Loan cancellation grievance

Taking a loan is a commitment undertaken by the customer that requires careful planning. Align your finances properly to avoid having trouble repaying the loan. Customers may have various complaints about loan cancellations depending on their circumstances and expectations. If you’re not satisfied with the loan borrowed from Bajaj Finance Limited or are concerned about the loan offered, you can raise your issues or concerns with us. We have a specialised team that is solely focused on resolving problems associated with your loan cancellation. Rest assured; our dedicated team will work closely with you until we achieve a resolution that meets your satisfaction.

Main reasons for customers not being able to cancel the loan

Free look-up period: When you take a digital loan from Bajaj Finance, a particular time is provided to review your loan. This time limit is called a free look-up period. It’s three working days after loan disbursement, and it allows you to evaluate the policy and its benefits, terms, and conditions. If, during this period, you decide not to go ahead with the loan, you can exit it.

For non-digital personal loans, where the customers' bank account has been credited with the funds and the loan is booked based on the agreed terms and conditions, the customer will have to foreclose the loan as per the terms in the agreement.

Request raised from non-registered contact details: Use your registered email ID and mobile number when requesting to cancel your loan services. We can’t process requests from non-registered contact information.

Non-clarity of information: If you have multiple loan services with Bajaj Finance, clearly indicating which loan you wish to cancel is essential. With clear communication from the customer regarding the loan cancellation, we may be able to process the request accurately. Please provide precise details about the loan you want to cancel when requesting to ensure a smooth cancellation process.

Ways to raise loan cancellation grievances

Frequently asked questions

Do I get a refund of the charges if my loan is cancelled or closed?

Unfortunately, you won’t get any refund for the charges if your loan is cancelled or closed.

Does loan cancellation impact my credit score?

No, the cancellation won’t impact your credit score. For more clarification, you can reach out to the respective credit bureau.