What is NACH mandate cancellation?
NACH mandate is an authorization provided by the loan borrower to debit the loan installments (EMI/ Equated Monthly Installment) from their bank account on the EMI due date or a later date.The NACH mandate cancellation process is initiated by the borrower when she/ he wishes to stop the automatic deduction of the EMI on the due date or later date. This may be required due to multiple reasons such as loan closure before the maturity date, loan closure on the maturity date, changes in the repayment bank/ repayment bank account or other reasons.
When can I cancel my NACH?
Loan Closure: Customers who have fully repaid their loans may need to cancel their existing mandate to prevent further automatic deductions.
Bank account changes: In case of a bank account closure or a change in the customer’s repayment account. Charges will be applicable for bank swapping.
What are the steps to place a request for cancellation?
Select the “Click here to place your request” option under How to place a Request
Customer Name to be filled
Customer to update the registered email address and mobile number
Loan number or the application number to be updated
Choose if the loan is active or closed
Once all the details are filled, customer can click on “Submit” option
Customer will receive a notification of successful submission of the request
The customer service team will connect with the customer in 48hrs to 72hrs
How to place a Request?