What happens if bike loan is not paid?

Failing to pay without informing the lender will still result in EMI Default status and you will be charged with EMI bounce charges. Also, this is not loan forgiveness. The interest will continue to accrue and be payable by the customer even for the extended loan tenure.

What happens to cars seized by banks?

All this costs money. And so banks auction these seized cars that they have acquired. After all might as well make money, however little may be, than keep spending in order to store and keep these cars. Thus auctions are held to sell these seized cars.

How can I clear my bike finance?

Acknowledge their email sent: Your lender will then send you an email that consists of all your prepayment information. It will have your loan account number, outstanding amount to be paid and your prepayment charges. You will need to acknowledge this email and confirm that you will prepay your loan to close it.

What happens when a bank loan is not paid back?

When a loan becomes NPA? When dues are not paid for more than 90 days. After this, bank will have to issue you a ’60 day notice’ under SARFAESI Act. In this notice period, the loan defaulter can payback the dues and close the case.

Is it good to buy bank seized cars?

Buying seized vehicle has the advantage of lower price generally. But in many cases its value will depend upon loan amount left on the vehicle and also according to the estimate by the Banks.

How do car repossessions work?

How Repossession Works. Technically, as soon as a credit account is delinquent, the lender can take action to repossess the property tied to the loan. In the case of a car loan, if you miss a payment, the bank could repossess the vehicle without notice. They can shift into gear as soon as you miss a payment.

Can you sell a bike that’s on finance?

Can I privately sell my bike on finance? You can absolutely do this, but it’s quite complicated. If you haven’t sold a bike with an outstanding balance before, you might risk losing money if you don’t know what you’re doing.

Can you sell a bike under finance?

Simply call your financial provider or bank and they will be able to indicate how much you owe as well as any fees you may incur by paying it off. It’s also a good opportunity while you’re on the phone with them to ask whether they have a specific procedure in how you can go about selling your bike with finance.

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