Frequently Asked Questions
How can we help you?
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How do I set up an eNACH / UPI auto debit mandate?
Why do I need to link a bank account?
Linking a bank account is required to:
What is an eMandate/eNACH and why is it needed?
An eMandate (also called eNACH) is a digital authorization that allows Fatakpay and/or its Partner NBFCs/Banks to auto-debit your monthly repayment from your bank account. This ensures you never miss a repayment and helps maintain your credit health. This process includes setting the payment amount, frequency, and duration and is secured through authentication methods like OTP (One-Time Password) or net banking.
eMandate/eNACH safe?
Yes, eMandate is secure and follows stringent security protocols, including multi-factor authentication and data encryption. It is regulated by the Reserve Bank of India (RBI), ensuring adherence to legal and security standards.
Can I set up auto-debit later if I skip it initially?
No, you cannot skip setting up of auto-debit in order to move ahead in your loan journey. This step may be optional for employees of our Corporate partners.
My eNACH failed — what should I do?
eNACH may fail due to:
Can I cancel the Bank eMandate/UPI Auto Debit?
Yes, you can cancel a Bank eMandate//UPI Auto Debit, but it can only be done if the related loan is canceled or fully repaid by placing a request over email or in the App.
What happens if I don’t have sufficient balance for the auto repayment in my account?
If there are insufficient funds in your account on the scheduled date for auto debit of your EMI, the payment may fail, and the bank or service provider may impose a penalty / bounce charge. To avoid such issues and avoid penalties, it is advisable to maintain a sufficient balance in your account before your due date.
