted and transparent financial institutions in the country and it recommends that their customers maintain sufficient funds in their account at least a day prior to the EMI payment date. This will help avoid any ECS/ NACH return charges by their financial institution (bank).
In case your EMI repayment bank account is non-operative, dormant, frozen or closed, it is suggested to change the bank account for successful clearance of EMI to avoid any ECS/ NACH return charges. Alternately the EMI payment can be made through advance EMI payment option available on Bajaj Customer portal.
Frequently asked questions
The penalty charges for ECS/ NACH return depends on the respective financial institution/ banks. The charges may also vary from bank to bank. (please refer to the schedule of charges of your bank)
No, the ECS return charges are not refundable. This penalty fee is only levied if and when you fail to pay your EMIs on the due date.
To avoid ECS return charges, you need to ensure that there is enough balance in your EMI repayment bank account by the EMI due date.
Mandate cannot be cancelled for your active loans. However, you can cancel mandates for your closed loans and there are no charges applicable for the same.
As per the current Reserve Bank of India (RBI) guidelines, you do not need to pay any charges for availing of the ECS or mandate registration facility from your banks.
However, some banks may levy mandate failure charges if the required amount is not maintained in the respective bank account.