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  1. Amit Tomar
  2. Finance, Insurance
  3. Monday, May 18 2020
Hi,

I have booked Tata Nexon with down payment and my full finance was done to dealer a day prior to lockdown but registration is not done till now.

So wanted to know if I can cancel as registration is not done. Reason is to have cash in hand due to this pandemic.

Amit
Admin Accepted Answer
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Hello,

Although cancellation possible but this will cost in substantial been loan already disbursed and if you cancel it now then
> Bank will ask for Interest Payment of period when funds utilised and the same interest would be what paid by you
> Also, most of the Banks impose in Rs 2500 + 18% GST = Rs 2950 as cancellation charge

Once you place request to cancel delivery to dealer and bank then dealer need to refund
> Disbursed Amount to Bank
> Also along with disbursed amount also need to deposit in Margin Money to Bank (as MM also is hypothecated to bank)

Bank will then deduct in applicable cancellation and interest charges from it to refund in balance amount
Do note that Interest calculated on daily balance basis for same and can be thus substantial amount for it

Hope it help !!


  1. more than a month ago
  2. Finance, Insurance
  3. # 1
Annie Accepted Answer
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Undo
How can I cancelled my car loan .but I pay my first installment payment of car .but due to pandemic condition I don't have money for downopayment so plz help me I want to cancel my car loan


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