A loan mandate refers to the process of permitting lending institutions to debit EMIs from borrowers’ bank accounts. Before sanctioning a loan, Bajaj Finserv ECS (Electronic Clearance Service) undergoes this mandate process. It ensures that borrowers have no issue with the monthly EMIs withdrawn from their savings accounts automatically. Loan applicants must complete all the mandate procedures to start their easy and automatic repayment.
Significance of Bajaj Finserv ECS mandate
By undergoing the ECS mandate process, borrowers give Bajaj Finserv their consent to deduct their monthly EMIs on time. Read on to know about importance of completing the ECS mandate process:
Timely transfer of balance
ECS mandate ensures that Individuals settle all their monthly dues on time. This is because it allows the ECS of Bajaj Finserv to deduct the EMI amount automatically. This way, borrowers can avoid any penalties due to delay in repayment.
Safe loan repayment
The EMIs deducted by the Bajaj Finserv ECS is secure and risk-free. This is because it goes from the personal account of borrowers to their loan account directly. So, no external agents are involved in this repayment process.
Individuals can access all their payment records transacted by the ECS. This way, they can easily track their loan repayment status.
It is also essential to know the associated steps to apply for the Bajaj Finserv ECS mandate online.
Procedures to apply for Bajaj Finserv ECS mandate online
Individuals need to follow the steps mentioned below to complete their ECS mandate process online:
Step 1: Go to the Bajaj Finserv customer portal–Experia. Log in to it with user credentials
Step 2: Select the option showing e-mandate
Step 3: After examining all the personal details, tap on the “Proceed” button
Step 4: Enter all the information regarding the bank account and verify them. Read all the disclaimers properly. After that, submit the application form
Step 5: Select the OTP mode for proceeding with the e-mandate process. Individuals will receive an OTP on their mobile numbers registered with their savings account. Entering the number, click on the submit button
Step 6: Choose the mode of payment. For this process, individuals get two options. They can pay either using a debit card or through internet banking
Step 7: After choosing the payment options, the portal will lead applicants to the “Digio Page”. They need to submit the window after clicking on disclaimers and registration
Step 8: At this stage, the portal will redirect customers to the respective websites of their preferred financial institution where they have accounts. If they had selected internet banking, they need to give all their credentials of login and the OTP to validate the mandate process. If they select the debit card, they must provide its details and the OTP received in their registered mobile number.
Step 9: Upon successful authentication, respective financial institutions will report Bajaj Finserv about it. Consequently, individuals can view their mandate registered number on the Bajaj Finserv customer portal – Experia.
However, applicants need to keep in mind that they may face a penalty if their mandate applications do not succeed. So, they can make queries through Experia or contact nearby Bajaj Finserv offices to know its mandate fail charges.
Thus, loan applicants can quickly complete their ECS mandate Bajaj Finserv online. Apart from this, individuals can also get several additional benefits from the Experia portal.
Features of Experia
Following are some of the essential features of this online platform:
Easy access to loan statement
Experia portal is a single-window for getting various loan-related details. For example, individuals can identify applicable interest rates, monthly EMIs, schedules of repayment etc.
Smooth loan repayment
Besides viewing the repayment schedules and EMI amount, individuals can timely pay off all their dues from this platform. It also enables them to foreclose their entire loans or pre-pay some EMIs.
Bajaj Finserv gives its customers personalised pre-approved offers on its range of secured and unsecured financial products. Individuals can access these benefits from this single platform.
In conclusion, borrowers can conveniently undergo Bajaj Finserv ECS mandate procedures to initiate their automatic and timely loan repayment. Further, being a secure process, they can easily bypass their chances of frauds and errors while paying off EMIs.