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
