What happens with the UPI mandate?
With this feature you can pre-authorise (Mandate) a transaction, for debit from your bank account later.
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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 is the charge for a failed mandate?
In case that EMI/mandate is not debited/fulfilled, a penalty of RS. 295/- is enforced. Also, sometimes the system does not enforce penalty month wise, rather it accumulates the penalty for a few months and then debit altogether. If you fail to ...
What happens if I don’t pay on time (default)?
If the loan is not repaid within the loan tenure, there is one opportunity to pay the service charge again and enjoy the loan for a further 30 days, provided you have applied for the extension prior to the original due date. Beware however, if the ...