3 min
14-April-2025
When considering a Loan Against Securities (LAS), understanding the EMI (Equated Monthly Installment) structure and the bank account details tied to the loan is crucial for effective financial planning. A Loan Against Securities allows you to borrow funds by pledging your investments like shares, mutual funds, bonds, or other securities as collateral. In return, the bank provides you with a loan, and you’re required to repay it in manageable monthly installments. The EMI details, including the principal amount, interest rate, loan tenure, and frequency of payments, are vital to understanding how the loan will impact your finances. Additionally, having the right bank account details ensures smooth processing of EMIs. Your bank account must be linked for automatic EMI deductions, and any change in your account status can affect your loan repayment process. By carefully reviewing these details, you can ensure that you meet your repayment schedule without surprises, while leveraging your securities effectively.
One of the most common reasons is switching to a new primary bank account. Many individuals shift their salary accounts due to job changes or prefer accounts with better digital services, lower charges, or more benefits. If your EMIs continue to be deducted from an old or inactive account, it could lead to failed transactions, late payment penalties, or even a negative credit score impact. Updating your EMI bank account ensures uninterrupted payments and helps maintain your credit health.
Another reason is better control and monitoring of finances. You may want to consolidate all EMIs and financial obligations in one account for easier tracking and budgeting. Having a centralized bank account helps you stay on top of your monthly obligations and avoids the hassle of transferring funds between multiple accounts.
Some borrowers change their bank account details due to joint account closures, account downgrades, or fraud prevention measures. In such cases, promptly updating your EMI deduction account helps avoid any disruption in the repayment process.
Lastly, changing your EMI bank account can sometimes align with strategic financial planning. For instance, you might prefer linking your EMI to an account with higher balance maintenance to avoid additional charges or to an account that offers rewards for maintaining a steady balance.
In conclusion, keeping your EMI bank account details up-to-date is essential for maintaining financial discipline, avoiding penalties, and ensuring smooth loan servicing. If your circumstances change, don’t hesitate to initiate a formal update with your lender. It’s a small but important step toward responsible financial management.
Review your loan agreement
Before initiating any changes, revisit your loan documents to check if there are specific guidelines or restrictions regarding the updating of EMI account information.
Inform your relationship manager or loan officer
Contact your bank or financial institution and inform them about your intent to change the EMI deduction account. This ensures you receive the correct process and required forms.
Collect the required documents
Typically, you will need:
A cancelled cheque of the new bank account
A filled and signed ECS/NACH mandate form
A formal request letter or form (if required by the lender)
Identification proof (in some cases)
Visit the branch or use net banking (if available)
Some banks allow EMI account updates via their net banking or mobile app platforms, while others may require a visit to the branch for verification and submission.
Submit the new NACH/ECS mandate
The new mandate authorizes the bank to auto-debit your EMIs from the updated account. Ensure the information is filled accurately to avoid transaction failures.
Wait for verification and processing
After submission, the bank will verify the details and initiate the account change. This can take 5–10 working days, depending on the institution.
Ensure sufficient balance in both accounts during transition
Until you receive official confirmation that the change is complete, keep funds in both the old and new accounts to avoid missed EMI payments.
Get a confirmation letter or email
Once the change is processed, request a confirmation from the lender stating the new EMI account details and the effective date of the update.
Monitor the first few EMI transactions
Track the next couple of EMI payments to ensure deductions are happening smoothly from the new account.
Keeping your EMI account information current ensures uninterrupted repayments and protects your credit score. Always communicate clearly with your lender during this process for a hassle-free update.
Review your loan agreement
Before initiating any changes, revisit your loan documents to check if there are specific guidelines or restrictions regarding the updating of EMI account information.
Inform your relationship manager or loan officer
Contact your bank or financial institution and inform them about your intent to change the EMI deduction account. This ensures you receive the correct process and required forms.
Collect the required documents
Typically, you will need:
A cancelled cheque of the new bank account
A filled and signed ECS/NACH mandate form
A formal request letter or form (if required by the lender)
Identification proof (in some cases)
Visit the branch or use net banking (if available)
Some banks allow EMI account updates via their net banking or mobile app platforms, while others may require a visit to the branch for verification and submission.
Submit the new NACH/ECS mandate
The new mandate authorizes the bank to auto-debit your EMIs from the updated account. Ensure the information is filled accurately to avoid transaction failures.
Wait for verification and processing
After submission, the bank will verify the details and initiate the account change. This can take 5–10 working days, depending on the institution.
Ensure sufficient balance in both accounts during transition
Until you receive official confirmation that the change is complete, keep funds in both the old and new accounts to avoid missed EMI payments.
Get a confirmation letter or email
Once the change is processed, request a confirmation from the lender stating the new EMI account details and the effective date of the update.
Monitor the first few EMI transactions
Track the next couple of EMI payments to ensure deductions are happening smoothly from the new account.
Keeping your EMI account information current ensures uninterrupted repayments and protects your credit score. Always communicate clearly with your lender during this process for a hassle-free update.
Delayed processing by the bank
One of the most common issues is the delay in processing the new ECS/NACH mandate, especially if the request is made manually through a branch. This can lead to EMIs still being deducted from the old account or payment failures.
Incorrect or incomplete documentation
Submitting an incomplete ECS/NACH mandate form or a cancelled cheque with errors can result in rejection or delays. It’s essential to double-check all the required documents before submission.
Technical errors in mandate registration
Sometimes, the ECS/NACH mandate may fail to get registered due to technical reasons, like mismatched IFSC codes, wrong account numbers, or unsupported bank branches.
Lack of confirmation from the bank
After submitting your request, failure to receive formal confirmation from the lender can lead to confusion regarding which account is currently active for EMI deduction.
Double deductions during transition period
If both the old and new accounts are active in the EMI system for a short period, some borrowers report duplicate deductions. This usually requires a refund request and can take time to resolve.
Low balance in either account during update period
Until the new account is confirmed as active, it’s wise to maintain sufficient balance in both accounts to avoid failed transactions and penalty charges.
Communication gaps with bank representatives
Miscommunication or lack of clarity on the exact process may result in incomplete submissions or missed steps, especially if handled offline.
Restrictions on account type
Some lenders do not accept joint accounts, NRE/NRO accounts, or third-party accounts for EMI deductions, which may complicate the change request.
Understanding these common issues in advance allows you to be better prepared, ensure accurate submissions, and avoid disruptions in your EMI payment schedule.
Log in to your net banking or loan portal
Visit your lender’s official website or mobile app and log in using your registered credentials linked to your loan account.
Navigate to the loan section
Go to the section titled “Loan Services,” “Manage Loan,” or “Loan Against Securities,” depending on your bank’s interface.
Select ‘Update EMI bank account’ or similar option
Look for an option like “Change EMI Account,” “Update Auto-Debit Details,” or “Modify NACH Mandate.”
Download or fill the NACH/ECS mandate online
Some banks allow you to digitally fill out the NACH mandate form, while others may require you to download it, sign it, and upload a scanned copy.
Upload supporting documents
You will usually need to upload:
A scanned image of a cancelled cheque from your new account
ID proof (in some cases)
The filled and signed mandate form (if not digitally submitted)
Authenticate the request
Complete OTP (One-Time Password) verification or eSign the form using Aadhaar-based authentication, depending on the bank’s procedure.
Submit the request
After authentication, submit the change request. You’ll receive an acknowledgment message or reference number for tracking.
Wait for confirmation
It may take 5–7 working days for the bank to process and approve the new bank details. A confirmation will be sent via SMS or email once the update is complete.
Monitor your EMI status
Keep an eye on your loan dashboard or statement to ensure that future EMIs are debited from the new account.
By following these online steps, you can easily update your EMI bank account details without visiting the branch, ensuring uninterrupted payments and financial convenience.
Visit the nearest bank branch or loan servicing center
Start by visiting the branch where your LAS account is being managed or any authorized service center of your lender.
Inform the bank representative
Let the bank official or relationship manager know that you want to update your EMI bank account details. They will guide you through the specific process and provide the required forms.
Collect and fill out the NACH/ECS mandate form
The mandate form allows the bank to set up auto-debit instructions from your new account. Ensure that all details—such as account number, IFSC code, and bank name—are filled correctly.
Attach supporting documents
Submit the following along with your form:
A cancelled cheque of the new bank account
Valid ID proof (if required)
Any additional documents specified by the bank
Sign all forms in required places
Double-check the mandate and request form to ensure you’ve signed in all designated places to avoid processing delays.
Submit the documents to the bank official
Hand over the completed and signed documents to the branch representative for further processing. You may receive an acknowledgment slip or receipt for your records.
Wait for processing and confirmation
The bank will take 5–10 working days to verify and process your request. You’ll receive a confirmation via SMS, email, or post once the change is successfully implemented.
Maintain balance in both accounts during transition
To prevent failed EMI deductions, keep sufficient funds in both the old and new accounts until the switch is confirmed.
Follow up if needed
If you don’t receive confirmation within the expected time, contact the bank to check the status of your request.
Using the offline method ensures personal assistance throughout the process and is ideal for those who prefer face-to-face interactions.
Cancelled cheque of the new bank account
This is used to verify the account holder’s name, account number, and IFSC code. Make sure the cheque is not more than 3 months old and has the word “Cancelled” written across it.
Filled and signed NACH/ECS mandate form
This form authorizes the lender to debit EMIs from your new account. Ensure all fields are correctly filled and the signature matches your bank records.
Valid ID proof (if requested)
Banks may ask for a government-issued ID such as Aadhaar card, PAN card, Voter ID, or Passport for additional verification.
Request letter or account update form
Some lenders require a formal request letter or a specific EMI account update form. This should mention your loan account number and clearly state the change request.
Old account details (optional)
In some cases, the lender may request details of your previous EMI bank account to confirm the transition and for audit purposes.
Any bank-specific documents
Depending on the lender, additional documentation may be required. Always check with your bank or refer to its official communication for updated requirements.
To avoid overdue charges or missed payments during the account update process, ensure EMIs are paid on time. You can make your Bajaj EMI overdue payment online or opt for a Bajaj Finserv EMI advance payment if needed, ensuring financial continuity while the account change is being processed.
Why change your EMI bank account details for loan against securities?
Changing your EMI bank account details for a Loan Against Securities (LAS) may seem like a small administrative task, but it can have significant implications on your loan repayment and financial management. The EMI for an LAS is typically auto-debited from the account you registered during the loan application. However, several practical and financial reasons may prompt you to update these bank details.One of the most common reasons is switching to a new primary bank account. Many individuals shift their salary accounts due to job changes or prefer accounts with better digital services, lower charges, or more benefits. If your EMIs continue to be deducted from an old or inactive account, it could lead to failed transactions, late payment penalties, or even a negative credit score impact. Updating your EMI bank account ensures uninterrupted payments and helps maintain your credit health.
Another reason is better control and monitoring of finances. You may want to consolidate all EMIs and financial obligations in one account for easier tracking and budgeting. Having a centralized bank account helps you stay on top of your monthly obligations and avoids the hassle of transferring funds between multiple accounts.
Some borrowers change their bank account details due to joint account closures, account downgrades, or fraud prevention measures. In such cases, promptly updating your EMI deduction account helps avoid any disruption in the repayment process.
Lastly, changing your EMI bank account can sometimes align with strategic financial planning. For instance, you might prefer linking your EMI to an account with higher balance maintenance to avoid additional charges or to an account that offers rewards for maintaining a steady balance.
In conclusion, keeping your EMI bank account details up-to-date is essential for maintaining financial discipline, avoiding penalties, and ensuring smooth loan servicing. If your circumstances change, don’t hesitate to initiate a formal update with your lender. It’s a small but important step toward responsible financial management.
Steps to update EMI account information for loan against securities
Updating your EMI bank account information for a Loan Against Securities (LAS) is a straightforward process, but it requires careful attention to ensure uninterrupted EMI payments. Below are the key steps to guide you through updating your account details:Review your loan agreement
Before initiating any changes, revisit your loan documents to check if there are specific guidelines or restrictions regarding the updating of EMI account information.
Inform your relationship manager or loan officer
Contact your bank or financial institution and inform them about your intent to change the EMI deduction account. This ensures you receive the correct process and required forms.
Collect the required documents
Typically, you will need:
A cancelled cheque of the new bank account
A filled and signed ECS/NACH mandate form
A formal request letter or form (if required by the lender)
Identification proof (in some cases)
Visit the branch or use net banking (if available)
Some banks allow EMI account updates via their net banking or mobile app platforms, while others may require a visit to the branch for verification and submission.
Submit the new NACH/ECS mandate
The new mandate authorizes the bank to auto-debit your EMIs from the updated account. Ensure the information is filled accurately to avoid transaction failures.
Wait for verification and processing
After submission, the bank will verify the details and initiate the account change. This can take 5–10 working days, depending on the institution.
Ensure sufficient balance in both accounts during transition
Until you receive official confirmation that the change is complete, keep funds in both the old and new accounts to avoid missed EMI payments.
Get a confirmation letter or email
Once the change is processed, request a confirmation from the lender stating the new EMI account details and the effective date of the update.
Monitor the first few EMI transactions
Track the next couple of EMI payments to ensure deductions are happening smoothly from the new account.
Keeping your EMI account information current ensures uninterrupted repayments and protects your credit score. Always communicate clearly with your lender during this process for a hassle-free update.
Steps to update EMI account information for loan against securities
Updating your EMI bank account information for a Loan Against Securities (LAS) is a straightforward process, but it requires careful attention to ensure uninterrupted EMI payments. Below are the key steps to guide you through updating your account details:Review your loan agreement
Before initiating any changes, revisit your loan documents to check if there are specific guidelines or restrictions regarding the updating of EMI account information.
Inform your relationship manager or loan officer
Contact your bank or financial institution and inform them about your intent to change the EMI deduction account. This ensures you receive the correct process and required forms.
Collect the required documents
Typically, you will need:
A cancelled cheque of the new bank account
A filled and signed ECS/NACH mandate form
A formal request letter or form (if required by the lender)
Identification proof (in some cases)
Visit the branch or use net banking (if available)
Some banks allow EMI account updates via their net banking or mobile app platforms, while others may require a visit to the branch for verification and submission.
Submit the new NACH/ECS mandate
The new mandate authorizes the bank to auto-debit your EMIs from the updated account. Ensure the information is filled accurately to avoid transaction failures.
Wait for verification and processing
After submission, the bank will verify the details and initiate the account change. This can take 5–10 working days, depending on the institution.
Ensure sufficient balance in both accounts during transition
Until you receive official confirmation that the change is complete, keep funds in both the old and new accounts to avoid missed EMI payments.
Get a confirmation letter or email
Once the change is processed, request a confirmation from the lender stating the new EMI account details and the effective date of the update.
Monitor the first few EMI transactions
Track the next couple of EMI payments to ensure deductions are happening smoothly from the new account.
Keeping your EMI account information current ensures uninterrupted repayments and protects your credit score. Always communicate clearly with your lender during this process for a hassle-free update.
Common issues while changing EMI bank account details
Changing your EMI bank account details for a Loan Against Securities (LAS) is generally a smooth process, but it can sometimes be affected by technical errors or procedural delays. Being aware of common issues can help you take timely precautions. Here are some of the most frequent problems borrowers face:Delayed processing by the bank
One of the most common issues is the delay in processing the new ECS/NACH mandate, especially if the request is made manually through a branch. This can lead to EMIs still being deducted from the old account or payment failures.
Incorrect or incomplete documentation
Submitting an incomplete ECS/NACH mandate form or a cancelled cheque with errors can result in rejection or delays. It’s essential to double-check all the required documents before submission.
Technical errors in mandate registration
Sometimes, the ECS/NACH mandate may fail to get registered due to technical reasons, like mismatched IFSC codes, wrong account numbers, or unsupported bank branches.
Lack of confirmation from the bank
After submitting your request, failure to receive formal confirmation from the lender can lead to confusion regarding which account is currently active for EMI deduction.
Double deductions during transition period
If both the old and new accounts are active in the EMI system for a short period, some borrowers report duplicate deductions. This usually requires a refund request and can take time to resolve.
Low balance in either account during update period
Until the new account is confirmed as active, it’s wise to maintain sufficient balance in both accounts to avoid failed transactions and penalty charges.
Communication gaps with bank representatives
Miscommunication or lack of clarity on the exact process may result in incomplete submissions or missed steps, especially if handled offline.
Restrictions on account type
Some lenders do not accept joint accounts, NRE/NRO accounts, or third-party accounts for EMI deductions, which may complicate the change request.
Understanding these common issues in advance allows you to be better prepared, ensure accurate submissions, and avoid disruptions in your EMI payment schedule.
Online process for updating EMI bank account details
Updating your EMI bank account details online for a Loan Against Securities (LAS) is a convenient and time-saving method. Most banks and financial institutions offer digital platforms for this service. Here’s a step-by-step guide in pointers to help you through the online process:Log in to your net banking or loan portal
Visit your lender’s official website or mobile app and log in using your registered credentials linked to your loan account.
Navigate to the loan section
Go to the section titled “Loan Services,” “Manage Loan,” or “Loan Against Securities,” depending on your bank’s interface.
Select ‘Update EMI bank account’ or similar option
Look for an option like “Change EMI Account,” “Update Auto-Debit Details,” or “Modify NACH Mandate.”
Download or fill the NACH/ECS mandate online
Some banks allow you to digitally fill out the NACH mandate form, while others may require you to download it, sign it, and upload a scanned copy.
Upload supporting documents
You will usually need to upload:
A scanned image of a cancelled cheque from your new account
ID proof (in some cases)
The filled and signed mandate form (if not digitally submitted)
Authenticate the request
Complete OTP (One-Time Password) verification or eSign the form using Aadhaar-based authentication, depending on the bank’s procedure.
Submit the request
After authentication, submit the change request. You’ll receive an acknowledgment message or reference number for tracking.
Wait for confirmation
It may take 5–7 working days for the bank to process and approve the new bank details. A confirmation will be sent via SMS or email once the update is complete.
Monitor your EMI status
Keep an eye on your loan dashboard or statement to ensure that future EMIs are debited from the new account.
By following these online steps, you can easily update your EMI bank account details without visiting the branch, ensuring uninterrupted payments and financial convenience.
Offline process for changing EMI bank account details
If you prefer handling your financial transactions in person or if your lender does not offer a digital option, you can update your EMI bank account details offline. The offline method for changing EMI account information for a Loan Against Securities (LAS) involves a few key steps. Here's a detailed breakdown in pointers:Visit the nearest bank branch or loan servicing center
Start by visiting the branch where your LAS account is being managed or any authorized service center of your lender.
Inform the bank representative
Let the bank official or relationship manager know that you want to update your EMI bank account details. They will guide you through the specific process and provide the required forms.
Collect and fill out the NACH/ECS mandate form
The mandate form allows the bank to set up auto-debit instructions from your new account. Ensure that all details—such as account number, IFSC code, and bank name—are filled correctly.
Attach supporting documents
Submit the following along with your form:
A cancelled cheque of the new bank account
Valid ID proof (if required)
Any additional documents specified by the bank
Sign all forms in required places
Double-check the mandate and request form to ensure you’ve signed in all designated places to avoid processing delays.
Submit the documents to the bank official
Hand over the completed and signed documents to the branch representative for further processing. You may receive an acknowledgment slip or receipt for your records.
Wait for processing and confirmation
The bank will take 5–10 working days to verify and process your request. You’ll receive a confirmation via SMS, email, or post once the change is successfully implemented.
Maintain balance in both accounts during transition
To prevent failed EMI deductions, keep sufficient funds in both the old and new accounts until the switch is confirmed.
Follow up if needed
If you don’t receive confirmation within the expected time, contact the bank to check the status of your request.
Using the offline method ensures personal assistance throughout the process and is ideal for those who prefer face-to-face interactions.
Documents required for EMI bank account details update
When you wish to update your EMI bank account details for a Loan Against Securities (LAS), it is essential to provide accurate and valid documentation. Submitting the right set of documents ensures smooth processing and avoids delays or rejections. Here’s a checklist of the commonly required documents:Cancelled cheque of the new bank account
This is used to verify the account holder’s name, account number, and IFSC code. Make sure the cheque is not more than 3 months old and has the word “Cancelled” written across it.
Filled and signed NACH/ECS mandate form
This form authorizes the lender to debit EMIs from your new account. Ensure all fields are correctly filled and the signature matches your bank records.
Valid ID proof (if requested)
Banks may ask for a government-issued ID such as Aadhaar card, PAN card, Voter ID, or Passport for additional verification.
Request letter or account update form
Some lenders require a formal request letter or a specific EMI account update form. This should mention your loan account number and clearly state the change request.
Old account details (optional)
In some cases, the lender may request details of your previous EMI bank account to confirm the transition and for audit purposes.
Any bank-specific documents
Depending on the lender, additional documentation may be required. Always check with your bank or refer to its official communication for updated requirements.
To avoid overdue charges or missed payments during the account update process, ensure EMIs are paid on time. You can make your Bajaj EMI overdue payment online or opt for a Bajaj Finserv EMI advance payment if needed, ensuring financial continuity while the account change is being processed.
