UPI Mandate clarification

UPI Mandate clarification

We have updated the loan verification process to ensure smooth and secure transactions. Please follow the steps below to complete the process and activate your loan:

  1. Initiate Loan Application:

    • Proceed to apply for the loan in the app.

  2. UPI Verification:

    • You will receive a prompt for mandatory UPI verification. Complete this step to proceed.

  3. Loan Sanction Letter Verification:

    • After UPI verification, you will receive the loan sanction letter. Review and verify it.

  4. OTP Authentication:

    • An OTP will be sent to your registered number. Enter the OTP to proceed.

  5. AutoPay Activation:

    • After entering the OTP, you will see a pop-up on your preferred UPI app (Google Pay, Paytm, etc.).

    • Approve the request with your UPI PIN. A nominal ₹1 will be deducted to activate AutoPay.

Important Notes:

  • Repaying the loan before the due date will automatically revoke AutoPay.

If the user fails to complete the process successfully after three attempts, the user will be blocked.

    • Related Articles

    • What is UPI mandate?

      UPI Mandate allows you to pre-authorize a transaction and pay on a later date. This will prevent your loan from going into default.

    • How do I enable the UPI mandate?

      Go to your UPI App where your UPI ID has been created Check for the Alert popup or the notification Verify the Mandate by confirming your UPI pin number.

    • Is UPI mandate safe?

      UPI mandates is a safe process and authorized by your bank and governed by RBI.

    • What happens with the UPI mandate?

      With this feature you can pre-authorise (Mandate) a transaction, for debit from your bank account later.

    • How to approve the mandate request?

      To approve your mandate and activate your loan, follow these steps: Initiate Loan Application on the app. Complete the UPI verification prompt. Review and verify the Loan Sanction Letter. Enter the OTP received on your registered mobile. Approve the ...