e Mandate

What is ECS mandate?

The ECS mandate, meaning Electronic Clearing Service, allows for electronic transfer of money from one bank account to another. Financial institutions commonly use it to pay salaries, dividend interests, pensions and deduct EMIs of loans. The ease of the process makes it a popular choice when it comes to making payments effortlessly. The Bajaj Finserv EMI card ECS mandate is a step in the direction to offer the ease of hassle-free shopping on the EMI store.

The Nach ECS mandate Bajaj Finserv online process offers the comfort of setting up the e-mandate online by filling the basic KYC info and completing the transaction, using the merchant website, PayNimo. Unlike the offline mandate, the Bajaj Finserv ECS mandate online saves the hassles of making multiple trips to the bank by completing the entire process in two working days.

The method to avail the Bajaj Finserv ECS mandate online is mentioned below-

  • Validate your details after clicking on the link provided in the SMS
  • Once the validation is complete, and you are redirected to the page of the bank, authenticate the transaction using your Debit Card or Netbanking credentials
  • A real-time UMRN is shared with your bank, on successful validation
  • Once the mandate is accepted by the bank, the company can begin directly debiting the amount of the purchase from your account.

 

What are the benefits of e-mandate on EMI store

The Bajaj Finserv EMI card ECS mandate considerably reduces the processing time duration from 21 days to only 2 days. It also eliminates the need for major documentation to purchase items on EMI, thus reducing the wait time on purchasing goods.  

 

Purchase Electronics and Appliances Online on the Bajaj Finserv EMI Store!

Bajaj Finserv brings you the EMI Store – an online marketplace to shop for your favourite electronics and home appliances on No cost EMI. The Bajaj Finserv EMI Store is customized to suit your needs and wants – anytime, anywhere. With the Bajaj Finserv EMI Card, you can enjoy exclusive benefits like ZERO down payment, No Cost EMI and lightning-fast 4-hour delivery.

Simply walk into a Bajaj Finserv partner store, swipe your Bajaj Finserv EMI Card and purchase home appliances and gadgets without any hassle.

    1. Which banks is the e-mandate affiliated to?

The e-mandate with Bajaj Finserv EMI Store is affiliated to three banks:

      1. ICICI Bank
      2. Axis Bank
      3. HDFC Bank
    1. What if I don’t have an account in a bank?

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.

    1. How is it helpful?

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.

    1. What are the documents required to be eligible for an e-Mandate?

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
    1. What if there is insufficient balance in my 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

    1. How many e-Mandates can I link to my account?

No, there is no limit to the number of e-Mandates that can be set up for an account.

    1. What are the benefits of E-mandate over ECS mandate (Manual)
      • 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
    2. How is it different from an ECS mandate?

An ECS mandate is an offline process where physical documents have to be submitted

    1. What are the documents required to be eligible for an e-Mandate?
    2. What if there is insufficient balance in my account?

If there is insufficient balance in your account, like any other given scenario, the transaction will be declined by your bank to the merchant.

    1. How many e-Mandates can I link to my account?

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.