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.