Car loan-Can bank charge the interest
1 year ago
I took a car loan from chola finance for my ford ecosport second hand car. My loan file was approved in november and then financing bank asked me to get RC transferred. It took about 3-4 months to get the RC in original and I submitted the RC to chola finance.
Now when my car loan was approved in November 2021, the chola finance started my EMI and collected the EMI with interest every month. I got the RC transferred and submitted the same to bank in last march of 2022. Got the car loan amount into my account on mid april 2022.
So here is the question, do i need to pay EMI with interest of the car loan to chola finance for november 2021 to april 2022. If not then what are the steps which i can take legally to recover the amount from them. They are telling me that they collect the Full EMI from the date of sanction of car loan, not the car loan amount transfer date.
if the loan agreement mentions the clause that the EMI should be paid from the date of sanction of car loan, then you will need to pay the EMI. but generally, you will need to pay emi after getting the money. so check with the bank ones.
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