Introduced by RBI and the National Payments Corporation of India (NPCI), e-Mandate serves as the primary mode for lenders in India to collect uninterrupted payments without any hassle. This e mandate process is a standard instruction that customers provide to their financial institutions allowing them to debit the required amount from their respective accounts. There are various benefits of bajaj e mandate which you can avail through this.
If you have availed of credit from Bajaj Finserv, you need to provide this mandate, allowing it to debit the amount for monthly payments. This Bajaj e mandate is sent to the concerned financial institution on your behalf.
What is the importance of e mandate Bajaj Finserv?
The e mandate for Bajaj Finserv includes name, account number, and respective financial institution’s name. Depending on this information, the concerned financial institution that is accepting ECS payments arranges the necessary data and submits it to the clearing department to ensure a seamless process.
This Bajaj Finserv e-mandate is an effective way for this organization and its customers to manage recurring payments such as loan instalments, insurance premiums etc. This further reduces the hassle of reminders and avoids late penalty charges that prove to be valuable for both financial institutions and their clients.
Benefits of e mandate
The e mandate process has various advantages; here are some highlights:
- Reduces confusion
When customers opt for an automated payment option, the overall transaction details are presented to them to avoid confusion. Previously, financial institutions used to issue post-dated cheques for advanced payment. However, this new process is more efficient and considered an easy alternative.
- Keep customers updated
As already mentioned, all the payments are taken care of with an electronic mandate. The exact amount is debited from a customer’s account within the specified time. When customers are updated about the transaction history, it will allow them to have clarity about their finances.
- Saves considerable time
When you choose Bajaj Finserv e mandate online to make payments, it saves time considerably. In addition, with this process, you are easily notified about your payments and can be relieved.
- Reduce administrative cost
Since the amount is automatically debited from your account, the organization does not continuously remind you of the payments. This further eliminates the operational effort of the company.
For the registration of e mandate, customers can do it conveniently through an online portal introduced by Bajaj Finserv. This Bajaj Finserv customer portal simplifies online financial transactions and allows customers to manage their loan accounts efficiently.
To begin with the registration, individuals need to know about the Bajaj Finserv log in ID or password and continue the process without any hassle.
Steps of an e mandate registration process
To successfully register for the e mandate, individuals need to follow the steps mentioned below –
- At first, visit the Bajaj Customer Portal-Experia and click on the home page
- Verify your personal details and click “proceed”
- Authenticate your banking details, choose registration mode and click on “submit”
- If you choose the OTP option, input the OTP received on your registered contact number and click on “submit”
- If you select the Net banking option, you will be redirected to Digio page. Now, click on mode or registration disclaimers and select “Submit”
- For net banking, you need to input your login credentials and OTP to verify mandate on a financial institution’s official webpage
- Enter card details and OTP to verify e mandate on your preferred financial institution’s webpage. After successful verification of the mandate, it will be registered with this financial institution, and the registration number will be displayed on the Bajaj Finserv page
For further assistance regarding e mandate processing, you can connect to the Bajaj Finserv customer care number (08698010101) and clear your queries.