What is Mandate Cancellation?

A mandate is an authorization provided by the customer to allow automatic deduction of funds (EMI payments) from their bank account. The mandate cancellation process is initiated when a customer wishes to stop this automatic deduction. This may be required due to loan closure . Further if there are any changes in repayment bank/ repayment account, or other customer has to submit a new mandate for customers new bank account . Once the mandate is cancelled, future automatic deductions from the customer’s bank account will cease , but in case of active loan customer would be liable to repay money by registering a new mandate.

Reasons to Cancel a Mandate:

1. Loan Closure: Customers who have fully repaid their loans may need to cancel their existing mandate to prevent further automatic deductions.
2. Bank Account Changes: In case of a bank account closure or a change in the customer’s repayment account.

Steps to Cancel a Mandate

1.You can raise your mandate cancellation request by emailing us at assistance@nidohomefin.com or calling us : 18001026371.
2.Alternatively, customers can visit their nearest branch to request mandate cancellation.