A simple pendulum of length $L$, mass $m$ and electric charge $q$ on its bob is oscillating with a time period $T$ under uniform gravity which is in the $-\hat{z}$ direction. Upon applying a uniform electric field $|E|\hat{n}$ (where $\hat{n}$ is a unit vector in the plane of oscillation), the time period of the pendulum decreases. Which of the following statements is NOT correct?