eMandate

e-NACH stands for electronic National Automated Clearing House which utilizes the services of National Payments Corporation of India (NPCI) 

It's a revised mode of ECS with a way to automate and handle your loan repayments with your bank account.

Let's say, if you are registering an e-NACH mandate for your Cash Loan, then all your Loan EMI payments will be scheduled for auto payment through your bank account on a fixed date instead of manually keeping track and making individual payments.

Benefits of e-NACH

• Timely payment of dues without any fear of missing the repayment date. 
• Repayment directly submitted to the lender without any delay and with lesser chances of failure of transaction
• Creation of an authenticated mandate by the customer himself through electronic channels
• Easy and follow less registration process

The cap on the e-NACH mandate amount, for the mandates registered on True Balance application, currently is Rs.1.5 lakhs which is subject to change depending upon other internal measures. 

No, e-NACH bounce charges are being charged by lenders  but in case loan due amount is not paid on the due date the penalty and interest for the delayed period may be imposed by the lenders to the customers.

After successful authentication of the mandate, you will receive confirmation of success or failure of the mandate acceptance. The corresponding message shall be displayed on the True Balance application.

Lenders shall initiate the debit transaction to the customer account as per the loan repayment schedule.

No, in that case the customer must manually repay that month’s EMI through our mobile application. The eNach shall start debiting EMIs from the next month onward.

If you wish to cancel your eNACH mandate, please contact our customer support team with the reason for your request. Your request will be reviewed based on the applicable policy and loan terms. In certain cases, you may be required to provide supporting documents and complete an alternate repayment arrangement before the existing eNACH mandate can be cancelled. Until the review is completed and, where applicable, the alternate arrangement is in place, the existing eNACH mandate will remain active.

No, there is no need for deregistration of e-NACH. When the loan is closed, e-NACH will be disabled on your bank account automatically. And in case you take a new loan from True Credits in future with the same bank account details, then the same e-NACH details will be enabled in your bank account to provide you the convenience of auto Loan EMI repayments.

Yes, e-NACH works on all days.

Yes, you can make early payments through the True Balance app. If you repay the loan before the due date, your bank account will not be debited through the eNACH (Electronic National Automated Clearing House) for that month’s EMI.

In fact, making early payments provides you with the flexibility to manage your finances and pay off your loan faster.

In case of insufficient bank account balance,your bank might levy bounce charges on your bank account. True Balance/Lenders has no role in levying these charges. Kindly check your bank's charges schedule to know more details.