What is NACH?

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

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.