Since personal loans are a practical means of funding a wide range of demands, they are much sought after these days. But, there are some scenarios where you feel you won’t be able to pay for your EMI and you want to cancel it. A question immediately arises: can we cancel personal loan before disbursement? Yes, it is possible to cancel a personal loan before disbursement in India. However, it depends on several factors which I mentioned below for your reference.
Can I Cancel Personal Loan Before Disbursement?
Depending on your loan terms and the lender\'s policies, it is possible to cancel a personal loan before its payout. Let me tell you, the process is relatively simpler compared to cancelling a loan after disbursement. All you can do is.
The bank\'s customer service department will contact you before the loan disbursement unless it\'s an instant personal loan. At that time, you have the option to cancel your personal loan.
Contact the lender immediately if you decide to cancel the loan. You can call customer service, email, or visit the branch for the cancellation request. Clearly mention your intent and provide your loan application details.
Most lenders require a written cancellation request. This can often be done via email or by filling out a form at the lender\'s branch.
Even without loan disbursement, lenders often keep the non-refundable processing fee. This fee covers administrative costs for processing your loan application.
Cancelling a loan before disbursement rarely affects your credit score since the loan was never availed. I hope this resolves your query.
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Can We Cancel Personal Loan Before Disbursement?
ravi
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3 months
2024-12-10T08:18:17+00:00 2024-12-10T08:18:17+00:00Comment
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