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Bad news for Tata! Long waiting process for Nano delivery and EMI payment before its delivery are compelling people to cancel Nano bookings.

EMIs on the booking amount (in between INR 95,000 & INR 140,000, depends on model, and interest rate at 10 pc to 10.5 pc) begin a month after allotment, whereas the real delivery dates are delaying for many.

Most of the banks are observing growing number Nano bookings cancellation. Few of the banks, have seen half of the registrations for the NANO are cancelled.

The majority of the cancellations are from those getting allotment in 2010-2011. But there are others also from the lucky 1,00, 000 who are withdrawing. We cannot give an exact figure as our last date for cancellations is August 20, 2009.

- Mr. M Dohare (Chief Manager, Marketing & new initiatives, UBI) said.

Though Tata is much aware about their Nano booking cancellations, the company spokesperson said -

Our first priority is to deliver the car to the one lakh allottees and then move on to the 55,000 retainees. Meanwhile, as people cancel, the queue moves up and the retainees will get their cars earlier than planned. Starting from July we have dispatched 2, 475 cars and plan to complete delivery of the one lakh allotments by the last quarter of 2010.