Understanding Your e-NACH Mandate with Mirae Asset Financial Services (India) Pvt. Ltd.

At Mirae Asset Financial Services (India) Pvt. Ltd. (MAFS), we are committed to providing transparent and efficient financial services. This guide is designed to help you understand the e-NACH mandate process, how to register and swap mandates, and important considerations regarding mandate cancellation.

What is an e-NACH Mandate?

An e-NACH (Electronic National Automated Clearing House) mandate is an electronic authorization that allows automatic debits from your bank account for recurring payments, such as loan repayments. It streamlines the payment process, ensuring timely repayments without the need for manual intervention each month.

How to Register an e-NACH Mandate with MAFS

E-Nach Registration is a part of the loan application process for both Loan against Securities (Mutual Funds & Shares) and Personal Loans.

In Loan against Securities, the bank details are collected before lien marking and verified using Penny Drop (₹1 credit) mechanism. The next step involves lien marking/ pledging and once that is successfully completed, the user moves to e-NACH mandate registration.

In Personal Loans, e-NACH is registered after the offer is accepted by the user. The e-NACH is currently created on the bank account details submitted by the user during the loan application journey.

Registering your e-NACH mandate during the loan onboarding journey is simple and secure:

1. Enter Your Bank Details:
  1. o Provide your Account Number, IFSC Code, and Account Type (Savings or Current).
  2. o The Bank Name and Branch details will be automatically fetched based on the IFSC Code.
2. Redirect to NPCI and Bank Page:
  1. o You will be redirected to the National Payments Corporation of India (NPCI) portal where mandate details will be shown to you for your review.
  2. o From there, you'll be directed to your bank's secure page.
3. Authenticate Your Bank Account:
  1. o Choose one of the following methods to verify your account:
    1. o Net Banking: Log in with your internet banking credentials.
    2. o Debit Card: Authenticate using your debit card details.
  3. o Note: Authentication is mandatory to complete the e-NACH registration.
4. Confirmation:
  1. o Once authenticated, your mandate is created.
  2. o You can then proceed to complete your loan application with MAFS.
Managing Your e-NACH Mandate

We understand that you may need to update your banking information. MAFS offers a seamless process for swapping your existing mandate with a new one.

Mandate Swap

If you wish to change the bank account linked to your loan repayments, you can initiate a Mandate Swap request (Change of Bank Details) from our website - https://transact.miraeassetfin.com/Login or mobile app. Charges for Bank Mandate Swap or Update of Bank details are ₹ 500 + taxes.

Process to initiate Mandate Swap by going to ‘Service Request’ in your navigation menu and select Update Bank Details. Below is an overview of the process thereafter.

1. Validate Existing Bank Account:
  1. o Confirm your current bank account number mapped to the loan account.
2. Enter New Bank Details:
  1. o Provide the new Account Number, IFSC Code, and Account Type.
  2. o The system will fetch the new Bank Name and Branch automatically.
3. Authenticate the New Mandate:
  1. o You'll be redirected to NPCI and then to your new bank's page.
  2. o Authenticate the new bank account via Net Banking or Debit Card.
4. Completion:
  1. o Once the new mandate is successfully registered and mapped, MAFS will initiate the cancellation of your old mandate.
Cancellation of Mandate

To cancel a mandate on an existing active loan, you must first create a new mandate following the Mandate Swap process outlined above. This involves updating your bank details and authenticating the new mandate. Once the new mandate is successfully created, approved, and mapped in our system, MAFS will automatically cancel the older mandate.

Alternatively, you may foreclose the loan by repaying all outstanding dues. Once the loan account is closed, the mandate will be canceled as part of the closure process.

• Other than these two scenarios, if the mandate is canceled, the following implications must be considered:

  1. • Direct Cancellation via Bank:
    1. o If you cancel the mandate on an active loan directly through your bank, it will be considered a breach of the loan agreement.
    2. o Such actions may lead MAFS to exercise the discretion to initiate the closure of your active loan.
  3. • Policy as per Loan Agreement:
    1. o The loan agreement stipulates that an active e-NACH mandate must be maintained for loan repayments.
    2. o Cancellation or amendment of the mandate outside the outlined scenarios is not permitted.
We're Here to Help

Your financial well-being is our priority. If you have any questions or need assistance with your e-NACH mandate, please don't hesitate to reach out.

  1. • Customer Support:
    1. o Email : mcare@miraeassetfin.com
    2. o Phone : 1800 2099 180
    3. o Operating Hours: Monday to Friday, 9:00 AM to 6:00 PM

Disclaimer: This guide is for informational purposes only. Please refer to your loan agreement for detailed terms and conditions related to mandate management.