What are the steps for loan cancellation?

Loan cancellation can arise due to various reasons, and it's crucial to understand the methods and documents required for a smooth process. Common reasons for loan cancellation include changes in financial status, inaccuracies in the loan agreement, or better loan offers. To cancel a loan, one must follow specific procedures, which vary depending on whether the process is done online or offline. Proper documentation and adherence to the lender's guidelines are essential to ensure the cancellation is executed without complications.

Common reasons for loan cancellation

Loan cancellation can occur for several reasons. Financial instability might make continuing with the loan unmanageable. Errors in the loan agreement, such as incorrect terms or conditions, can also lead to cancellation. Additionally, if the borrower receives a more favourable loan offer, they may opt to cancel the existing loan. Changes in the borrower's personal circumstances or a decision to withdraw the application altogether can also necessitate cancellation.

How to cancel your loan?

To cancel your loan, you can choose between online and offline methods.

Online methods:

• Log into your loan account on the lender’s website or app.

• Locate the loan cancellation or closure option.

• Follow the instructions provided, which usually involve filling out a cancellation request form and uploading relevant documents.

Offline methods:

• Visit your lender’s branch.

• Request a loan cancellation form from the customer service desk.

• Complete the form and submit it along with necessary documents such as identity proof and the original loan agreement.

Ensure to follow up and get confirmation of the cancellation.

Online methods for loan cancellation

via your account with Bajaj Finserv

1. Login to Bajaj Finserv using your registered mobile number.

1. Click on "Account" and then click on "Your relations" to see all your active loans.

1. Select the loan you wish to cancel.

1. Check eligibility based on the type of loan and carefully read the terms and conditions.

1. Apply for loan cancellation after ensuring all criteria are met.

For more information on loan details or making an online EMI payment.

Offline methods to cancel loan

To cancel consumer loans offline, there are two primary methods: contacting customer care or visiting the branch. These methods ensure a direct and secure process.

via customer care

Contact the lender's customer care service. Provide necessary loan details such as loan account number and personal identification. Request loan cancellation and follow the representative's instructions. Keep a record of the cancellation request number for future reference.

via branch visit

Visit the nearest branch. Carry documents like your loan agreement, ID proof, and any other required papers. Speak to the loan officer and submit a written request for cancellation. Ensure you receive an acknowledgement for your records.

Conclusion

In conclusion, cancelling a loan offline can be easily done by either contacting customer care or visiting the branch in person. Both methods ensure a reliable approach to cancelling your loan, offering a secure process and clear guidance. Always keep records of your request, whether it's a cancellation number from customer care or an acknowledgement from the branch. Following these steps ensures that the cancellation process is smooth and hassle-free. If you are considering cancelling your loan, taking the offline route provides you with personal assistance and the ability to resolve any concerns directly.