hypo car

Querist : Anonymous (Querist) 06 January 2011 This query is : Resolved
Mr Avijit Dutta has taken a loan from Bank, of 3.8 lakhs on March-2007 to purchase a car, for 5 years term. EMI- Rs.8800. He has paid 1.2 approx upto 2008/July. After that, he had not paid anything. Now he is in a position to pay approx 50,000 or 1 lakh.

1) Is it possible to pay the interest upto date, and again continue the loan?
2) In that case, will the Bank can take away the car ?
3) What is the best solution available to get some time to repay the loan ?

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Y V Vishweshwar Rao (Expert) 06 January 2011
You can Approach the Bank and First pay the over due interest ! Then request the Manager to Reschedule the Loan (with fresh Loan documents and fix New EMI)It is the discretion of the Bank !

Kirti Kar Tripathi (Expert) 06 January 2011
YOU CAN APPROACH THE BANK, IT IS FOR THE BANK TO DECIDE/CONSIDER YOUR REQUEST.

s.subramanian (Expert) 06 January 2011
It is purely the discretion of the bank.

Amit Minocha (Expert) 06 January 2011
you should approach the bank and enter into a new offer and settlement , clear your uptodate dues and take a certificate and stmnt as well which would help you to retain the car. Also request for a restarting of loan.

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