quesCan my car be taken back by the Bank for non payments of EMI?

I have not paid the last 3 EMI's of my car loan to the Kotak Mahindra Bank. i have received a notice from the Arbitrator of the Bank. Can the Bank take back my Car from my possession? What should i do?

  • ansHi,

    Going by what you have shared herein, banks may take your vehicle back if the terms and conditions contains any such clause. But if you clear the arrears then they wont be able to take your vehicle back.. It is advised that you produce the documents in order to have more accurate answer..

    Advocate Ankur Aggarwal

      Uday Park, Delhi

  • ansYes they can. Please pay your EMI. If you can't pay it, bank has every right to take the car since they have a lien on it.

    Advocate Dhruv Suri

      Barakhamba Road, Delhi

  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Arbitration Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Consult best Arbitration lawyers in India

Similar questions

I have not paid the last 3 EMI's of my car loan to the Kotak…

Sir staff selection commission has issued notification for chsl 2015 examination in April 2015 so…
I want to know that can I get my property evicted by process of Arbitration.
I have worked for a client who sells software online. I worked to promote his…

Arbitration Lawyers in India

Advocate Arjun Vinod Bobde

  Supreme Court of India
 Experience: 16 years

Advocate Jaspreet Singh Rai

  Greater Kailash 1
 Experience: 14 years

Advocate Wg Cdr Ajit Kakkar (Retd)

 Experience: 17 years

Advocate Dr.Gubbi S Subba Rao

  K G Road
 Experience: 31 years

View all >>

How it Works

Know how LawRato makes legal advice easier and effortless

Ask a Free Question

Post a question and get free advice from multiple lawyers

Talk to a Lawyer

Easily find and book private consults with top lawyers in India

Get Fee Estimate

Receive multiple quotations for your legal requirement instantly