Equitas Vehicle Finance — Vehicle loan, EMI deducted, money not yet disbursed.

Address:	411040
Website:	www.equitasbank.com

I applied for a commercial vehicle loan with the Equitas branch and got sanction letter on 18.10.2016.
From December 2016, EMI has been deducted for last three months, I have not received the money disbursed.
The sales manager told me that I can cancel my loan and get the EMI refunded, but the Branch manager says that they wont refund my EMI.
I am advised not to stop paying the EMI as it would negatively reflect on my CIBIL.

What should I do?
My customer id: E0005160
My loan Account # SLTWRCY0113807