NACH stands for National Automated Clearing House (NACH). It is a centralized system that has replaced ECS for auto-debit transactions in India. We require the borrower’s signed NACH mandate to auto-debit EMI payments from his/her account
Category: Auto Debit
How does the EMI get automatically deducted from borrower’s bank account?
The last step of the loan request process includes sharing the Loan Agreement form with the authorization of deducting a proposed EMI amount for a certain duration (depending on the loan plan). This Loan Agreement form will contain a NACH mandate, which will enable us to auto-debit the EMI amount directly from the borrower’s bank account.
What if the payment made by the borrower is not updated on the portal?
It takes upto 24 hours for us to update the payment. The borrower can check it by logging into his/her customer portal. If it has already been more than 1 working days and it has not got updated – please write to us at firstname.lastname@example.org.