Loan Recovery- Asset in custody
1 year ago
What happens if the loan EMI was not paid and the company has taken the vehicle under their custody. While they have been threatening to sell the Asset.
A.Dear client, I am sorry to hear that but since your loan amount becomes NPA for the bank, the bank has all right to recover it. Since you have taken a loan keeping your vehicle as a security, they have all right to sell it.
Helpful
Helpful
Share
A.Dear Client
Once the loan turns into NPA then the bank or loan giving company will initiate the process of recovery which will include filing a cheque bounce case, if PDCs are given, sending legal notices to the borrower, invoking the SARFAESI Act etc. The vehicle in your case is the primary security hence they have taken away the vehicle which they can auction.
Once the loan turns into NPA then the bank or loan giving company will initiate the process of recovery which will include filing a cheque bounce case, if PDCs are given, sending legal notices to the borrower, invoking the SARFAESI Act etc. The vehicle in your case is the primary security hence they have taken away the vehicle which they can auction.
Helpful
Helpful
Share
Read Related Answers
Compassionate appointment
Dear Client,
The SBI rules can not be breached. it could be the policy of the bank to not hire anyone. Please check with the rules and guidelines for heiring employees
Education Loan OTS
Dear Client,
Try to go to the online portal of the said bank and complaint about grievance through the same. it is advisable to repay the loan amount within the stipulated time or you may face seizur...
Sbi account put on stop by cyber security
Dear Sir/Madam,
Under the following provisions the Hon’ble Magistrate Court having ample powers to unfreeze the Bank accounts. Further, the Hon’ble Court has vast powers to hand over the properties/v...
My bank account got freezed
Dear Client,
Once a cybercrime scam or fraudulent transaction is reported online to the National Cyber Crime Reporting Portal(NCCRP), on the instruction of the Cyber Crime Cell, the investigating tea...
Bank loan harassment
Dear Client,
In the given scenario, you can escalate your grievance with the Grievance Redressal Officer of the concerned Bank, and in case no suitable response is received from the GRO of the Bank yo...
Read Blogs on Banking
Banking Lawyers
Find Lawyers by Location
