What is NACH?
National Automated Clearing House (NACH) is a facility provided by the National Payments Corporation of India (NPCI) to Banks and NBFCs for accepting a large amount of payments like Loan EMIs, credit card payments, etc.
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Why is the NACH amount higher than the amount I have applied?
The amount on the NACH is the total eligibility amount offered to you by PaySense. Now, you do not need to worry as this is not your loan amount. Your loan amount is clearly mentioned in your loan agreement, and you will only be repaying that specific amount to us.
Why is the end date on NACH mentioned as 2099?
The default NACH end date has been set to 2099 by the National Payments Corporation of India (NPCI). However, your loan tenure will remain as mentioned in the loan agreement.
UPI NACH
Easy to set up
Activate real-time, whereas Physical and Digital NACH takes 30 days to get activated
Ensure an active NACH before disbursing the loan
Note: ₹1 will be deducted to verify the account and the same will be refunded
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