Why is there an uptick in people cancelling approved car loans?
There has been a surge in banks receiving cancellation requests for car loans as customers want to make the purchase after the two-slab GST rate cuts come into effect on September 22, PTI reported. Car brands, Mahindra, Tata and Toyota, have decided to cut rates between ₹1.5 lakh and ₹3.49 lakh. Moreover, cancellation charges are "very low", an official said.