Can 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?
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 AggarwalUday Park, Delhi
Yes 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 SuriBarakhamba Road, Delhi
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