Finance

Everything about E-Mandate - Its benefits and the process to complete registration on the Experia portal

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The primary objectives of the Bajaj Finserv E-Mandate are to allow customers to create an authenticated payment mandate via electronic channels and to simplify recurring payments to the financial institution. To make the most of this system, individuals must find out about the concept it is based on and the accompanying benefits. Once they have gained the valuable insight, they can proceed to check out the online registration process accordingly.

What is E-Mandate?

E-Mandate is a payment system that comes in handy for issuance and confirmation of mandates by customers through online channels. Essentially, it is a feature in the existing mandate which enables customers or their concerned financial institutions to initiate mandates to sponsor payments from select financial institutions. Such a feature allows customers to purchase products on EMI and also simplifies rigorous documentation. In turn, it helps to shorten an entire payment process as well.

How does an E-Mandate work?

Individuals can set up an E-Mandate directly via an online transaction instead of taking up a couple of days to set it offline. Typically, E-Mandate functions to bring down the processing time of such a mandate from 21 days to only 2 days.  One can use an internet-based, mobile-based or Aadhaar-based authentication channel to create a verified E-Mandate.

The following eligibility criteria for E-Mandate help individuals to qualify for such a feature -

-          Their mobile number must be registered with Aadhaar.

-          Aadhaar number must be linked with a bank account.

-          KYC details and Aadhaar cards are among the essential documents required for E-Mandate.

Benefits of E-Mandate

These pointers below highlight some top benefits of selecting a Bajaj Finserv E-Mandate –

Being an automated process, it is relatively hassle-free and eliminates the need for printing the form. In turn, it helps save the time and energy involved in sending NACH form via courier or submitting in person.

Typically, the process of registering and activating an E-Mandate can be completed within 3 minutes.

  1. The unnecessary cost of printing and postage gets reduced significantly.
  2. Individuals can register for an E-Mandate facility at any time and from any given location.
  3. Individuals will be instantly notified about the success of E-Mandate activation via email.
  4. The scope of the form’s rejection due to any mismatch in sign, account details, low quality of print, etc. is reduced significantly with this facility.

How to register for E-Mandate via the Experia portal?

Here’s the procedure involved in E-Mandate registration for Bajaj Finserv customers via the Experia portal–

Step 1 – Go to the Bajaj Finserv Experia or open the Bajaj Finserv Experia App.

Step 2Navigate to ‘Bank and Mandate Details’ to verify registration details.

Step 3 – Click on the ‘Verify’ button to check personal and account details. Also, verify the mode of registration and additional information.

Step 4 – Click on the disclaimer field.

Step 5 – Proceed to opt for the ‘Submit’ option.

Step 6 – Next, choose authentication mode, i.e. net banking or debit card (the authentication mode differs from one bank to another).

Step 7 – Check all the details provided in the E-Mandate registration form.

Step 8 – Confirm the declaration and subsequently click on ‘Submit’.

Step 9 – On being redirected to the net banking page, provide the required details.

Step 10 – On completing the authentication process, a message regarding successful completion will pop up on the screen.

Once these steps are complete, individuals can be sure of successful registration for E-Mandate. Besides using the customer portal for registration, individuals can also use it to check account statements, download NOC, as well as access loan or investment-related details.

You can also track your repayment schedule and check your pre-approved offer with the help of this customer portal. The latter is a customised offer available on several financial products provided by the NBFC. It aims to simplify the process of financing and helps save valuable time for customers.

Generally, an individual can link multiple Bajaj Finserv E-Mandates to his/her account. However, in case of inadequate account balance, the transactions are likely to be declined by the financial institution, and bounce charges are levied. One must thus make sure to keep sufficient balance in the account for a successful payment via the mandate on a decided due date.

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