emandate - Mahindra Finance

Q: What is the limit of e-mandates that I can set up through a single bank account?

There are no limits on the number of e-mandates you can set up via one bank account.

Q: What will happen if there is insufficient balance in my bank account?

The mandate is set up by beneficiary bank if the average balance is adequate to meet the monthly repayments. Once mandate is set up but there is insufficient balance in account, the transaction will be rejected on presentation.Every return attracts dishonour charges.

Q: How much time is needed in e-mandate processing?

There is no waiting time for setting up e-mandate. Your e-mandate will be set up instantly as soon as you complete the transaction.

Q: If for any reason my e mandate was not honoured, will I get the intimation about the failure? If so how can I continue to make payment?

In case your e-mandate registration failed, an SMS will be delivered on your registered mobile number. To avoid any late fee charges, continue paying your EMI through an alternate mode of payment.

Q: Will there be any charges to my account for this process?

Mahindra Finance will not charge the customer anything for setting up this facility.

Q: When can my NACH e-mandate application be rejected?

The application may get rejected when the borrower enters incorrect personal details for e.g., bank number, folio number, etc. It could also get rejected if the borrower’s bank is not authorized to provide e-mandate.

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E-mandate
User guide
Video
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What is E-mandate?

An e-mandate is a digital payment service that allows customers to authorize automatic deductions from their bank accounts for recurring payments. It’s a standing instruction that’s provided to a bank or other financial institution, which then deducts the specified amount from the customer’s account.

E-Mandate Guide: How to Create, Modify, Cancel, Suspend, and Revoke Mandates

1. How to create an E-mandate

Step 1: Log in to Mahindra Finance Customer Mobile Application

Step 2: Select the e-Mandate option

Step 3: Go through all the personal details and click on the 'Verify via OTP' option

Step 4: Enter the code received on your registered mobile number and click on 'Verify OTP'

Step 5: Select the preferable option amongst ‘Netbanking’, ‘Debit Card’ and ‘UPI’ and then click on the 'Create E-mandate' option. Fill in the details based on your preferred registration mode

Step 6: If you decide to go ahead with the UPI option, open the application where the request has been received and click on 'Approve Autopay'. Alternatively, if you select the 'debit card/ net banking' option, you will be redirected to the 'CAMS Page'. Here you can click on your mode of registration, read the disclaimer and then submit it. CAMS is an accredited aggregator of the e-Mandate process via NPCI.

Step 7: Once you complete either of the processes mentioned above, you will be redirected to Mahindra Finance's App. Afterward, you can see the Mahindra Finance e-Mandate status in your Mahindra Finance account.

2. How to Amend an E-mandate

Step 1: Log in to Mahindra Finance Customer Mobile Application

Step 2: Select the e-Mandate option

Step 3: Click on 'View More' for the mandate where you want to make the Amends

Step 4: Click on 'Amend E-Mandate'

Step 5: Click on 'Yes' if you to move forward with the Amend option

Step 6: Enter the 6 digit OTP received on your registered mobile number

Step 7: Select the remark for what amends you want to make to the E-Mandate

Step 8: You'll receive a POP-UP if your service request has been successfully created and you may track the same by clicking on 'Track Service Request' or decide to go back to the home page.

3. How to Cancel an E-mandate

Step 1: Log in to Mahindra Finance Customer Mobile Application

Step 2: Select the e-Mandate option

Step 3: Click on 'View More' for the mandate where you want to Cancel the mandate

Step 4: Click on 'Cancel E-Mandate'

Step 5: Click on 'Yes' if you are sure that you want to cancel the E-Mandate

Step 6: Enter the 6 digit OTP received on your registered mobile number

Step 7: Select the remark for why you want to cancel the E-Mandate

Step 8: You'll receive a POP-UP if your service request has been successfully created and you may track the same by clicking on 'Track Service Request' or decide to go back to the home page.

4. How to Suspend/Revoke an E-Mandate

Step 1: Log in to Mahindra Finance Customer Mobile Application

Step 2: Select the e-Mandate option

Step 3: Click on 'View More' for the mandate where you want to Suspend/Revoke the mandate

Step 4: Click on 'Suspend/Revoke E-Mandate'

Step 5: Click on 'Yes' if you to move forward with the Suspend/Revoke option

Step 6: Enter the 6 digit OTP received on your registered mobile number

Step 7: Select the remark for why you want to make to Suspend/Revoke the E-Mandate

Step 8: You'll receive a POP-UP if your service request has been successfully created and you may track the same by clicking on 'Track Service Request' or decide to go back to the home page.