- Which banks is the e-mandate affiliated to?
- State Bank of India
- ICICI Bank
- HDFC Bank
- Axis Bank
- Kotak Mahindra Bank
- What if I don’t have an account in a bank?
- How is it helpful?
- What are the documents required to be eligible for an e-Mandate?
The e-mandate with Bajaj Finserv EMI Store is affiliated to three banks:
If you don’t have an active bank account, our sales executive shall come to your house and collect your documents to initiate the offline mandate process.
The primary objective of an e-mandate is to reduce the time of the process from 21 days to 2 days. It helps you purchase a product on EMI without major documentation or having to wait for long.
Mandatory Requirements to use E-mandate facility:
- Aadhaar Number
- Mobile number has to be registered with Aadhaar
- Aadhaar number has to be linked to their bank account
Like any other online transaction, in times of insufficient balance, the payment for the Bajaj Finserv Loan EMI is denied. When you’ll clear the EMI for loan, you’ll be charged with bounce charges in case of bounce in your EMI payment.
Current Bounce Charges are : Rs XXX
No, there is no limit to the number of e-Mandates that can be set up for an account.
- Fully End to End automated process without hassle of printing and sending the NACH from
- It takes only 3 minutes to register & activate your mandate
- Saves the time of sending NACH form through post/courier
- Reduced cost of printing and postage
- Can be registered Anytime and from Anywhere
- Chances of rejection due to sign differ, inferior print quality, mismatch in bank details, etc. gets reduced significantly
- Communication will be sent through email on successful activation of the mandate
An ECS mandate is an offline process where physical documents have to be submitted
If there is insufficient balance in your account, like any other given scenario, the transaction will be declined by your bank to the merchant.
There is no limit to the number of e-mandates you can link to your account. You can link as many mandates with your account as you wish to.