Usually, loans are sanctioned by a centralised cell within the bank or the FI after due verification with CIBIL, employers, current bankers etc. If they sanction 4 lakhs for your car and you revert with a request that you need only 3 lakhs, there should be no problem at all except for a minor change in the paperwork.
I got a 3 lakh ICICI loan sanctioned through a Tata dealer (for an Xeta) but changed my mind and bought a Aveo instead. ICICI was willing to transfer and increase the sanction from 3 to 6 lakhs for the Aveo. If they can do THAT, I am sure they will accomodate your small request!
Let us know what happens.
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