New Delhi, Dec. 26 -- Personal loans can be a go-to credit instrument during financial emergencies, as they are easily and widely available and can be obtained quickly. However, at times, after receiving a personal loan, the financial emergency may no longer be there or may have been postponed. In such a scenario, the borrower is left with no choice but to cancel the loan. In this article, we will examine the personal loan cooling-off period and the cancellation charges for various banks.

In a personal loan, the cooling-off period is a specified time period within which a borrower can cancel the loan, if required. The cooling-off period differs among banks and NBFCs. Usually, it ranges from 3 to 15 days from the date of the loan disburse...