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sridhar pasumarthy (ADVOCATE)     15 March 2016

Vehicle loan transfer

Dear Colleague Members,  

A obtained a vehicle loan from a financial institution and still some more E.M.I s are due.  While so, A wants to sell away his vehicle to B.  So, A wants to get his loan transferred to B, for which financial institution is also willing.

I am representing financial institution.

My questions  are :-
1. Whether law permits to transfer the existing loan from A to B?

2. If so, What are the legal formalities to be observed and documents to be obtained either from A or B by the financial institution to avoid legal complications in future?"

pls reply.  its somewhat urgent.

Thanks a lot in advance



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