Yes, you can cancel the Transaction EMI, No foreclosure charges will be levied if EMI is cancelled within 7 days of booking (EMI), but processing fees charged will not be reversed. However, if you cancel after 7 days, this will be foreclosure. Pre-payment charges on foreclosure of the EMI facility will apply at the rate of 3% on the outstanding principal amount of the loan or INR 300, whichever is higher.
For Merchant EMI, Processing fee will be reversed and no foreclosure charges will be levied if EMI is cancelled within 7 days of booking merchant EMI, However, if you cancel after 7 days, this will be foreclosure. Pre-payment charges on foreclosure of the EMI facility will apply at the rate of 3% on the principal outstanding amount of the loan. Click here