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Why Mandate Registration is Important?

By Finserv MARKETS - Oct 23,2019
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Why Mandate Registration is important

A bank mandate is an authorization you give to Bajaj Finserv to debit from your bank account for monthly payments. The mandate is sent by Bajaj Finserv to your bank for registration on your behalf. Once your mandate is registered with your bank, the bank will allow Bajaj Finserv to debit money for all monthly EMIs.

The process for mandate registration can be done in two ways.

  1. Sign a mandate and give to the Bajaj Finserv executive who comes for document verification.
  2. Go to a Bajaj Finserv dealer (Chroma, Vijay Sales, Hometown, etc) where you will find a Bajaj Finserv executive ask him to help you register your mandate.

The latter option can be chosen in case you want to buy on short notice. Else you can wait for the mandate to be registered by its organic process.

Things to be kept in mind while submitting a signed mandate:

  1. The signatures exactly match those as with the bank with which you have registered for the card.
  2. The bank account details shared are correct.

Benefits for having the mandate registered are below:

  1. There is a seamless transaction experience in every transaction which happens. Here the amount transacted are divided in months as per the scheme and is debited automatically from your account without your manual intervention.
  2. No Calls from Bajaj Collections team is received for paying the EMIs on time. We know manual payment of bills is a task!! And getting such reminder calls is another annoying factor when there is an intention to pay.

Even If your Mandate is registered successfully one more factor which can lead to EMI bounce is:

  1. If you don’t have sufficient funds in your account.
  2. If your Open ECS Limit with us has been exhausted. In such cases please ensure a sufficient amount as open ECS limit.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522