When composing a letter to cancel a car loan application, maintain a clear and polite tone while providing essential details such as the application number, reasons for cancellation, and contact information. Request the cancellation and mention any associated charges that need to be deducted. Ensure the letter is concise and straightforward to facilitate a prompt response.

Table of Contents:

Sample Letter for Cancellation of Car Loan Application

The Branch Manager,
__________ (Name of the bank),
__________ (Address)

Subject: Request for cancellation of car loan application number _____________ (car loan application number)

Dear Sir/Madam,

My name is _______ (mention your name) and I am writing this letter in reference to the application number _________ (mention number) which I have submitted to your branch for availing a car loan.

Respected, on __/__/_____ (date) I applied for a car loan in your bank amounting to __________ (mention amount) for a tenor of __________ (tenor). I am writing this letter in order to request you for cancelling my application for the same. I want to cancel my loan application because of the reason ____________ (mention reason here – not buying car/ not interested/ better option available/other). As per requirements, kindly deduct the charges for the same and cancel the application.

Kindly consider this a genuine request and cancel my loan application. You may contact me at _____________ for any query.

Thanking you,
Yours sincerely,
____________ (signature),
____________ (name),
____________ (contact number)

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  • Can I cancel my car loan application after submitting it?
    • Yes, you can cancel your car loan application, but it's essential to inform the bank promptly and follow their procedure for cancellation.
  • What should I include in a letter to cancel my car loan application?
    • In the letter, include your name, application number, reasons for cancellation, and contact information. Request the cancellation and mention any applicable charges.
  • Will there be any charges for cancelling my car loan application?
    • Depending on the bank's policies, there may be charges associated with cancelling a car loan application. It's essential to inquire about these charges beforehand.
  • How long does it take to process the cancellation of a car loan application?
    • The processing time for cancelling a car loan application may vary depending on the bank's procedures. It's advisable to follow up with the bank for updates on the cancellation process.
  • What should I do if I change my mind after cancelling my car loan application?
    • If you change your mind after cancelling your car loan application, you should contact the bank immediately to discuss the possibility of reactivating or reapplying for the loan.

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