What is instrument swapping?
The process of changing an existing bank account registered with us for a loan to a new bank account is called instrument swapping process.
How can a customer change his Bank account details with us?
Customer can simply walk-in to our nearest branch with a cancelled cheque of the new bank that he wants to register with us.
In the branch, request for a NACH (National Automated Clearing House) form, fill in the form correctly and submit to us with the cancelled cheque.
TAT for the bank details to get updated
15 days
What all should a customer take note of while filling in the NACH form?
1. Customer should fill the form neatly and legibly
2. Avoid overwriting and cancellation
3. Not fold or staple the form
Fields that the customer needs to fill in the NACH form :
1. Date: (DD/MM/YYYY): The current date on which you are filling up the mandate
2. Bank Account Type: Type of bank account that the customer holds with the bank
3. Bank Name: Name of the bank that the customer wants to register with us. If the name is long, kindly use abbreviations
4. Bank Account No.: New bank account number that the customer wants to register. (Same as on the cancelled cheque)
5. 9 digit MICR Code: As mentioned on the cancelled cheque
6. EMI Amount in Words: In case the customer will be servicing multiple loans with BFL from this account, enter double the sum of all the EMIs.
7. EMI Amount in Figures: EMI amount
8. LAN (Loan Account Number): Customer will have to mention the LAN towards which he wants to register his new bank account. In case, he wants the new bank account details to be registered for all the LANs with us, then the customer will have to submit multiple NACH forms.
9. EMI End Date: Customer will have to enter the last EMI date in this field.
10. Signature: This should match with bank records.
11. Account Holder Name: In case customer’s bank account is a jointly operated bank account, then he will gave to enter names of account holders and also capture their signatures.
Watch the video to know how to Unblock your Bajaj Finserv EMI Card: https://www.youtube.com/watch?v=l9VxN...
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Bajaj Finserv is India’s fastest growing and most diversified non-banking financial corporation. Our robust business growth is driven by our belief system of never settling for good and chasing the great. It is this belief that shapes everything we do. Constantly reducing time and effort for the consumer, our wide portfolio of financial products and services are designed to make your life pursuits hassle-free.
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