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 maintain sufficient balance, the bank levies a penalty of Rs 295.These charges are levied by the bank and no additional charges will be imposed by StuCred.
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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.
Do you charge any fees?
We charge a fixed service charge (including all taxes) for the usage of the app which helps us run our platforms and offer services like 24/7 support. The amount is clearly mentioned at the time of taking the loan and deducted from the disbursed loan ...
What happens with the UPI mandate?
With this feature you can pre-authorise (Mandate) a transaction, for debit from your bank account later.
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.
My loan extension transaction has failed, but money has been debited from my bank a/c.
Sometimes, due to technical issues at the bank, money transfers fail. In these cases, Banks take upto 7-10 working days to refund the amount back to payer bank a/c. In case your loan extension transaction has failed, but money has been debited from ...