1. Why is auto-debit mandatory for loans?
Auto-debit ensures that your EMIs are paid on time directly from your bank account, reducing the risk of missed payments, penalties, or impact on your credit history.
2. Can I pay EMIs manually if my bank does not support auto-debit?
No, manual EMI payments are not supported. To ensure seamless repayment and compliance with loan terms, auto-debit is mandatory.
3. What should I do if my bank does not support auto-debit?
You may consider opening an account with a bank that offers the auto-debit facility. Once set up, you can reapply for the loan.
4. Which banks support auto-debit?
Most major banks support auto-debit through NACH (National Automated Clearing House). Please check with your bank or with us for confirmation.
5. Can I change my auto-debit bank account later?
Yes, you can update your auto-debit mandate to a different eligible bank account after loan approval, subject to verification and processing.
6. How do I set up auto-debit?
You need to provide your bank details and authorize the e-mandate/NACH mandate at the time of loan application. The system will guide you through the process.
7. What happens if my auto-debit fails due to insufficient balance?
If the auto-debit fails, a penalty may be charged, and your credit history may be impacted. Multiple failures may also affect your eligibility for future loans.
8. Is there an extra charge for auto-debit?
No additional charges are levied by us for auto-debit setup. However, your bank may apply standard mandate registration or transaction charges, if applicable.
9. Can I cancel auto-debit once the loan is active?
No, cancellation of auto-debit during an active loan is not possible, as it is the only accepted repayment mode.
10. What happens after I enable auto-debit?
Once enabled, your EMI will be automatically deducted from your registered bank account on the due date every month. You will also receive confirmation of payment