Legal Question in Banking Law in India
R/sir,
we had taken car loan from icici bank in 2007 for innova financed @6;85000/, but due to some crucial happening like car accident now car has tottaly dammeged there for the outstanding is pending pl. tell me details what should we do now
Asked on 4/07/16, 5:34 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
07.04.2016
Dear Sir / Madam,
If your Vehicle Insurance Policy is fully paid up and if the Insurance Company certifies and declares the vehicle as "total loss" beyond repair, the Insurance Company will have to pay up the intrinsic value of the car, which amount will go towards repayment and settlement of your car loan. You may only have to pay the shortfall if any to the Bank to clear your vehicle loan.
Regards,
Answered on 4/07/16, 6:18 am
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