Procedure for Cancellation of Submitting Unsecured Loan, If You Change Your Mind

Unsecured Loan is one of the products favored by debtors who need fast funds, but because it is needed urgently, debtors are usually looking for other options in finding loan funds.

For one reason or another, often applying for Unsecured Loan does not occur as quickly as desired, because it goes through several processes such as checking credit history, BI checking , checking NPWP and other supporting documents.

Then if you have to cancel the application for Unsecured Credit, how do you cancel it? Tom and Daisy Buchanan will describe the procedure for canceling Unsecured Loan submissions, if you change your mind.


Reasons for Cancellation of Unsecured Credit Submission

Reasons for Cancellation of KTA Submission

There are many factors that can influence the debtor’s decision to cancel the Unsecured Loan submission to the bank, such as the following things that require cancellation, including:

  1. As a result of the length of disbursement of funds, the debtor has obtained a loan from another party.
  2. More interesting offers appear.
  3. The value of loans approved by the bank is far lower than the initial submission.
  4. Funds are no longer needed.


For some of these reasons, usually a person can change his mind quickly and cancel his Unsecured Credit proposal.

However, the bank generally never explained the procedure for cancellation of Unsecured Loan clearly even though it should have been at the time of submitting the Unsecured Credit. You should receive information about the procedure for submission, risk, and the cancellation process and its consequences.

Please note that the procedure for canceling Unsecured Loan applications at each bank has different standard procedures. Cancellation of Unsecured Credit submission itself may occur before liquid funds or afterwards. Are there differences in the cancellation procedure? The following is an explanation of the standard cancellation of Unsecured Loan submissions for both conditions.


Cancellation of Pre Disbursement Unsecured Credit

Cancellation of Pre Disbursement KTA

There are standard procedures and provisions for each bank to cancel the application for Unsecured Loan, both cancellations made pre-disbursement and post-disbursement. Cancellation of pre-disbursement Unsecured Credit is generally easier because the loan funds have not reached the borrower’s hands.

If you want to cancel your Unsecured Loan application and the condition is still in the pre-withdrawal stage, then here are the steps you should do:

  1. The first step. Visit the bank directly (avoid cancellation via the call center ) and ask and consult about the cancellation of Unsecured Credit. Use a clear and clear tone of voice so as not to be affected to keep applying for Unsecured Loan. Explain the reasons for the cancellation clearly.
  2. Make a statement of cancellation of Unsecured Credit with completeness in the form of seal, self-identity, day and date of cancellation, identity of employee representing the bank, and stamp as a sign that both parties know and accept the decision.
  3. Request or photograph receipt receipts as authentic records of proof of cancellation.


All you need to make sure is that you have proof that your credit cancellation application is known and accepted by the bank. This is done in anticipation if funds remain transferred to your account, so you can show proof of cancellation.


Cancellation of Post-Disbursement Unsecured Loan

Cancellation of Post-Disbursement KTA

Because the disbursement of funds has occurred and the money has been received in your hands, the procedure for cancellation after disbursement will be much more complicated because this means that both parties have agreed to the loan.

Even if you prepare a very strong reason, because the two-party agreement is already running, then all your cancellations are governed by applicable law. Cancellation of Unsecured Credit after disbursement cannot be called a cancellation, because you are forced to complete credit with all the consequences.


The solution that you can take is to pay off Unsecured Loan directly, and you will be charged a penalty fee for paying off faster than the agreed time.

Common penalty fees due to early repayment are 5% of the loan amount, and do not include repayment administration fees that will also be charged to the debtor. But usually the cancellation penalty imposed on debtors depends on the following:

  1. Time of loan.
  2. Loan interest rates.
  3. Late fines and administrative fees apply.


Consider Before Making a Decision

Consider Before Making a Decision

Before applying for Unsecured Credit, you should carefully consider your funding needs and all the consequences, consider other possible options so you can avoid complicated cancellation of Unsecured Loan applications.

Aside from being complicated, there are many risks of cancellation of Unsecured Credit submissions that will clearly harm you. To avoid this, it would be nice to compare your choices and commit to applying for a loan that is ready for you to end.

Do you have questions about the cancellation procedure for other Unsecured Loan applications? Leave your comment below . If you have questions, please submit your question in the column below. Our Financial Planner is ready to help you, thank you.

Leave a Reply

Your email address will not be published. Required fields are marked *