A.Dear Sir,
That is happening in the society and nobody is there to check such illegalities. The borrowers simply sign all the documents without going through the conditions. Normally, such condition will be there to seize the vehicle even if one EMI is not paid.
That is happening in the society and nobody is there to check such illegalities. The borrowers simply sign all the documents without going through the conditions. Normally, such condition will be there to seize the vehicle even if one EMI is not paid.
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A.Dear Client,
Normally, for non-payment of 3 EMI in consecutive months by the borrower, the Bank starts the routine process of recovery of the loan including seizure of the vehicle. Considering the adverse effect in your credit record(CIBIL)and other legal consequences, you need to negotiate the matter with the concerned Bank on easy terms restructuring the loan repayment plan or opting for a one-time settlement of the loan.
Normally, for non-payment of 3 EMI in consecutive months by the borrower, the Bank starts the routine process of recovery of the loan including seizure of the vehicle. Considering the adverse effect in your credit record(CIBIL)and other legal consequences, you need to negotiate the matter with the concerned Bank on easy terms restructuring the loan repayment plan or opting for a one-time settlement of the loan.
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