Mandate Introduction
A mandate is a formal authorization that allows a financial institution to automatically debit funds from a customer’s bank account for recurring payments. This process is particularly useful for managing regular payments such as loan EMIs, utility bills, and subscriptions, ensuring timely and hassle-free transactions.
Key Features of Mandates:
- Convenience: Automates payment processes, reducing the need for manual transactions each month.
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Reliability: Ensures payments are made on time, helping customers avoid late fees or penalties.
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Flexibility: Customers can easily create, amend, or cancel mandates as per their financial needs.
- Security: Mandates are governed by regulatory frameworks like NACH (National Automated Clearing House), ensuring secure transactions.
Benefits of Using a Mandate:
- Time-Saving: Eliminates the need to remember payment dates and manual transfers.
- Financial Planning: Helps in budgeting by predicting outgoing payments.
- Reduced Errors: Minimizes the risk of human error in payment processing.
Creation of E-mandate
- Get in touch with the Disbursal Officer at the Aavas branch where your loan was disbursed.
- Disbursal Officer will enter some details for personal usage and later, share a Link or URL on your registered mobile number or will fill the details on customer’s behalf.
- Customer or Disbursal Officer will select any one of the following below,
- Net Banking
- Enter User ID
- Enter Password
OR
- Debit Card
- Enter Debit Card Number
- Enter OTP shared via SMS on the registered phone number
OR
- Aadhar e-Sign
- Enter Aadhar Number
- Enter OTP shared via SMS on the registered phone number
Cancellation of E-mandate
Click on the below button,
Cancel Mandate
Following are the main steps,
- Enter Loan Number
- Click on "Registered Mandates" or "Active Mandates" to view all your existing mandates
- Identify the specific e-mandate you wish to cancel and select it.
- Review the cancellation details and confirm your request when prompted
Amend/Suspension of E-mandate
Visit to your loan disbursed Aavas Branch.
FAQs on NACH Mandate Management
Creation of a Mandate
A NACH mandate is an authorization provided by a customer to allow automatic debit of their bank account for recurring payments, such as loan EMIs or subscription services.
You can create a NACH mandate by visiting to your loan disbursed Aavas Branch. There, you will be guided by the disbursal officer with full flow.
Typically, you will need to provide your bank account details, the amount to be debited, frequency of payments, and your authorization signature.
The activation process usually takes 3 to 5 business days after submission, but it may vary based on the bank's processing times.
Cancellation a Mandate
Once a mandate is cancelled, no further transactions will be processed until a new mandate is created
Yes, for that please visit the loan disbursal branch.
Typically, no additional documents are required to cancel a mandate. However, your bank may ask for identification verification.
Cancellation requests are usually processed within 1 to 3 business days.
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