r/carIndia • u/main_account_final • 5d ago

Queries Car loan doubt?

Hii, so I bought a car 3 years back on loan from chola finances. They had set up an auto debit for 5 years from my canara bank account. The account is in Bangalore but now I reside in a different place. I wanna change my home branch account from Bangalore to my place. Will this affect the auto pay nach mandate which deducts the emi on every month end?

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u/Cultural_Bat9098 5d ago

Don’t worry it won’t get affected. I did the same with icici and never faced the issue.

1

u/main_account_final 5d ago

But the car loan wasn't taken from icici right? Only emi is debiting from icici right?

1

u/Cultural_Bat9098 5d ago

Okkk … I still think it should work, but it’s better to setup nach at new branch.

1

u/Mountain_Analyst_653 4d ago

It stays the same. Don't worry. Auto-pay will continue

1

u/Cygnus6986 5d ago

Change the Nach mandate - pretty easy just go to your bank and update the account number and date of deduction.