BSCC Loan Cancellation Process: Step-by-Step Guide
You need to follow certain steps for BSCC loan cancellation process, which include reaching out to the support team, providing the relevant information asked, submitting a formal application, etc. Find the detailed steps to cancel your BSCC loan here.
BSCC Loan Cancellation Process: If you have applied for a BSCC loan and now want to cancel it, you might be concerned about the steps involved and what will happen next. Whether your loan has been granted or remains under consideration, this step-by-step guide will assist you in successfully completing the BSCC loan cancellation process.
Under the Bihar Student Credit Card (BSCC) scheme, students can get up to INR 4 lakh loans to cover expenses such as tuition fees, books, and other academic necessities. However, there can be situations in which a student has to cancel their application for a BSCC loan or request a loan payback exception. If you are one of them, then read this guide till the end to know the steps to withdraw from BSCC loan scheme.
How to Cancel My BSCC Loan Application?
Get in touch with the bank or lender as soon as you can to formally withdraw your BSCC loan application. Here is how you can cancel your BSCC loan application:
- Contact the BSCC support team using their web portal, phone number, or email.
- You can also use the toll-free helpline number 1800 3456 444 for assistance.
- Prepare to provide any relevant details, including your loan application number.
- Next, you need to complete and sign a formal BSCC loan application cancellation request form.
- After reviewing your request, BSCC will send you a cancellation confirmation.
If you still face problems while canceling the BSCC loan application, you can you can visit the official website i.e. https://www.7nishchay-yuvaupmission.bihar.gov.in/userManuals and access the user manuals for loan sanction and disbursement functionality of BSCC application through the bank.
Steps to Withdraw from BSCC Loan Scheme
In the case that you are approved into the BSCC loan scheme but choose to opt out, you can withdraw your loan application by following these steps:
- Review the terms and conditions of your BSCC loan for more information about any cancellation provision.
- Get in touch with the support team right away to start the withdrawal process.
- Some lenders might ask for a written request for withdrawal.
- Before completing the cancellation, you might need to pay back any loan funds that have already been credited to your account.
- Remember to get formal confirmation from BSCC to prevent any future complications.
However, it is important to read the loan agreement attentively and understand the terms and conditions associated with the BSCC loan withdrawal.
Also Read:
Bihar Student Credit Card Course List
Can I Cancel My BSCC Loan After Approval?
Yes, you can cancel your BSCC loan even after it has been approved. However, it might be a difficult process, but it is not impossible to cancel a loan after it has been approved. The cancellation of the BSCC loan after approval depends on the stage of disbursement:
- Before Disbursement: You can request a formal cancellation of your BSCC loan if it has been approved but has not yet been disbursed. Get in touch with BSCC customer service immediately and let them know what you decide. Make sure you finish all required documentation to prevent delays.
- After Disbursement: If you have already received the loan money, you might have to pay back the whole loan amount plus any applicable interest and fees before the cancellation is processed. Confirm with BSCC if there are any penalties for early repayment. Keep a record of every single payment to prevent any misunderstanding.
It is important to understand the BSCC loan scheme repayment method. The best course of action for getting detailed information about the cancellation of such debts would be to get in touch with the DRCC (District Resident Cum Counseling Office).
BSCC Loan Cancellation Process
Canceling a BSCC loan can arise from various reasons, such as securing alternative funding, changes in educational plans, or personal considerations. However, read the loan agreement carefully before initiating the BSCC loan cancellation process. Here are the steps involved in the cancellation of the BSCC loan:
- Check your loan and find out whether your loan has been approved, disbursed or is still being processed.
- Initiate a cancellation request by reaching out to the lending institution and submitting an official cancellation request.
- Provide a valid reason and clearly explain the reason for cancellation.
- You may be required to submit a cancellation form or other documentation, depending on your loan status.
- You need to return the loan amount along with the applicable fees, if required.
- After reviewing your request, BSCC or the lending institution will email a final confirmation following the successful cancelation.
Note any deadlines or specific periods within which cancellation is permissible. It is recommended to record all the communication as it provides proof of your cancellation request and any responses from the lender. Please note that loan cancellation policies might vary between banks. Therefore, it is important to consult with your specific lending institution to understand the exact procedures and implications of canceling your BSCC loan.
Also Read:
Bihar Student Credit Card Status
What Happens After BSCC Loan Cancellation?
Understanding the guidelines of the Bihar Student Credit Card scheme is necessary to understand what happens following a BSCC loan cancellation, especially related to loan repayment. Hence, you can expect the following once your BSCC loan is canceled:
- You won't have to pay anything if your loan was canceled before disbursement.
- Some lenders might charge a cancellation or processing fee.
- In most cases, canceling a loan before disbursement does not impact your credit score. However, if you cancel after receiving funds, repaying the amount promptly can help avoid negative credit implications.
- The BSCC scheme offers educational loans with specified repayment periods. When there is a "cancellation" in some situations, the underlying debt usually still exists.
- According to the scheme, "suitable recovery procedures could be initiated as per the scheme's norms" if a student fails to repay the loan once it has been disbursed. This means that action will be taken by the authorities to get the loan amount back.
- It is important to understand that a loan cancellation does not result in the debt being forgiven.
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BSCC loan cancellation process is possible whether your application is pending, approved, or already disbursed. However, it is always important to follow the right steps and confirm your cancellation with BSCC. Always read the terms and conditions to prevent additional expenses or problems. Lastly, always check the official website if you get stuck during the cancellation process.