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Loan on my pre owned car. The car is already registered on my name


20-May-2023 (In Recovery Law)
I took a loan on my pre owned car which is registered on my name for 3.5 Lakhs out of which I have paid till now 4.5 Lakhs approximately which includes penalties and EMI. Now you all know as bank always take the interest first due to which they are saying I have to atleast pay 80k remaining of principal amount which makes no sense since I have already paid more than the loan amount. They are threatening to take car seized. What are my options as I am not in a condition to pay more.
Answers (1)

Answer #1
556 votes
If they are not listening to you then you can always serve them a legal notice and in that notice you can write to stop all these harassment and as you have already given more then the actual loan amount then you should stop threatening me or face legal action. For more legal assistance I am just a call away.
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