Can bank or NBFC snatch the vehicle ?

At the time of signing the agreement during the Loan process there will be a clause which authorise the bank and its agents to take away the vehicle if the Emi"s are not paid continuously. So you cannot succeed in any way. The Bank personnel also give an intimation to the are police station about the seizure of vehicle to prevent you from filing an extortion case. . They will charge extra for the seizure and other cheque bounce charges. Now the ball is in their court and you are forced to pay. The bank will  go for the public auction of  the vehicle and if the sale proceeds does not satisfy  the loan amount you will be intimated to pay the balance failing which they will file a civil suit {usually by way of arbitration as there will also be an arbitration clause in the agreement} against you.  

The only Remedy available is to speak to the Bank and clear the EMI"S and get the  vehicle and you will be benifitted as your vehicle is sold for very less price then the market price in the public auction.

File RTI Application to any Public sector bank and get a copy of Hire Purchase agreement format,  and you can find how the regulations made it pucca while confiscating the vehicle   You can be an absolute owner only after repayment of the entire loan only.  There were cases where even HC Judge's personal car was driven away, by outsourcing agency, from CS Terminus, Mumbai, when there were more than 4 EMIs were due to PSB.

The Bank or the Financial Institution can rely only on methods known to Law. They are not authorised to strong-arm tactics..

Keys of car cannot be snatched by recovery ghoons.

You may register FIR as well as a suit for permanent and mandatory injunction.