Customer Information FAQ

FAQs related to Mandate Registration, Swapping, Cancellation, Suspension & Revocation

What is NACH Mandate registration?

NACH (National Automated Clearing House) has been introduced by NPCI (National Payments Corporation of India) in 2016. The NACH Mandate works by providing the customer the liberty to allow any financial institution/ Bank or NBFC, to auto-debit or credit money from your registered bank account.

Why is the e-Mandate registration pending?

There could be delays since the bank has to verify the Mandate details. Typically, this could take some around 2-5 working days.

When can my e-Mandate application be rejected?

Your e-Mandate registration can be rejected due to one or all of the following reasons:

  • If the customer's bank doesn't provide eNACH (Auto Debit) services.
  • If the customer has entered incorrect details at the time of mandate registration.
What should I do if my Mandate gets rejected?

If your Mandate gets rejected, you will receive an SMS for rejection on the registered mobile number. In such cases, you may have to resubmit the details for your Mandate registration.

I didn’t authorize any payment while registering the Mandate, however money was deducted from my account. What should I do?

Please register a complaint by raising a request via email at customercare@poonawallafincorp.com or call our customer support at 1800-266-3201.

Does NACH Mandate bounce affect my bureau score? Also are there any bounce charges applicable?

Paying your EMIs on time helps you to maintain a good credit score and helps to avoid paying penal charges that may become applicable. Bounce charges will be applicable as are specified in the agreement.

Are there any charges for swapping /changes of Mandate?

To change/swap Mandate, you will have to bear the charges as specified in the loan agreement.

What happens to the existing NACH mandate if I change or amend the repayment mode?

When you update or change your bank account to pay your EMI, the previous mandate for the registered bank account is cancelled, and the new one is updated in our database. Please note that until your mandate is successfully changed and registered, your EMI will continue to be deducted from your previous bank account.

What is the NACH Mandate cancellation? What is the process to cancel?

A NACH Mandate cancellation request is raised to stop all the auto-debits from the registered bank account. You can submit a request online through our website to cancel automatic payment of all EMIs.

Are there any charges for NACH mandate cancellation?

No charges are applicable for NACH mandate cancellation.

What is Mandate suspension?

Mandate suspension is when an active mandate is temporarily stopped by the account holder.

How can I suspend the NACH mandate?

You can do this by raising a request via email to customercare@poonawallafincorp.com or call our customer support at 1800-266-3201.

How can I Revoke the NACH mandate?

You can do this by raising a request via email to customercare@poonawallafincorp.com or call our customer support at 1800-266-3201.

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