The RBI and the National Payment Corporation of India initiated an e-mandate process to automate the EMI payment process. Now, undergoing this e-mandate process, borrowers of Bajaj Finserv do not need to pay their instalments manually. This can help them avoid remembering the repayment schedule to pay their dues timely. So, individuals, who have not yet leveraged this feature, need to know how to complete their Bajaj Finserv e-mandate process.
First of all, borrowers must know about this Bajaf Finserv e mandate process before knowing its application process.
About Bajaj Finserv e-mandate
E-mandate works as customers’ instruction to their financial institutions, where they hold a savings account, to deduct the specified EMI amount and transfer it to their lenders. This way, Bajaj Finserv directly gets their instalment amount from their customers’ savings accounts.
So, individuals must possess the required balance in their bank accounts. Else, their instalments can get bounced.
Before applying, individuals need to arrange all the documents they need while undergoing this e-mandate application.
Documents required during e-mandate application
Here are all the documents that applicants need to keep handy while applying for the e-mandate:
- Aadhaar card
- Passbook of bank account
After collecting these documents, individuals will be ready to apply for their Bajaj Finserv e-mandate application process.
Bajaj Finserv e-Mandate registration process via customer portal- Experia
Earlier, individuals had to complete their e-mandate application process offline. However, now they can apply for this online through its customer care portal. Here is the stepwise guideline to apply for the Bajaj Finserv e-mandate online:
Step 1: Navigate to the Bajaj Finserv customer care portal – Experia
Step 2: Find the e-Mandate option
Step 3: Provide the personal details
Step 4: Tap on ‘Proceed’
Step 5: Enter your bank account information and validate it
Step 6: Choose the preferred mode of registration
Step 7: Go through the terms and conditions properly and proceed with clicking the ‘Submit’ option
Note: If you proceed with the OTP option for authentication, provide the OTP received in your mobile number.
You can also choose the ‘Net Banking/ Credit Card’ option as an alternative. It will lead you to the ‘Digio Page’. On this page, you need to mention your registration mode. This Digio is an NPCI certified aggregator for completing the e-mandate process.
Upon completing this step, the application form will redirect you to your bank’s official website.
Step 8: Choose a preferred payment option, which can either be Net banking or debit card
Step 9: Enter customer login details and the OTP correctly if you choose the ‘Net Banking’ option.
Else, provide debit card details and the OTP to complete your Bajaj Finserv e-mandate authentication through the ‘Debit Card’ option.
Upon completing all these steps, borrowers’ banks get the necessary instruction to transfer the instalment amount according to the loan repayment schedule.
This way, individuals can complete their e-mandate process through its customer care portal – Experia, enabling automatic EMI repayment. After completing this process, applicants can check their Bajaj Finserv e-mandate status from their respective bank’s customer care platforms.
Now that you have learnt the online registration process of e-mandate, you also need to know all the benefits you can obtain after this.
Benefits of e-mandate
Here are all the advantages of this e-mandate service:
- Secured transaction
After completing this e-mandate process, the entire transacted amount reaches only the designated recipients, i.e. the lender. Furthermore, the National Automated Clearing House (NACH) monitors these transactions maintaining all the safety guidelines of RBI.
- Effortless EMI payment
Individuals can now pay their instalments timely after completing this Bajaj Finserv e-mandate registration process. The required amount will automatically get deducted and transferred to the lender on due dates. Consequently, it will help them avoid EMI overdue and its charges.
Individuals can now pay their instalments on time without any burden of manual payment. Whatsoever, previously, individuals had to complete their mandate process offline, which was time-consuming. Now, borrowers can complete their Bajaj finserv NACH mandate process effortlessly online through the Bajaj Finserv customer care portal – Experia, to enjoy all its benefits.
- Flexibility in controlling transactions
Users can now easily stop and reinitiate this automatic debiting process any time they prefer. This way, it is now easier to manage their payment according to their preference.