Online Copyright Registration in India

Protect your creative work
Books, Songs, film, websites, Software, painting, fashion Design etc
Call now: 09891244487

Ask Our legal Experts, on issues related to Divorce

File Mutual Consent divorce right away

Call at ph no: 9650499965
Search On:Laws in IndiaLawyers Search

To Appeal before CIC - Central Information Commission
For Filing and Hearing contact: Choudhury's law Office
Ph no: 8851046564

Author Topic: Settlement for Car-Loan  (Read 2757 times)

0 Members and 1 Guest are viewing this topic.

Offline raja

  • Newlaw
  • *
  • Posts: 1
  • Karma: +0/-0
  • Welcome to legal Service India - law forum for free legal Information
    • View Profile
Settlement for Car-Loan
« on: February 21, 2014, 08:57:49 AM »
My mother have taken a car-loan from a private bank in 2011. Due to misfortune in our business we haven't been regular but still date paying the EMIs through collection-agents(as of today 2 EMIs are still pending). Now my present situation doesn't allow a steady monthly payment and I want to opt for a one-time-settlement with the bank.I want to know how to go about the process legally without the bank frisking my car and if possible stop the agent-harassment.  I also want to know if I can hire a lawyer for this and if he can help me in this.

Offline HugoPeak

  • Newlaw
  • *
  • Posts: 1
  • Karma: +0/-0
  • Welcome to legal Service India - law forum for free legal Information
    • View Profile
Re: Settlement for Car-Loan
« Reply #1 on: August 15, 2014, 06:18:56 PM »
Car loan is one of the best options we have in order to buy the car we want. Find the best dealership near in your place if you really wanted to pick whatís best for you. If you are thinking of big interest from car dealers donít worry because according to some dealership car dealers reduce their finance markup and insurance just for the customer to stay with them. Look no further, all of the details you will need is at!

Offline jitendracc

  • Newlaw
  • *
  • Posts: 3
  • Karma: +0/-0
  • Welcome to legal Service India - law forum for free legal Information
    • View Profile
Re: Settlement for Car-Loan
« Reply #2 on: January 08, 2017, 11:32:07 PM »
The better option before you is to have a direct talk with bank officials and make them clear your position. If they still not agree on your view, the better option is to take the advice of a lawyer from the concerned field. I have also taken the car loan from the bank and its EMI I have calculated from Car loan EMI calculator and as per my budget I was very regular in paying its EMI, but due to some urgent problem, there were some exorbitant expenses and I failed to pay the three installments continuously. I had a meeting with bank officials and briefed them my condition. They fully cooperated me and extended my period of EMI payment. You can also try this mode and they will certainly help you.

Offline riteshmaity

  • Veteran at Law
  • *****
  • Posts: 150
  • Karma: +1/-0
  • Labour Law Advocate in Kolkata
    • View Profile
    • Labour Law Advocate in Kolkata
Re: Settlement for Car-Loan
« Reply #3 on: January 09, 2017, 02:38:00 AM »
Since you have taken the loan, you are bound to repay it (principal+interest) irrespective of your financial situation.

However, you can TALK directly with the officials of the bank/financer and settle the dispute amicably since only 2 installments are due. If the company agrees, you can settle the due and get a NOC. Also make sure that the you are not marked negative in your cibil score.

You can hire a lawyer at this stage but there is no such requirement right now since you have to talk first and come to a conclusion. If both parties agree to that settled amount, then you may show the settlement agreement/ terms and conditions of settlement to a lawyer for finalization.
Linkedin -
Labour law blog -
Email - ritesh.k.maity***at***
Phone - 91-983-667-9309


File a Consumer Complaint
Property verification
Call: 9873628941

Lawyers in India - Listed city wise Mumbai
lawyers in London
lawyers in Birmingham
lawyers in Toronto
lawyers in Sydney

lawyers in Milan

Delhi - New Delhi
lawyers in New York
los Angeles
lawyers in Dhaka
lawyers in Dubai

Copyright Registration

Ph no: 9891244487

For Mutual consent Divorce in Delhi - Ph no: 9650499965

Home | Bare Acts | Law Forms | Supreme Court Judgments | Legal Advice | Lawyers | Submit article | Sitemap | Contact Us

legal Service is Copyrighted under the Registrar of Copyright Act ( Govt of India) © 2000-2017
Get Free legal Advice here from top notch lawyers in India