No. The mandate must remain active until your loan has been fully repaid and your loan account is completely closed.
Once your loan is closed, you can deactivate the mandate through the InstaMoney app by following these steps:
Open InstaMoney App ➝ Click More (bottom-right) ➝ Select Profile ➝ Choose Bank & Mandate ➝ Tap Deactivate Mandate / Account
Please ensure that there are no outstanding dues before initiating the mandate cancellation request.