Loans FAQs

Money Manager FAQs

Money View Loans FAQs

Loans FAQs

Money Manager FAQs


NACH stands for National Automated Clearing House (NACH). It is a centralised system that’s similar to ECS. It was launched with the aim of merging multiple ECS systems running across the country and to introduce higher efficiency. It has replaced ECS for auto-debit transactions in India and has been operational since May 2016. You can read more about NACH here(https://bit.ly/37cdQYQ). We require your signed NACH mandate to auto-debit EMI payments from your account.

The last step of the loan request process includes you sending us a Loan Agreement form with the authorization of deducting a proposed EMI amount for a certain duration (depending on the loan plan). This Loan Agreement form will contain a NACH mandate, which will enable us to auto-debit the EMI amount directly from your bank account.

If the Auto-Debit feature for your loan account is not enabled or activated for some reason, you can still pay your monthly EMIs through the ‘Pay Now’ option on our app. Here, you can either use your Debit Card, NetBanking account, or UPI ID to make payments.

If the ‘Pay Now’ option is visible on your app, you can go ahead and make a payment – advance or overdue instalments. If you’re paying an instalment in advance, we will not be initiating the auto-debit feature for the following month.

Once you upload the NACH mandate form, we send a request to your bank to enable the auto-debit feature. Your bank will then verify your signature and other important details before enabling the auto-debit feature.If you continue to notice that this feature is still disabled after a couple of days, please get in touch with us at loans@moneyview.in

We usually get the monthly auto-debit report by the 7th or the 8th day of that month. Our internal team usually updates the platform once this report is checked and verified. So, there’s nothing for you to worry about as long as you’ve made the payment.

The amount in the NACH form is equal to your loan amount but your EMI remains the same as what you’ve chosen on the app. This is done for your convenience by reducing multiple NACH authorizations when taking an additional loan. For instance, each time you borrow more money through a top-up loan or credit line, we’ll have to get a new NACH mandate to accommodate the change in the EMI amount.To avoid such a cumbersome process, we have simplified things by taking a single NACH mandate authorization, which is equal to your initial loan amount.

The cancellation of NACH mandate is an easy process. You can use the given link to raise a request for canceling the NACH mandate registered with Money View. You'll be required to authenticate using your PAN number to proceed. Click here!