Credit has entered almost every area of our lives and has been a solution for both individuals and institutions in order to meet their financing needs in the short term and long term. In essence, the money you need is based on borrowing money from the financial institution for interest.
What are the terms of withdrawal?
Of course, you have the right to opt out of the loan for which you have applied to the financial institution for approval and have been approved. The important thing is when you decide to withdraw. If you have not yet signed and received your approved loan, you can request a cancellation of the loan, even by phone; You can perform your transaction without paying any withdrawal fee. After signing the contract within 14 days without the cancellation fee you have the chance to give up.
What can be faced in case of withdrawal?
The term of the right of withdrawal is counted as of the date on which the loan agreement was established for signing. In the light of these details, the time must be calculated. The customer may take back the total amount without interest, but must pay back the interest that has been operated from the time the loan has been used until the date that the money has been repaid, within 30 days of the withdrawal request. Banks are not entitled to charge any fees other than the interest calculated from the consumer, the fees paid to public institutions and third parties. Any deductions made by the Bank shall be paid to the consumer within 7 days.
What should be done to initiate withdrawal?
In the light of the conditions described above, if you wish to withdraw your credit, you must submit a written application within 14 days. It should be written in a manner that clearly indicates that you want to use the right of withdrawal, to the attention of the institution from which bank and branch it was borrowed. After adding the name, surname and signature to the bottom, it should be delivered to the bank. An example of this can be found by clicking on the link .
It is better to ask for written documents for all withdrawal transactions to be made to the Bank. You can also request a letter and a registration number indicating that the application has been received. Such documents will be useful if such a petition and the bank’s declaration that the application has not been filed after the expiry date has expired.
What happens to insurances in case of withdrawal from credit?
Bank and life insurance are the necessary insurances to be made when the loan is withdrawn. Rink Bank is an insurance that protects your house with certain guarantees in cases such as fire, disaster and theft made in housing loans. Life insurance ensures that your remaining (unpaid) credit balance is paid by the contracted insurance company in cases of disability and / or death.
In case of cancellation of credit, you have the right to request the cancellation of your policy within the legal period. To do this, you must ask the cancellation policy while issuing the policy and apply for cancellation within the time limit.
Can I cancel the credit after the legal period?
You are also entitled to withdraw if you have spent the legal period of 14 days after your credit has been credited to your account. In such cases, you close your entire debt and you may have to pay the withdrawal price of the bank as specified in the contract. Since you will have paid your debt before the due date, there will be an improvement in the interest portion. It is necessary to act on purpose knowing that your insurance deductions will also have to be paid to you for an early loan. Because banks may not provide you with information about this.
Does Credit Cancellation Affect Credit Rating Negatively?
Your credit rating will be downward as your debt increases in the eyes of the bank upon approval after you apply for a loan. Because one of the criteria that make up the credit rating is your total debt. The first installment of your loan will be taken upwards upon payment. If you ask for cancellation after your credit is transferred to your account, it may vary from bank to bank, but may cause your credit rating to be negatively affected. This is because the last option that banks want to lend is to have the loan returned by the consumer. With this in mind, cancellations should be carried out.