Bajaj Finserv EMI Card

Cancelled Cheque & It’s Uses

What is a cancelled cheque?

A cancelled cheque is a proof that you are the holder of account to which your loan will be linked. As the name suggests, a cancelled cheque is any kind of cheque that has been crossed with the two lines and the word ‘cancelled’ is written across the paper.

Uses of Cancelled Cheque

Many banking and non-banking financial companies (NBFCs) such as Bajaj Finserv need its customers to submit a cancelled cheque along with other documents at the time of buying a product on EMI. Cancelled cheques are usually required at the time of applying for a loan, investing in mutual funds, setting ECS mandates, and more.

Additional Read: How to write a cancelled cheque