How to Stop Bajaj Finance Mandate

A Bajaj Finance mandate is an authorisation that allows scheduled loan payments to be automatically collected from your registered bank account. It enables EMIs to be processed according to the repayment schedule agreed for your loan and may be set up through an electronic payment system such as NACH. The mandate generally remains active while the associated repayment arrangement continues. If your bank account has changed or you no longer want automatic deductions, check whether the mandate needs to be cancelled or updated.

Before requesting a change, review your next EMI due date, current outstanding and overdue amounts, and the bank account linked to the mandate. Also check whether an alternative repayment method is available and whether you have received any communication or notice regarding your loan. Stopping the mandate does not change your loan agreement, EMI schedule or the amount payable.

Steps to update or replace your Bajaj Finance EMI mandate

On an active Bajaj Finance loan, an existing mandate cannot be cancelled outright. It can only be updated with new bank details, replaced through a fresh registration, or cancelled once the loan is fully closed, in which case no charges apply.

To update or replace your mandate:
 

1. Sign in to My Account on the Bajaj Finance website or app using your registered mobile number, OTP, and Date of Birth verification.
2. Go to the Service menu and select Relations (or My Relations) to view your loan account.
3. Scroll down to the Bank Details section under your active loan and select Change Bank Account / Update Mandate.
4. Enter your new bank account number, IFSC code, and preferred registration mode (Net Banking, Debit Card, or Aadhaar e-NACH).
5. Authenticate and submit the registration. Bank verification for e-mandates typically takes 24 to 72 business hours.
6. Watch for an SMS confirmation on your registered mobile number once the new mandate is approved.

A new mandate does not cancel your existing one automatically, so keep sufficient funds in your current account until the new mandate is confirmed active, to avoid a bounce on your next EMI. Only one active bank account can generally be linked for auto-debit at a time, so a new registration replaces the previous one once confirmed.
 

Stopping a loan mandate changes how your EMI is collected, but it does not change your loan repayment terms. Once the cancellation takes effect, future EMIs covered by the mandate will not be automatically deducted through that payment instruction, so you should arrange another authorised payment method.

After stopping the mandate, continue tracking your EMI due dates and outstanding amounts to avoid missed payments. If your bank account has changed, check whether updating the mandate is more suitable than cancelling it. For any overdue EMI, make the required payment separately, as mandate cancellation does not clear or defer the outstanding amount.

Should you cancel or update your mandate?

Updating a mandate may be more suitable when you still need automatic EMI payments but want to use a different bank account. Cancellation may be appropriate when the existing mandate is no longer required, subject to the applicable process for your account.

Consider the reason before taking action:

• Changed bank account: Check whether you can update the existing mandate.
• Want to stop automatic deductions: Confirm that you have another way to pay upcoming EMIs.
• Loan is still active: Continue making payments according to the repayment schedule.
• EMI is already overdue: Resolve the overdue amount separately.
• Legal notice received: Address the matter mentioned in the notice instead of treating mandate cancellation as a way to stop the repayment process.

Choose between updating or cancelling your mandate based on your repayment needs and bank account status. If you continue with an active loan, ensure that you have a valid repayment method and make each EMI by its due date. If an EMI is overdue or you have received a legal notice, address the outstanding repayment separately, as mandate cancellation does not change your repayment obligations.

Does stopping a mandate affect your credit record?

Stopping a mandate does not by itself affect your credit record. However, if cancelling the mandate results in an EMI remaining unpaid after its due date, the overdue repayment may be reported to credit information companies in line with applicable reporting practices. Repeated or continued missed payments can affect your credit history. To avoid an overdue EMI after cancelling the mandate, arrange an alternative repayment method and ensure that all future payments are made by their scheduled due dates.