Payment Related FAQs

You can easily setup an Auto Debit mandate on our website by following few simple steps:

• Click here  and proceed with the steps as directed below to register for standing instructions for EMI payments
• Enter your contract number and registered mobile number (RMN) to receive the OTP
• Enter the OTP received on RMN, click on confirm
• Select the contract number for which mandate is to be set-up
• Min amount, Max amount & Frequency will be pre-populated. 
• Select bank and branch either manually or through entering IFSC code
• Enter bank account number, account holder name, bank account type
• Select tick mark next to terms and conditions, click on submit
• After clicking on terms and conditions, the following screens will be visible
• Click on accept to proceed further
• Click on register now (on 3rd party/ selected bank page) & pay ₹2.00
• Select internet Banking or ATM cum debit Card, of preferred bank and complete the registration

The due date and repayment schedule for your active loans can be found under the 'My Loans' section within the Home Credit Mobile app. For Ujjwal EMI Card or Flexible personal loan, you may refer to the monthly statements/ monthly bills.

Home Credit India will also inform you about your EMI due date and the due amount through phone calls and SMS notifications.

The repayment schedule provides information about your due date, due amount, payment status, payment date, and paid amount.

You can download a copy of your repayment schedule from our mobile app under the "Loan Management" tab.

"Due Date" means the date in every calendar month on or before which the monthly installment(s) of the respective loan(s) become due and repayable by the borrower to HCIN.

The due date(s) of each loan shall be specified in the respective loan summary. If the customer fails to pay the EMI on the due date, the loan will become overdue.

Your Contract Number/Ujjwal EMI Card Number can be found in the loan summary and application form that was provided to you when you went through the loan application process.

The due date is a system-generated date during the loan application process and cannot be changed.

The installment due amount is automatically debited from your bank account after successful Auto Debit set up. It may happen that your account does not have sufficient balance at the time of debit due to which the amount was not successfully debited.

For more information, contact us at care@homecredit.co.in or contact our customer care number at 0124-6628888.

You can change the account linked to auto-debit by clicking here.

A confirmation SMS will be sent when your payment gets updated in the Home Credit system. It may take up to 72 hours for the update.

Please contact our customer care number at 0124-6628888 to check the loan foreclosure eligibility. You can also email us at care@homecredit.co.in for your foreclosure request.

Please share your payment receipt at care@homecredit.co.in, along with the correct and incorrect contract numbers. After receiving these details, it will take 3 working days to rectify the error.

If you want to pay your monthly installment in advance before the due date, you are requested to make payment at least 5 days prior to the due date. Also, inform the company through "contact us" options and provide proof of payment (a payment receipt or transaction number). If you fail to do so, the mandate will be presented by the company for the respective month(s).

The additional amount that you have paid will be offset against the upcoming installment. If you wish to initiate a refund, please register your request by emailing us at care@homecredit.co.in. We will ensure a response within 48 hours. Alternatively, please feel free to get in touch with a Home Credit representative through the chat option on our website or mobile app, our representatives are available to assist you from 9:00 a.m. to 7:00 p.m.

Late payment charges will be levied if the EMI amount is not paid by the due date.

Late Payment Charge is levied on the overdue amount in case a customer does not pay the monthly installment on or before the due date.

Once the mandate is presented for the respective month(s), the monthly installment amount will be deducted from your bank account on the scheduled due date. Even if you have already made an advance payment through any other repayment channel within two days before the due date, the amount deduction will still occur, as the mandate presentation process is initiated with the bank two days before the due date. Any excess amount resulting from this overpayment will be adjusted against your dues for the next month, or you can request the company for a refund of the excess amount paid by you. In case there is insufficient fund in your bank account, bounce charges are levied by your bank. The company will not be liable to refund these charges, as they are in accordance with your bank’s policy. If your bank rejects the payment mandate, the company reserves the right to represent the mandate for clearance on a later date within the same month. For any help, please feel free to get in touch with us using any of the options provided in our "contact us" section.

As per the process, the monthly installment is presented for payment two days before the due date. For example, if your due date is January 5, 2023, the presentation of mandate will take place on January 3, 2023. However, the amount will be debited from your bank account on the due date. If there are insufficient funds in your bank account, your bank may impose bounce charges. Please note that the company will not be liable for refunding these charges, as these are levied as per your bank’s policy. If your bank declines the payment mandate, the company reserves the right to represent the mandate for clearance on a later date within the same month.

The basis for the classification of SMA categories shall be as follows:

Here is an example of Special Mention Accounts (SMA) and Non-Performing Assets (NPA):

Example: If the due date of a loan account is March 31, 2023, and full dues are not received before the lending institution runs the day-end process for this date, the date of overdue payments shall be March 31, 2023. If it continues to remain overdue, then this account shall get tagged as SMA-1 upon running the day-end process on April 30, 2023, i.e., upon completion of 30 days of being continuously overdue. Accordingly, the date of SMA-1 classification for that account shall be April 30, 2023.

Similarly, if the account continues to remain overdue, it shall get tagged as SMA-2 upon running the day-end process on May 30, 2023, and if it continues to remain overdue further, it shall get classified as NPA upon running the day-end process on June 29, 2023.

You can easily cancel an existing Auto Debit mandate on our website by clicking on “Mandate Cancellation” and selecting the contract number you wish to cancel.

The loan accounts classified as NPAs can be upgraded to 'standard’ assets only when the borrower has paid the entire outstanding interest and principal amount in arrears.

Yes, you can amend existing mandate on our website by clicking on “Mandate Registration” and selecting the contract number you wish to amend.