User guide for 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, changes in payment bank/ repayment account, or other. Once the mandate is cancelled, future automatic deductions from the customer’s bank account will cease.

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.

 

Mandate Cancellation step-by-step user guide:

Pre-requisites:

  1. Login credentials (OTP) Customer Portal
  2. Loan number of Mandate
  3. Swapping SR Number

 

Step-by-Step Process: 

  1. Log in to Customer Portal
  2. Enter LAN or Mobile No. or PAN (Mobile No. should be registered with ICICIHFC*)
  3. OTP will be received on registered Mobile No.
  4. Customer Portal dashboard will be visible with all tickets raised with their status (if no request in past then this page will be blank)
  5. To create New request, click on “Create Request”
  6. Select LAN no to raise the request for Mandate cancellation
  7. Personal and Loan details will be auto populated
  8. Verify the details and click on option “Continue”
  9. Select Request type as” Mandate Cancellation” and in Sub Request type Select cancellation of mandate for Active account or cancellation of mandate for Closed account
  10. If the loan is closed, customer needs to click on the submit button. No need to raise or enter swapping SR or provide reason for mandate cancellation.
  11. If the loan is active, customer will enter swapping SR no and reason for mandate cancellation.
  12. Customer can upload relevant documents in Document Section and can mention Note in Note tab (Both Document and Note Section are non-mandatory)
  13. Once all the details are filled, customer can click on “Submit” option
  14. Customer will receive OTP on his/her registered Mobile No. for authentication
  15. Once authentication is done, Loan Service Request with the ticket number will be shared with the customer via email id or SMS.

 

Mandate Cancellation FAQs

NACH mandate is an authorization given by a customer to enable automatic debit the transactions from customer current account/ saving account (CASA) account for Loan recovery through EMI/Pre EMI.

Yes, you can do online cancellation through Customer Portal from ICICI HFC site.

Kindly click on the mentioned site www.icicihfc.com. Kindly Refer Annexure 1.

If Customer need to cancel NACH mandate he/she needs to raise swapping SR and the said SR would be processed in case of active loan only. Swapping SR is a service request raised by the customers at ICICI HFC branch for changing their repayment account for EMI/ Pre EMI.

Cancellation typically takes 4 working days.

Yes, communication with ticket number will be received on the registered email id and Mobile no.

No, There are no Charges required for Mandate Cancellation

For raising swapping SR, Kindly refer Annexure 2

For Physical 9 working days, E-NACH 1 working day and E-sign 2 working days

Annexure 1

Process of raising request for Mandate Cancellation online:

  • Visit www.icicihfc.com Site
  • Go to drop menu and click on Customer Portal.
  • Login on the customer portal using their LAN/PAN or mobile number
  • Customer will receive OTP on his/her registered mobile number
  • Select concerned Loan Number for cancellation of Emi Mandate
  • In Request type select” Mandate Cancellation”
  • If your loan is closed, in sub request type select mandate cancellation for closed account, and submit the request.
  • If your loan is active, in sub request type select mandate cancellation for active account, and provide below details
    • Mentioned Reason for Cancellation
    • Mentioned Swapping SR no.
    • Submit the Request
  • Customer will receive Communication (Email and SMS) for Mandate Cancellation.

Annexure 2

Steps    Process for creating swapping SR at ICICI HFC branch
Step  1   If customer wish to submit mandate from existing bank account (No Charges applicable)
    If customer wish to submit mandate from difference bank account (SWAP Charges will be applicable of Rs 590/-)
  Customer needs to visit ICICI HFC branch in order to raise their Swapping SR.

  Mentioned documents will be required –

  1. Attached Duly filled NACH mandate form or eNACH Registered Scan copy or eSign Registered Scan copy.
  2. Cancelled Cheque
  3. 3 SPDC's/Security mandate form (if application) or Security eNACH mandate registered scan copy.
Step  2   ICICI HFC branch representative will raise swapping SR with help of above mentioned documents

Mandate Cancellation step-by-step user guide video