How do I set up an mandate?

Once you’ve completed your KYC verification and reviewed your loan application details you will need to set up an mandate to automate your payments.

If your bank supports UPI Autopay

You will need to enter your UPI ID that is linked to your PhonePe settlement bank account and follow the below-mentioned steps.

  1. Enter your UPI ID to make your payments, and tap Verify. We suggest you enter the UPI ID linked to your PhonePe app you use to make the payments.
  2. After your UPI ID is verified, tap Send AutoPay request.
    Note: You will receive a notification for a mandate set-up on the UPI app linked to your UPI ID.
  3. Enter your UPI PIN to approve the mandate.
    Note: An amount of ₹1 will be deducted to set-up the mandate, which will be refunded to your bank account instantly. An Autopay limit of ₹5000 or ₹15000 will be set, depending upon the bank with whom you have the settlement account. This is the maximum amount that a lending partner can deduct from your bank account to recover your overdue or missed installments. This amount will not be deducted while setting up an AutoPay.
  4. You will be able to check the status of your mandate on the UPI app.
  5. Go back to the PhonePe Business app to check your mandate status.

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If your bank does not support UPI Autopay

The mandate would be set-up using your netbanking or debit card. In case of,

  • Netbanking, you would need to enter your netbanking password to complete the setup.
  • Debit Card, you would need to enter the one-time password sent to your phone number to complete the setup.
     

Related question(s):
Is mandate set-up/verification a one-time process?
Why do I need to pay ₹5,000 or ₹15,000 for setting up a UPI AutoPay?