Published on Jun 2, 2025Updated on Oct 14, 2026
If you are taking out a personal loan, it’s mandatory to register your bank account for monthly repayments. Keeping this information updated is crucial for managing repayments and maintaining a healthy credit profile. That’s why it’s important to know how to update the mandate for your personal loan account.
A mandate is your authorisation for a lender to debit EMIs from your bank account. This process is generally facilitated through the National Automated Clearing House (NACH). It’s important to make sure this mandate is up to date, as an outdated one may result in missed payments, late fees, or negatively impact your credit score.
In this article, you will understand how to update personal loan account details to make seamless repayments and avoid unnecessary disruptions.
The mandate for a personal loan account is usually set up through the NACH. It authorises your bank to debit EMIs automatically from your account. During loan repayment, there are chances that your bank account could change. This could be due to shifting jobs, switching to a bank with better features, or closing an old account. In this case, it’s important to make sure you update the auto-debit instructions for your personal loan to avoid repayment issues. This could lead to penalties and transaction failures.
Other reasons for changing your loan payment mandate could be modifications in EMI amounts or changing the date of your EMI deduction.
Knowing how to update the mandate for your personal loan account ensures your EMIs continue smoothly without any defaults. Here is a step-by-step guide to updating your NACH mandate:
*Please note that the exact process may vary by lender.
There are several ways to update the NACH mandate for your personal loan account. Most financial institutions offer these options:
Many lenders will allow you to initiate a personal loan mandate update process through their website. You must log in to your loan account and submit a mandate change request. You can then verify your new bank details and authenticate the update via OTP.
If you wish to do it offline, visit the nearest lender branch. You may need to fill out the mandate change form and submit any required documents. This can be useful when a signature is required for authentication.
Some lenders offer mandate updates through customer support. You can initiate the personal loan account mandate change procedure by contacting the helpline and requesting a physical or digital form.
Updating the ECS mandate for loan payments is important if your EMI is deducted through auto-debit or ECS. This involves coordinating with both your lender and your bank to update existing instructions.
Updating the mandate for a personal loan account can be very straightforward. This is how you can ensure the process is completed quickly and without interruptions to your EMI schedule:
As soon as you know about an account change, begin the process to modify the payment mandate for your personal loan account. This helps avoid any gap in EMI payments.
Any mismatch can lead to rejection. Always verify the information before submitting the mandate modification for your loan account.
While the mandate is being processed, keep sufficient funds in your current bank account to avoid EMI bounce charges.
Keep a record of your loan repayment mode change request and regularly follow up with your lender until you receive confirmation that the new mandate is active.
Making sure your loan repayment instructions are up to date is important for making EMI payments on time and keeping your credit profile strong. Follow the proper steps and use the right channels to initiate a personal loan account mandate change.
Looking for a seamless and hassle-free personal loan solution? SMFG India Credit offers tailored loan options and expert customer support. Apply online today for funds of up to INR 10 Lakhs* at competitive interest rates and flexible loan tenures.
Important Note: This article is for general informational purposes only and may be subject to change from time to time. As product features, eligibility criteria, interest rates, charges, fees, tenures and other terms may be revised as per SMFG India Credit's policies, readers are advised to refer to the latest details from the respective product pages (please select from the top menu). For the latest loan charges, please visit Charges & Fees Link and for the latest Interest rates, please visit Interest Rate Rationale. Please note that final loan terms, disbursement process and eligibility criteria will depend on SMFG India Credit's policies at the time of loan application.
The content of this article is for information purposes only and does not constitute as, an offer or advise to avail any products or services from, or, a commitment to grant any loan by the company. It is not intended to create any rights or obligations against us. All content is provided "as is" without any warranty of any kind, either express or implied & we disclaim any warranty or representation, whatsoever, in regards to the content. Please refer to the Privacy Policy of the company to understand the use, processing and storage of your personal data.
Was this helpful?
Insurance disclaimer SMICC is registered with the Insurance Regulatory and Development Authority of India (IRDAI) as a Corporate Agent. IRDAI Registration No.: [CA0098] CIN No. U65191TN1994PLC079235. The insurance policy is a contract between the customer and the insurance company, and policy is underwritten by insurance companies. SMICC acts only as the distributor and is not responsible for any risk, policy issuance, claim settlement/repudiation etc. Insurance is the subject matter of solicitation. Purchase of insurance is voluntary and subject to insurer underwriting and policy terms and conditions. Customers are advised to read the policy terms and conditions, benefits, exclusions, claim settlement carefully before purchase. Kindly note that “Insurance Products” are not mandatory for the purpose of the application and disbursement of loan. It shall be the sole discretion of the customer, by providing explicit consent, to avail such insurance along with the Loan.
Beware of Spurious calls/ Fraud phone calls IRDAI is not involved in activities like selling Insurance policies, announcing bonus or investment of premium. Public receiving such phone calls are requested to lodge a police complaint.
