Step 2: “If you buy a car through a loan, the car is botched to the lender. And this assumption is a confirmation in the registration register of your car,” says Pankaj Mathpal, Certified Financial Planner.A confirmation in principle prevents you from selling the car. Ideally, the bank should send you a NOC, as mentioned above, along with the letter to your Regional Transportation Office or RTO and Auto Insurance informing them that the loan has been repaid by you as a whole. But this too is only in the ideal world, while in the real world you have to go to your RTO and submit the NOC to suppress this hypothesis. Lenders are usually very proactive in informing the relevant credit bureaus if you use any form of credit, whether it`s a credit card or a loan. But on the contrary, they may not be as quick when it comes to informing about closing a credit account. Once your car credit account is closed, don`t forget to ask them to inform the credit bureaus so that they can be updated in your credit information. Contact your lender if the information in your credit information is not updated. And when the period indicated by the lender has elapsed, you can apply online to the relevant Schufa to update your records. In addition, SBI offers free personal accident insurance up to the amount outstanding, so that in the event of accidental death, your relatives and relatives are not required to repay the credit. Another attractive feature is not pre-paid EMIs, that is, you don`t have to pay an EMI amount before using your car. If we receive mass proposals under special agreements with Maruti/Telco, all grants to be received will be credited to authorized accounts and charged to the initial rate.
The initial charge on the loan account should be borne for the total amount of the loan and the amount of the grant, which will then be credited to the loan account, in order to maintain the transparency of the system. The bank cheque for the amount of the credit should not be given to the merchant before receipt of the B/C for the amount of the subsidy. They should be executed at the same time. When: You need to complete these steps once you have paid for the last EMI. “If you have to wait too long and a right to insurance has to be exercised later, you`re going to fight two battles at the same time – get the amount of the fee and close the car loan,” Thomas says. For example, if your car is stolen and you submit the claim to the insurance company, since the owner of the RC book is still the lender (even if you have paid the loan in full), it will complicate things. And you need to conclude the loan properly before you receive a certain type of money from the insurer. The assumption of car loans may be considered selectively if: variable rate loans only, which can be revised [for new loans] even without modification of the SBAR. *A relaxation may be possible by receiving ITR / Form 16 for 1 year and statement of account for 6 months by a staggered sanctions officer, provided that they are convinced of the authenticity of the source, the amount and continuity of income that confirm the borrower`s ability to repay during the term of the credit. . . .