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
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