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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.
There could be delays since the bank has to verify the Mandate details. Typically, this could take some around 2-5 working days.
Your e-Mandate registration can be rejected due to one or all of the following reasons:
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.
Please register a complaint by raising a request via email at customercare@poonawallafincorp.com or call our customer support at 1800-266-3201.
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 specified in the agreement.
To change/swap Mandate, you will have to bear the charges as specified in the loan agreement.
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
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.
No charges are applicable for NACH mandate cancellation.
Mandate suspension is when an active mandate is temporarily stopped by the account holder.
There are 2 ways to suspend your NACH mandate:
There are 2 ways to revoke you NACH mandate:
No charges are applicable for Mandate Suspension & Revocation.
