CAR PURCHASE
This query is : Resolved
08 August 2020
One of my friend will purchase a car . Suppose car value of Rs 750000/-. He will pay of Rs 195000/- as a down payment . Bank will provide the loan of rest of the amount.
please inform me, if he is unable to pay the EMI , ownership of the car to be transfered to the Bank.
please inform me, if he is unable to pay the EMI , ownership of the car to be transfered to the Bank.
09 August 2020
Yes....Bank gives some time for EMI payment with fines and penalties. but Yes...Bank will take the possession of the car if everything fails...
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09 August 2020
Since the bank has provided the fianace to purchase the car, bank will will create hypothication on the vehicle. You can check the RC book of the vehicle in which you will find the entry of hypothication. Hence if the your friend will not pay EMI, bank has right to take the possession of the vehicle.
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