Amount of interest
arun shokeen
(Querist) 10 August 2014
This query is : Resolved
A person get a vehicle financed and paid continuously the EMI of the same also got the vehicle Insured ,the same vehicle got stolen ,Person lodged FIR informed both financer and Insurance Company, Insurance company refused to sanction the amount without submission of NOC from Finance Company, Finance company imposed interest till the last date of finance including defaulting amount excluding the paid amount by the person, I need authority that Finance company cannot demand interest from the date of Loan and not after the date of stolen of vehicle AND if can then they have to exclude the amount already paid by the person, please help quickly ,argument on 12 August I need authority over the same.
J K Agrawal
(Expert) 11 August 2014
Dear Mr Barman
I think this platform is to provide opinion about law. If i am confused on a issue of law, specially when it is less dealt, I have a ray of light at this forum.
It is a site, having so many learned Lawyers, like you and an experience of you may be helpful to all of us.
I think it is not bad if an advocate want some assistance about his case. But at the same time it is highly recommended that one should do all his exercise instead of seeking a ready made answer of his question.
malipeddi jaggarao
(Expert) 11 August 2014
In such cases, the normal practice is the Insurance Company will directly sent the settled claim amount to the Finance Company. The Finance Company appropriates its dues and balance would be refunded to the borrower. At that time if there is any dispute regarding charges, interest etc., the borrower should initate correspondence/action and get the clarifications.
However, if the Insurance Company is adapting a different procedure, first obtain the NOC from the finance company and get the insurance claim and take up with the finance company later.
Rajendra K Goyal
(Expert) 11 August 2014
Citation not provided in this section.
Finance company has advanced money for motorcycle and not the motorcycle. It is concerned with its money and interest on it which is not linked with theft of motorcycle.
Finance company is justified in claiming / charging its interest till it receive back its full payment.
ajay sethi
(Expert) 11 August 2014
you can search in indian kaanoon wesbite for judgements
arun shokeen
(Querist) 11 August 2014
Sorry guys i forget Lawyersclubindia is no more same, about my query and ur suggestions, ajay g, Indian kanoon is not the only site u can use lex crwler or law khoj or stpl.in also, Barman g who told you i need citation directly i ask for suggestions first ,not refusal and other thing, mam thanks for support, i refer the question with a thought of help in manner of suggestions , ok all of experts tell me is finance company can impose interest over whole amount although 60% of amount or 90 % already paid off, and thats my query Berman g , not citations, i am Legal researcher of my associate , i ask to legal fraternity persons who share their views and knowledge to help other lawyers not with the thinking of giving favor to others, kher leave it, thanks all
T. Kalaiselvan, Advocate
(Expert) 16 August 2014
