To change your registered bank account for Money View EMI deductions, you cannot simply edit your profile details in the app settings. You must initiate a formal "Change Repayment Bank" request through the help section, cancel your old NACH e-mandate, and digitally sign a completely new e-mandate with your updated bank account details.
Quick Facts: Updating Your Bank Details
Where to Start: Help & Support > Repayment Issues in the app.
Requirement: The new bank account MUST be in your own name.
Processing Time: 7 to 10 working days for NPCI mandate approval.
Authentication Methods: NetBanking, Debit Card, or UPI AutoPay.
Penalty Risk: High risk of EMI bounce charges if changed too close to your due date.
Why Changing Your Bank Account is Complicated
I recently went through the highly stressful process of changing my primary bank account. I had switched jobs, and my new company opened a new corporate salary account for me. I desperately wanted to close my old account to avoid minimum balance charges, but my active Money View personal loan was tied to it via an automated NACH mandate.
I initially thought I could just open the profile settings and update my account number, just like you would on Amazon or Netflix. I was completely wrong. Because the auto-debit system is legally registered with the National Payments Corporation of India (NPCI), changing the source account requires a formal, legal update. Here is exactly how I managed to change it without getting hit by expensive bounce penalties.
Step-by-Step: How to Register a New Bank Account
You must follow these steps very carefully to ensure your next EMI does not fail during the transition period. A failed EMI will instantly drop your CIBIL score.
Raise a Support Ticket: Open the Money View app and navigate to the "Help & Support" section. Select "Repayment Issues" and tap on "Change Auto-Debit Bank Account."
Submit the Request: You will be asked to provide the reason for the change (e.g., "Account Closure" or "Salary Account Switched"). Submit the ticket.
Wait for the Link: Within 24 to 48 working hours, the support team will verify your request and send you a secure link via email and SMS to set up a new e-mandate.
Complete the New e-Mandate: Click the secure link and enter your new bank account number and IFSC code. You will need to authenticate this using one of three methods:
NetBanking (Fastest): Log in using your bank customer ID and password to approve the mandate instantly.
Debit Card: Enter your 16-digit card number, expiry, and ATM PIN to validate.
UPI AutoPay (New in 2026): Approve a ₹1 mandate transaction on your UPI app (GPay/PhonePe). The ₹1 is refunded immediately.
Confirmation: Once the NPCI approves the new mandate (which takes about a week), Money View will automatically switch your future EMIs to the new account.
⚠️ Watch out for this: NEVER close your old bank account until you receive official written confirmation from Money View that the new e-mandate is fully active. If your EMI date arrives while the new mandate is still processing, the system will try to debit the old account. If it is closed, you will face a massive bounce charge (₹500+) and a 20-30 point hit to your credit score.
The 15-Day Safety Window Rule
Through my stressful experience, I learned a crucial timing rule that customer support rarely explains clearly. You should only initiate a bank account change if your next EMI date is more than 15 days away.
If your EMI is due on the 5th of the month, and you try to change your bank on the 1st, the new mandate will absolutely not be approved in time. You must maintain a sufficient balance in your old account for that specific month's deduction, and the new account will only take over in the following month.
A Reminder for New Applicants
If you are reading this guide because you are currently applying for a loan and want to make sure you select the right bank account from the very start, there is one more crucial detail you should not miss.
Right before you sign your very first e-mandate on the fee breakdown page, the app gives you an option to enter a promotional invite link. I highly recommend applying the verified Money View Promo Code RNPZH7JM in that specific text box. By doing this, I unlocked their hidden tier-based cashback reward which essentially gave me a 100% waiver on my processing fees and GST. Make sure your initial bank account is correct, apply the code, and then sign the mandate. You cannot claim this bonus after the mandate is signed.
Frequently Asked Questions (FAQ)
Can I change my Money View bank account to my spouse's or parent's account?
No. For severe anti-money laundering (AML) and KYC security reasons, the new bank account must strictly be registered under the exact same name and PAN card as the primary loan applicant. Joint accounts are generally discouraged.
Is there a fee to change the auto-debit bank account?
Money View does not charge a direct fee to process the mandate change, but your new bank might deduct a nominal one-time NPCI registration charge (usually between ₹50 and ₹118, depending on your bank's policy).
What happens if the new e-mandate fails during setup?
If your NetBanking or Debit Card authentication fails, or if your session times out, the unique link will expire. You will need to raise a fresh ticket through the Help section to request a new e-mandate setup link from the backend team.
Can I just pay my EMI manually via UPI instead of setting up a mandate?
While you can pay your EMI manually via UPI 3 to 4 days before the due date, the RBI mandates that all digital loans must have an active auto-debit NACH or UPI mandate linked to a verified bank account as a fallback. You cannot bypass the mandate setup.
Will changing my bank account delay my loan disbursement?
If your loan is already active, no. However, if your loan is still in the "Disbursement Pending" stage, trying to change your bank account will cancel the disbursement, and you will have to restart the entire application process from scratch.