How to Update the Mandate for a Personal Loan

A personal loan mandate is an authorisation that allows scheduled EMIs to be collected automatically from your registered bank account. It is generally set up through an electronic payment system such as NACH, which facilitates recurring EMI payments from the linked account. You may need to update the mandate if your linked bank account changes or the existing account is no longer suitable for EMI deductions. Keeping your repayment account details current helps reduce the risk of an unsuccessful auto-debit and supports timely EMI payments. Updating a mandate only changes the bank account authorised for future EMI collection. It does not by itself change the EMI amount, due date, loan tenure, outstanding loan balance, or other repayment obligations. Updating the mandate ensures the correct bank account details are recorded for scheduled EMI deductions. If the existing account is closed, inactive, or otherwise unavailable for auto-debit, updating the mandate helps keep the repayment instructions aligned with your current bank account.

When should you update your personal loan mandate?

Update your personal loan mandate when the bank account used for scheduled EMI deductions changes or is no longer available for repayments. Certain account or mandate changes may require you to register a new mandate through the available process.

Common situations include:

• Bank account change: You have changed your primary bank account used for EMI payments.
• Account closure: The bank account linked to the mandate has been closed or is no longer active.
• Updated account details: Your bank account details have changed and need to be updated in the loan records.
• New repayment account: You want future EMIs to be collected from another eligible bank account.
• Mandate replacement: You need to replace an existing mandate through the available mandate registration process.

It is advisable to initiate the mandate update before the next EMI presentation rather than waiting for an unsuccessful debit. If an EMI is already overdue, changing the mandate does not clear the outstanding amount. Check the overdue amount separately and pay it through an available authorised payment method.

You can update an eligible personal loan mandate through the Bajaj Finance App or My Account portal by selecting your loan account and following the available mandate management process. Menu names may vary depending on the loan account and the digital platform.

Through the My Account portal

Follow these steps to update the bank account linked to your personal loan:

1. Sign in to My Account using your registered mobile number and OTP.
2. Enter your date of birth for verification and proceed.
3. Go to the Menu and select Bank details or Documents.
4. Select Change your bank details.
5. Choose Change against the relevant personal loan account.
6. Select Continue and proceed with mandate registration.
7. Enter the required new bank account details, such as the account number and IFSC.
8. Complete the applicable authentication and submit the request.

Through the Bajaj Finance App

You can also update the registered bank account through the Bajaj Finance App by following the available mandate management journey.

1. Open the Bajaj Finance App and sign in using your registered mobile number and OTP.
2. Go to the Menu and select Bank details or Documents.
3. Select Change your bank details.
4. Choose Change against the relevant personal loan account.
5. Select Continue and proceed with mandate registration.
6. Enter the required bank account details, including the account number and IFSC.
7. Complete the available authentication process and submit the request.

The current digital journey may display different service names depending on your account. Use the mandate or bank account update option shown for your specific loan rather than submitting a separate request unnecessarily. After submitting the request, continue monitoring the existing account and upcoming EMI until the new mandate is confirmed as active. This helps reduce the risk of an unsuccessful debit during the transition.

What details or documents are needed to update a mandate?

The mandate update process generally requires accurate details of the bank account used for future EMI deductions. Depending on the registration process available for your account, you may be asked to provide:

The requested information can vary based on the mandate registration method and your loan account. Enter the details exactly as your bank recorded them to reduce the risk of verification or debit issues. If additional documents or verification are requested during the process, provide them only through the official platform or service channel. Avoid sharing banking credentials, OTPs, or other confidential authentication information with third parties.

What happens if the personal loan mandate is not updated?

If the registered bank account cannot support the scheduled EMI debit, the mandate may fail, and the EMI may remain unpaid. A missed EMI can result in an overdue amount and applicable charges under the loan agreement, while continued payment delays may affect your credit history.

The outcome depends on what happens with the repayment:

• Mandate works successfully: The scheduled EMI is collected from the registered account.
• Mandate fails, but payment is made separately on time: The EMI repayment is addressed through another authorised method.
• Mandate fails, and the EMI remains unpaid: The loan account may show an overdue amount, and applicable charges may arise.
• Payment delays continue: Continued missed repayments can affect your CIBIL record and may increase the outstanding amount through applicable charges.

A failed mandate does not cancel the EMI obligation. If you notice that an EMI has not been collected, check your loan account promptly and arrange the required payment through an authorised channel.

What if your mandate update is not completed before the next EMI?

If the new mandate is not active before the next scheduled EMI, do not assume that the EMI will be collected from the new bank account. Check the mandate status and arrange the EMI through an available authorised payment method if required. Verify the next EMI due date and amount, and confirm whether the existing or new mandate is active. Maintain sufficient funds in the relevant bank account while the mandate status is pending. If the EMI is not collected, check your loan account for any overdue amount and make the required payment. A mandate update is a loan servicing action and does not replace an EMI that is already due. Keeping the mandate and repayment status under review can help identify a failed or pending debit in time. If an EMI remains unpaid, resolve the outstanding amount through an authorised payment method and continue checking the mandate status until the update is confirmed.