Standing Instruction for Repayment of Monthly instalments

I have taken a PERSONAL loan from HDFC Bank and would like to avail of the Standing Instruction facility offered by your bank to make repayments towards my loan.

I, therefore, request you to accept this mandate irrevocable authorising the Bank to debit my HDFC Bank Account Number towards recovery of repayment dues of my loan account as per dates & terms and conditions mentioned in the loan schedule or as per revised instructions basis requirements as communicated from my end in line with the Bank's policy.

I undertake to maintain sufficient balances to cover the Loan Repayment Dues (and charges, if any) on the stipulated due dates. I also understand that the failure to repay my loan amount through this standing instruction shall be treated as a default in repayment of dues and all charges/penalties/levies as covered by the agreement will hold good towards the nonpayment of obligations.

Please treat this as an irrevocable communication as an authorization to debit my account month with the required amounts towards the repayment of my loan. In the event of the above account getting closed/transferred for any reason, I/We will intimate to the Bank the new account opened with the bank to debit the Loan Repayment amounts as per the agreement. Further, I/We undertake the responsibility to provide the fresh set of Mandate and security PDCs for such new account, as per the terms of the agreement in lieu of existing instructions.

I also understand and accept that the Bank will have the right to set-off, without prior intimation to me, the available balances in the designated account for recovery of overdue installments and/or charges (if any) in the loan account.