New Delhi, Nov. 20 -- A personal loan is one of the easiest and fastest types of loans a borrower can obtain. However, after applying for the personal loan, the situation/circumstances may have changed, necessitating its cancellation. Banks and NBFCs offer customers the option to cancel their personal loans during the cooling-off period.

In this article, we will understand what the cooling-off period is in a personal loan, the steps to cancel a personal loan during this period, and the associated charges.

The cooling-off period is a specified time period within which a borrower can review the personal loan terms and conditions and cancel the loan, if required. The time period varies among banks and NBFCs, and usually ranges between 3 to...