Car Loan (EMI's) transferrable?? - Team-BHP

rohanverdes1 · 28th September 2009, 13:02

Hey Guys,

I am going to buy a 2nd hand accent. The owner has an outstanding amount with the bank(HDFC) ~1.3l...Would it be easier to transfer the o/s loan in my name and payoff the remainin EMI's or should he close the loan first??
I will also be taking a loan, so in case I can transfer the EMI's it would save a lot of trouble of having to apply again.

Thanks!

Rajiv-Bang · 28th September 2009, 13:34

It is possible to transfer the car loan in case of HDFC bank. You can check with their phonebanking for the procedure involved.

GTO · 28th September 2009, 18:17

AFAIK, very few banks will be willing to transfer the loan. The new buyer may not have the same credit rating, plus they have to rework the contract & post-dated cheques among other things. Generally, the way it works is, the older loan is foreclosed, after which a new loan may be availed of (from the same or any other bank).

rohanverdes1 · 6th October 2009, 17:39

Thanks GTO, Like you mentioned, the seller had to foreclose his loan at HDFC(with a 5% closure charge). The problem now is I got to wait for a week almost for the bank to send the NOC to the seller. Since Car loans for HDFC is centralized at Mumbai its going to be a long wait to get delivery I think... :(

28th September 2009, 13:02	#1 (permalink)
rohanverdes1 Newbie Join Date: May 2008 Location: Bangalore Posts: 9	Car Loan (EMI's) transferrable?? Hey Guys, I am going to buy a 2nd hand accent. The owner has an outstanding amount with the bank(HDFC) ~1.3l...Would it be easier to transfer the o/s loan in my name and payoff the remainin EMI's or should he close the loan first?? I will also be taking a loan, so in case I can transfer the EMI's it would save a lot of trouble of having to apply again. Thanks!

28th September 2009, 18:17	#3 (permalink)
GTO Team-BHP Support Join Date: Feb 2004 Location: Bombay Posts: 18,786 View My Garage	AFAIK, very few banks will be willing to transfer the loan. The new buyer may not have the same credit rating, plus they have to rework the contract & post-dated cheques among other things. Generally, the way it works is, the older loan is foreclosed, after which a new loan may be availed of (from the same or any other bank). __________________ GTO Work backward from your imagination, not forward from the past! Please don't PM for support. Use the Contact Form instead. Please read the NEW Team-BHP FAQ section for all your queries.

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28th September 2009, 13:34	#2 (permalink)
Rajiv-Bang BHPian Join Date: Sep 2009 Location: Bangalore Posts: 33	It is possible to transfer the car loan in case of HDFC bank. You can check with their phonebanking for the procedure involved.

6th October 2009, 17:39	#4 (permalink)
rohanverdes1 Newbie Join Date: May 2008 Location: Bangalore Posts: 9	Thanks GTO, Like you mentioned, the seller had to foreclose his loan at HDFC(with a 5% closure charge). The problem now is I got to wait for a week almost for the bank to send the NOC to the seller. Since Car loans for HDFC is centralized at Mumbai its going to be a long wait to get delivery I think... :(