Can I cancel my car loan?

[Kunal]

Five days back, I have got my new car financed from ICICI Bank, the total amount of the loan was 250,000. Now I have checked that I have to repay 3,00,000 in 5 years in instalments. I have checked other bank loans and they are cheaper than my current motor loan. Am I able to cancel this? Can anyone let me know, what I need to do now?

Thanks,

Kunal

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[MTG]

With the details provided above, it is not clear, whether you wanted to transfer the loan to another bank or just cancel the present loan and wants to surrender the car.

[Kunal]

I wanted to cancel the present loan and wants to transfer the car to new car loan. Is there any cooling off period in loan applications as in insurance applications?

[Manish_Kumar]

I don’t think there is any cooling off period for car loan. Better , You'll check with the bank.

[LastWarrior]

I wanted to cancel the present loan and wants to transfer the car to new car loan. Is there any cooling off period in loan applications as in insurance applications?

Cooling off does not apply - It's too late to cancel the car loan, once it was accepted and signed by you and the car loan company or bank; then you took possession of the car, the deal is concluded and it has become legally binding between you and bank.