Welcome to our ACH E-Mandate facility using the authentication of your Bank's Net banking log-in or Debit card PIN, instead of filling up and signing the physical mandate.
This facility is available for Savings Bank account with some Banks. Please Click here for the list.
Details about this facility
- ACH mandate has to be issued from the Bank Account registered with EDUVANZ as Repayment Account/s as appearing in the Loan Sanction Mail. In case you want to change your bank account please send a mail firstname.lastname@example.org.
- Authentication for E-Mandate requires an Active Net banking log-in. Some banks do provide it through your Debit Card too.
- Mobile Number/Email ID registered with EDUVANZ should be active for receiving the OTP for ACH Registration. You may contact any of EDUVANZ offices to update contact details if necessary or send a mail to email@example.com.
- The maximum amount for an E-Mandate is Rs. 1 Lakh. For an amount above Rs.1 lakh, you will have to issue a paper mandate.
- Separate E-Mandate has to be submitted for each Loan Account if applicable.
- IFSC and MICR should be verified or updated as mentioned on your Cheque/Passbook, whichever is latest.
- Maximum Amount per mandate will be twice the EMI (i.e. EMI X 2) or Rs. 1 Lakh whichever is lower. The 'maximum amount' is to take care of changes in EMI during the term of the loan. However your account will normally be debited with 1 EMI per month.
- The available EMI dates in a month are the 5th & 15th.
- The 'From Date' is the first EMI date i.e. the first Date of Payment.
- Mandates are generally presented on the 'EMI Date' mentioned in your mandate. If the EMI date falls on a Bank Holiday, the mandate will be presented on the next working day. Sometimes due to other technical reasons, the mandate may be presented a few days later as well. Therefore you are advised to maintain adequate balance until the mandate is presented.
- ACH Registration Process may take a maximum of 15 days. NEFT/IMPS may need to be done in the intervening period and you may write to firstname.lastname@example.org for any query in this interim period.
- Please Provide Personal Mail ID to receive Emails which are registered with EDUVANZ Loan Account.
- E Mandate cannot be issued under the following situations.
- The bank details displayed online are not as per your bank records.
- Your bank (i.e. the Bank from which the E Mandate is to be issued) is not registered with NPCI for API E-Mandate.
Please do not share your Net-banking Log-in ID and passwords to anyone. Also do not share your debit card number, CVV and PIN.
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