Benefits of managing your mandate
When you take a loan from us or avail any of our products, you are required to register a mandate with the bank account to ensure your EMIs or monthly investments are debited on time. This process is known as mandate registration. In simple terms, a mandate is an instruction you provide to your bank, authorizing us to debit EMIs or monthly investments from your account on a pre-set date.
Please note that mandate registration is applicable only for loans and is not required for the Insta EMI Card application.
You can easily manage your mandate for your loan and SDPs by visiting our customer portal.
Here are the benefits of keeping your mandate updated:
-
Timely EMI payment
Hassle-free debit of your monthly loan instalments on the due date.
-
Keep your CIBIL Score healthy
Paying your EMIs on time helps you maintain a good credit score.
-
Hassle-free payment of SDP
Update your registered bank account to ensure your SDP amount gets debited without a miss.
-
Improves your loan eligibility
Timely payment of EMIs helps you improve your CIBIL Score and may make you eligible for a better offer.
-
Avoid bounce/penal charges
Paying EMIs on time helps you avoid paying bounce charges at customer bank as well as at BFL and penal charges applicable in the case of overdue instalments.
Register your bank account
When you borrow from us, you share your bank account details for e-mandate registration during the application process. While opening an SDP, you use a bank account to invest funds, which becomes registered bank account for your monthly investment.
-
Steps to follow to register your bank account
You can follow these simple steps to register your mandate in the service portal
- Click on the ‘Sign-in’ button on this page
- Enter your registered mobile number and date of birth and, submit the OTP.
- Go to the ‘Menu’ and click on ‘Bank details/ Documents’
- Select the ‘Change your bank details’ option
- Click on ‘Change’ in front of the loan or SDP for which you want to change registered bank account
- Click on ‘Continue’ and proceed with mandate registration.
- Enter your bank details, IFSC, and other details, and complete your bank account registration.
-
Check the mandate for your product
Sign-in to our customer portal to view mandate details for loans, cards or SDPs.
Why keep your bank account details updated?
00:55
Change your bank account details for loans, SDPs and more
You can update your registered bank account so that your EMIs or monthly SDP investments are debited on time, and you do not miss any of your instalments.
-
Update your bank account details in Service portal
- Click on the ‘Sign-in’ button on this page.
- Enter your registered mobile number, and date of birth and submit the OTP to sign-in.
- Go to the ‘Menu’ and click on ‘Bank details/ Documents’
- Select the ‘Change your bank details’ option
- Click on ‘Change’ in front of the loan or SDP for which you want to change the registered bank account
- Click on ‘Continue’ and proceed with mandate registration.
Alternatively, you can click on the link given below to change your mandate.
Know all about the applicable fees and charges
When you register a new mandate for your loan, you need to pay a fee that is called the mandate registration charge.
If you want to update your current mandate, you can usually do so without incurring any swap charges at BFL end. However banks may levy mandate registration charges which may vary bank to bank.
You can check our website, app, or loan agreement to know about the complete list of fees and charges.
Check the complete list of fees and charges
-
Mandate registration charge
When you borrow any loan you need to register the mandate. To register the mandate, you will be charged a one-time fee by your bank, which is called the mandate registration charge. However, the charges may differ from bank to bank.
-
For more details regarding applicable fees and charges, please click on the following link Bajaj Finserv Fees and Charges
How to make overdue payments for your loan
Benefits of making part prepayments
Know the consequences of overdue payments with us
Difference between NACH and e-NACH
How to make your loan payments
How to download your statement of account
How to foreclose your Consumer Durable Loan
What is scheduled withdrawal?
How does a Flexi Loan benefit you?
Frequently asked questions
For a single loan or the Systematic Deposit Plan (SDP), you can only register a single bank account as a mandate. "One Agreement, One Mandate" policy. You cannot use a single mandate for multiple loans.
Though e-mandate registration is not a tedious service, at times, there could be delays as your bank has to verify the mandate details. Typically, this could take up to 72 business hours. An SMS will be sent to your registered mobile number once your mandate is approved.
In case you were trying to register your e-mandate, a token amount gets debited from your bank account.
However, if you still have a query, you can raise a request with us by following these simple steps:
- Click on the ‘Raise a Request’ text below to visit our customer portal.
- Enter your registered mobile number and date of birth and submit the OTP.
- Select the product for which you want to raise the query.
- Enter the relevant ‘Query type’ and ‘Sub-query type’.
- Upload the supporting document if needed and submit the request.
After you submit your request, a representative will contact you within 48 business hours to guide you on the next steps.
Once you update or change the bank account details for auto-debit of a particular loan EMI or SDP, the old Mandate get deactivated at your Bank as well as in BFL records and new mandate gets updated against the particular loan.
Please note: Until your mandate is successfully changed and registered, your EMI/ investment will continue to debit from your old bank account.
If your mandate gets rejected, you receives SMS communication from BFL with online mandate registration link and if your bank is not eligible for Online registration, kindly visit nearest BFL branch for mandate registration.
