e-NACH and e-Mandate: Revolutionising Your Automated Payment Processes

E-NACH stands for Electronic National Automated Clearing House. It is a government-regulated payment service that helps individuals make automated transactions.

e-NACH and e-Mandate-Bajaj Finance

You might miss the due dates of various forms of payments such as EMIs, and insurance premiums amongst others. This can be resolved by simply approving e-NACH (Electronic National Automated Clearing House). e-NACH automates all your recurring payments by debiting the approved amount on the due date.

These automated payments can be initiated through a digital authorisation called e-Mandate, which allows you to automate all your recurring payments. With Bajaj Finserv, you can easily start an e-Mandate by following a few simple steps.

Let’s understand this concept in detail and learn how you can authorise Bajaj Finserv for an e-Mandate.

What is e-NACH?
E-NACH stands for Electronic National Automated Clearing House. It is a government-regulated payment service that helps individuals make automated transactions. It can be considered as an extension of the National Automated Clearing House (NACH). However, as the name suggests e-NACH is completely electronic when it comes to processing transactions.

For approving an e-NACH, a customer approves an E-Mandate which is a digital authorisation. This authorisation allows the approved authorities to collect their due payments from a customer's bank account without physical intervention. For example, a customer can authorise their bank to automatically debit their account for regular payments such as electricity bills, loan EMIs, insurance premiums, etc.

e-NACH transactions are conducted over secure networks. This ensures the safety of customer data and transactions throughout the payment's lifecycle.

Why authorise Bajaj Finserv for e-Mandate?
By authorising e-Mandate for Bajaj Finserv, it becomes easier for you to manage your own finances. With e-Mandate, any recurring payment gets debited automatically, you will never miss a single EMI with Bajaj Finserv.

Some of the other benefits might include:

● No need for manual intervention
By setting up an e-Mandate, you do not have to remember payment due dates or manually make payments. That’s because payments will be automatically deducted from your bank account. This feature is particularly useful for loan EMIs and other regular payments.

● No penal charges
Once e-Mandate is set up, payments are processed automatically and on time. This helps in maintaining a good credit score and becoming eligible for attractive loan offers. Additionally, since there are no missed payments, you can avoid incurring penalties or additional interest charges on overdue instalments.

● Multiple payment options
When you set up an e-Mandate with Bajaj Finserv, you get multiple options for making payments, like debit or credit card and net banking.

● Easy management
With the Bajaj Finserv customer portal, it becomes very easy for you to manage your e-Mandates. You can keep a track on all your automatic deductions.

How to register for Bajaj Finserv e-Mandate?
Bajaj Finserv allows customers to sign up for an e-Mandate and ensure timely payments. Here’s how you can register for it using the Bajaj Finserv customer portal:

● Step 1: Go to the Bajaj Finserv Customer Portal and log in to your account
● Step 2: From the main menu, go to the ‘MANDATES AND DOCUMENTS’ option
● Step 3: Now, select the loan account against which you want to initiate an e-Mandate
● Step 4: Enter your bank account details
● Step 5: Choose your registration mode and proceed

Note that if you have chosen the debit card or net banking option, you will be redirected to the Digio Page. For the uninitiated, “Digio” is an accredited aggregator for e-Mandates via NPCI. On the Digio page, you can select your registration mode, read the disclaimer, and submit.

● Once you are done with these steps, you will be directed to your preferred bank’s website.
● Here, you can opt for either of these methods:
○ Net banking: Log in to your bank’s website, enter your details, and authenticate using OTP.
○ Debit card: Provide your debit card details and OTP on the bank’s website to complete the e-Mandate.
● Once authenticated, your bank will process and approve the e-Mandate for Bajaj Finserv.

After completing these steps, you can also check the status of your Bajaj Finserv e-Mandate in your account. Moreover, you can cancel the e-Mandate anytime by contacting your bank.

How to change your e-Mandate for Bajaj Finserv?
You can authorise Bajaj Finserv for e-Mandate registration for debit of EMIs and SDPs using the following steps:
● Step 1: Click the sign-in button on the Bajaj Finserv customer portal.
● Step 2: Enter your registered mobile number and date of birth.
● Step 3: Submit the OTP sent to your mobile number to log in.
● Step 4: Choose the product (loan, SDP, etc.) for which you want to update the e-mandate.
● Step 5: Enter the necessary details, such as the account holder's name, bank name, and IFSC code.
● Step 6: Choose your preferred registration process and proceed.

Conclusion
By authorising an e-Mandate through e-NACH, it becomes easy for you to manage all your recurring payments. You never miss a due date on EMI payments, utility bill payments, insurance payments and any other recurring payments. This in return helps you save on any overdue charges and improves your CIBIL score.

Bajaj Finserv offers a simple process for setting up e-Mandates. Following this process, you can automate your recurring financial payments, such as EMIs, SDP investments, and more. You can also choose from multiple payment options, like debit cards and net banking. Using the Bajaj Finserv portal, you can easily manage your e-Mandates and finances.