How do I cancel a personal loan after deal confirmation

A deal confirmation for a personal loan states that the borrower has surpassed all the verification steps required for loan approval. However, a personal loan cancellation is only possible before the amount is disbursed in your bank account. Once the loan amount is credited, it is not possible to reverse or cancel the personal loan application. So, be very clear on applying for personal loans so that cancellation doesn’t occur at any step.

Nowadays, with instant personal loan apps, loan approval and disbursement are implemented within 24 hours or a single working day. So, if you feel the need for personal loan cancellation, take the decision soon before deal confirmation and disbursement of money.

In the event of personal loan cancellation, the interest charges and cancellation charges are to be borne by the borrower. This can differ from lender to lender. The scope of personal loan cancellation entirely depends upon the lender’s loan policy and terms. Better do not apply for a personal loan when you are unsure, otherwise bear the penalty charges for loan cancellation.

A personal loan EMI calculator is a helpful tool that helps borrowers to know the EMIs in advance and take the decision accordingly. If the EMI seems heavy, you can change the variables to get a suitable EMI or postpone the decision of taking a personal loan. However, if you forcibly apply for personal loans even after the instalment looks difficult to repay, this can later call for personal loan cancellation as the borrower was not confident about the repayment since the start.