Legal Question in Banking Law in India

vehicle loan

my mother has taken a loan for our car from reliance finance ltd.however we have requested them for some time for the payment,we are not able to pay the monthly emi as my dad has met with an accident.however we have made 14 payments very promptly.now the recovery people are calling and that they would seize the car.we dont want anyone to seize our car.we want to retain the car.what notice do i send to the reliance company on this issue.Pls advice.


Asked on 2/23/09, 11:58 am

4 Answers from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: vehicle loan

You need to make the payment of loan regularly; and if you cannot, better sell the car and pay off the loan.

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Answered on 2/23/09, 12:20 pm
J. Radhakrishnan independent Practice

Re: vehicle loan

send a letter to the company setting out your present position and giving them a viable rephasement of the schedule of repayment with copy to Reserve Bank of India, Department of non banking finance companies. You have to find out some way to pay off the loan.

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Answered on 2/23/09, 10:13 pm
Homi Maratha N.N. Maratha & Co.-Advocates

Re: vehicle loan

Hello.

Without any hindrances or taking some other way sell off the car and repay the loan.

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Answered on 2/24/09, 4:18 am
Pranav Desai PD Legal & Associates

Re: vehicle loan

I believe the best course of action is to meet the officials of Reliance and speak them about your problems. They will help you in rescheduling your loan.

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Answered on 2/24/09, 1:06 pm


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