Clarification regarding car loan taken from the bank


What loan documents should the bank have given me? When can the bank go for repossession of the vehicle if so with or without notice? Should the loan agreement mention the period when repossession can be initiated anh how?

Answers (1)


343 votes

Banks usually ask you to sign a Hypothecation Agreement in respect of the vehicle loan, besides the demand promissory note. If you read the agreement, you can find answers to all your queries raised here.


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