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.
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