NACH Mandate
NACH Mandate
NACH mandate is a digital payment service that allows customers to authorize automatic deductions from their bank accounts for recurring payments. It’s a standing instruction that’s provided to a bank or other financial institution, which then deducts the specified amount from the customer’s account.
NACH Mandate User Manual/Process Flow
1. Accessing the NACH Mandate Section
The customer clicks on the "NACH Mandate" option under Quick Links on the SK Finance website.
2. Displaying the NACH Mandate Section
The system presents the NACH Mandate section with relevant fields and dropdown options.
3. Selecting NACH Mandate Type
Customers choose the type of NACH request:
• Create: Register a new mandate.
• Amend: Modify details of an existing mandate.
• Cancel: Permanently cancel a mandate.
• Suspend/Revoke: Temporarily suspend or revoke a mandate (no transactions processed during suspension).
4. Entering Mandatory Details
• Loan ID: Numeric values only.
• Full Name: Customer’s full name.
• Mobile Number: 10 digits, starting with 6, 7, 8, or 9.
• Email ID (Optional): Must follow the "xyz@xyz.xyz" format.
• Description (Optional): Any additional remarks.
5. Providing Consent
Users must check a mandatory box confirming: “I acknowledge that the provided mobile number is registered. For Create/Amend/Cancel/Suspend/Revoke of the NACH Mandate, it will be processed only through the registered number, failing which the request will be deemed cancelled.”
6. NACH Form Submission
Clicking "Submit" initiates the system validation process.
7. System Validation
• If validation fails: An error message highlights the invalid field.
• If validation succeeds: Customer authentication will be there from backend.
8. Authentication Outcomes
• If Successful: OTP authentication is initiated via SMS.
• If Un Successful: Process ends with the error message: “We regret to inform you that the details provided do not match our records. Please verify the information or raise your concern here.”
9. OTP Verification
• An OTP field with a 180-second timer is displayed.
• Customers can resend the OTP after 180 seconds if not received.
10. Editing the Form (Optional)
Users can click "Edit" to modify pre-filled information, re-check the consent box, and re-submit.
11. Entering OTP
• Correct OTP: The case is submitted, and data is stored in the database.
• Incorrect OTP: An error message prompts re-entry or allows resending OTP after 180 seconds.
12. Ticket Creation
A ticket is created upon successful authentication, and a confirmation pop-up message is displayed.
13. SMS Notification
The customer receives an SMS with the ticket number for reference.
NACH Mandate FAQ
1. What is the NACH Mandate section on the SK Finance website?
The NACH Mandate section allows customers to manage their NACH mandates for loan payments. Customers can:
• Create a new mandate.
• Amend details of an existing mandate.
• Cancel an active mandate.
• Suspend/Revoke a mandate temporarily.
2. What information is required to submit a request in the NACH Mandate section?
You will need to provide the following:
• Loan ID (only numeric values).
• Full Name
• Mobile Number (10 digits, starting with 6, 7, 8, or 9).
• Email ID (Optional) in the format "xyz@xyz.xyz".
• Additional Remarks (optional).
3. What happens if my details don't match the records?
If the details provided do not match our records, the process will be terminated. A pop-up message will appear with the following error: “We regret to inform you that the details provided do not match our records. Please verify the information entered or raise your concern here”
4. How do I submit a NACH Mandate request?
To submit a NACH mandate request, follow these steps:
a. Access the NACH Mandate section under quick links on the SK Finance website.
b. Select the NACH Mandate type (Create, Amend, Cancel, Suspend/Revoke).
c. Provide the required information:
• Loan ID
• Full Name
• Mobile Number
• Email ID (Optional)
• Description (Optional)
d. Confirm your consent and submit the form.
5. What happens after I submit the form?
Once the form is submitted and the customer is authenticated, a ticket is created. Also, you will receive an SMS with the ticket number for reference.
6. Will I receive confirmation after submitting my NACH Mandate request?
Yes, once the request is submitted and successfully authenticated, a confirmation pop-up will appear on the website. You will also receive an SMS containing the ticket number.
7. How long will it take for my case to be processed?
The time to process each case will depend on the type of request. However, the assigned team will work on your request as promptly as possible, and you will be notified once your case is closed.
8. What should I do if I do not receive the OTP?
If you don't receive the OTP, you can click the "Resend OTP" button.
9. Can I edit my NACH Mandate form?
Yes, there is option by click the "Edit" button.
10. What happens if there’s an error with my NACH Mandate request?
If there's an issue with your request or if the system encounters a problem during the authentication or submission process, an error message will be displayed. For any issues, please contact customer support at here.
Comprehensive Guided Video: Raising a NACH Mandate Request
https://www.skfin.in/NACH%20Mandate%20Video.mp4
