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Personal loans help with urgent funds for problems such as health, education, travel, and marriage. In fact, 67% of Indians have taken a personal loan at some point in their lives.
But as much as taking a loan impacts your credit score, so does cancelling one.
If you’re also contemplating taking one or wondering if you can do without it, it is important you know every aspect of personal loan cancellation before deciding.
Let’s discuss various reasons for cancelling a personal loan and the subsequent effects on your credit score.
Personal loan cancellation results in the termination of the agreement between a lender and a borrower. Some of the common reasons for cancelling a personal loan are –
Many borrowers often wonder, ‘Can we cancel a personal loan before its loan disbursement?' The answer is yes! However, the impact of personal loan cancellation on credit score depends on the stage of your application.
You can choose to cancel the application before the lender accesses your credit report from CIBIL or other credit bureaus. This will ensure that there is no impact on your credit score.
You can also opt to cancel the loan at the disbursal stage. By now, the lender has already formally enquired into your credit report. So, there will be no further impact on your credit score.
If you wish to cancel the loan after disbursal, you must do so within the cooling-off period, which is specified in the loan agreement. Cancellation may not be possible after this period has expired.
It is common for borrowers to apply for an instantpersonal loan after opting for loan cancellation earlier. You can try reapplying for a personal loan after considering the following factors –
To get the best deal on your loan, ensure that your credit score is above 750.
Wait for a few months (or weeks) before reapplying. Otherwise, it may indicate financial indiscipline.
Choose the lender for your loan carefully. Every time a lender accesses your credit report, it may impact your credit score.
Choose a loan amount that covers all your needs. The EMI should be affordable and not affect your daily lifestyle.
Be aware of the cancellation charges if you need to cancel your loan after approval. These fees vary by lender and can significantly impact your finances. Read the terms carefully before proceeding.
Various factors affect credit scores generated by different credit bureaus. Some of the crucial factors that you must monitor are –
You must pay all your EMIs and credit card bills on time for a good credit score.
As a responsible borrower, maintain your credit card debt below 30% of the approved limit.
Try to foreclose outstanding loans whenever possible to have a good credit score.
Do not apply to multiple lenders simultaneously. If your profile quickly registers several formal enquiries from lenders, it indicates credit hungriness.
If you are considering reapplying for a personal loan, opt for FIRSTmoney from IDFC FIRST Bank for a hassle-free experience. Some of the key features that help this personal loan stand out include –
Loan cancellation after approval is not uncommon, but it requires attentive consideration and decision-making to ensure that none of your other financial instruments are impacted. It's also important to choose a reliable bank that not only offers the best benefits but also understands your problems when they arise.
So, if you are looking for a hassle-free personal loan experience, opt for an IDFC FIRST Bank Personal Loan (which also provides a seamless personal loan balance transfer option). With flexible EMIs and repayment periods as well as competitive personal loan interest rates, FIRSTmoney meets all your needs.
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.