How to Manage Your EMI Mandate in My Account – Avoid Auto-Debit Failures

Understanding NACH mandate for EMI payments

A NACH mandate is the auto-debit authorisation that allows Bajaj Finance to deduct your loan EMI from your registered bank account on the due date each month, without requiring any manual action from you.

What happens if your mandate fails or is inactive

If your mandate fails or is inactive, the EMI debit attempt is unsuccessful. Your loan account becomes overdue, NACH bounce charges apply as per your loan agreement, and penal interest begins to accrue on the outstanding EMI amount.

Benefits of keeping your NACH mandate active and updated

An active and correctly registered mandate protects you from missed payments and the consequences that follow. Here is what a well-managed mandate does for your loan account:

• Timely EMI payment: Your loan instalment is debited automatically on the due date each month without any action required from you
• Avoids bounce charges: A successful mandate debit means no bounce charges from your bank or from Bajaj Finance
• Avoids penal charges: On-time payment through an active mandate prevents penal interest from accruing on overdue amounts
• Protects your CIBIL score: Each successful EMI debit is reported to credit bureaus as an on-time payment, contributing positively to your credit record
• Improves loan eligibility: A consistent record of on-time EMI payments strengthens your repayment history, which lenders consider when assessing future applications

How to register your mandate in My Account

When you take a loan with Bajaj Finance, you register a bank account for mandate at the time of the loan application. If you need to register a mandate separately, you can do so through My Account.

Follow these steps:

1. Sign in to My Account on the Bajaj Finance website or app using your registered mobile number and OTP
2. Go to the Menu and click on Bank Details or Documents
3. Select the Change Your Bank Details option
4. Click on Change next to the loan for which you want to register a mandate
5. Click on Continue and proceed with mandate registration
6. Enter your bank account number, IFSC code, and other required details and complete your bank account registration.

Once submitted, your bank will verify the mandate details. This may take up to 72 business hours. You will receive an SMS confirmation on your registered mobile number when your mandate is approved.

Note: One mandate is registered per loan. You cannot use one mandate for multiple loans.

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.

• 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.

Update your bank account details

How to update or fix your mandate to stay on track with EMI payments

How to change or update your mandate in My Account

To update your registered bank account for mandate, go to My Account, select Menu, click on Bank Details or Documents, choose Change Your Bank Details, and select Update next to the relevant loan to complete the mandate change.

Avoiding overdue EMIs through mandate management

Keep sufficient funds in your registered bank account on and before your EMI due date. If a mandate failure occurs, fix it immediately through My Account and clear any overdue EMI through the Make Loan Payments option to avoid further charges.

What to know about mandate charges

When you register a new mandate for your loan, your bank levies a one-time mandate registration charge. This is charged by your bank and not by Bajaj Finance. The charge varies from bank to bank.

If you are updating or changing an existing mandate, Bajaj Finance does not levy a swap charge at its end. However, your bank may still levy a mandate registration charge for the new mandate. Check with your bank before initiating the change.

For the complete list of fees and charges applicable to your loan, check your loan agreement or visit the Fees and Charges section on the official Bajaj Finance website.

What happens when you change your mandate

When you update your mandate with a new bank account, the old mandate is deactivated at your bank and in Bajaj Finance records, and the new mandate is registered against your loan. Until the new mandate is successfully activated, your EMI will continue to be debited from your old bank account.

Key points to note:

Do not close or restrict the old bank account until you have confirmed that the new mandate has been successfully activated and at least one EMI has been debited from the new account.