Changes in LAS Mandate Registration & Disbursement Process - Updated

Dear Partner,

Greetings from NJ Group.!!

You are aware that bajaj have made mandatory to submit mandate for loan disbursment W.E.F 24th August 2018.

We have done minor changes in existing process of mandate submission and registration.

Request you to kindly take note about the revised process and also the TAT for the disbursement which shall be as below:

Revised Process:

Steps
1 Client will initiate Loan request & first disbursement request - Message will be displayed as "Bajaj will disburse the fund after successful submission of Mandate"
2 Once the Loan form is Sent, Pre-filled mandate will be mailed to Client & Partner.
3 Partner / Client will take the printout of mandate and submit duly filled and signed copy at the nearest NJ Branch.
4 NJ branch official will process the mandate.
5 Bajaj will approve the mandate image for process in one day. If everything found proper then loan disbursement will be done to client on that day.

Important Points :

  • Agreement number will have to be mentioned in Mandate reference number field. We have taken change in system where the said number will be auto filled on Mandate for cases initiated after August, 24th 2018. However, for old cases the same will have to be entered manually on Mandate.
  • Name & Signature on Mandate should be as per Bank Records to avoid rejections.
  • Mandates which are received at branch before 04:00 PM shall be considered for the same day processing.
  • Disbursement will be done on the basis of mandate acceptance by Bajaj. Normal TAT+1 day where T= date on which Mandate is uploaded in their system.
  • In case mandate is rejected, Client / Partner will receive rejection email and a fresh mandate will have to be provided for further processing.
  • Client will receive fund only after successful Process of mandate by Bajaj.

From 10th Oct,2018,Partner will not be able to process the mandate through Techprocess app.

For any further assistance or information, please contact our Customer Care on 1800 102 0155

Warm Regards,
NJ India Invest Pvt Ltd
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