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Old 15th January 2020, 15:00   #1
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Default Car loan's last EMI returned by bank - Now what?

I am facing an issue regarding the last emi to be paid to the bank for my car loan.

I usually deposit the emi manually on the 15th every month and today was the day to deposit the last emi which would make the loan nill.

I tried depositing by IMPS and NEFT. IMPS transaction error says we cannot verify your transaction while the NEFT goes through only to be returned immediately with an error - Any Other Reason - R11.

Any pointers on his would be very helpful. Thanks in advance.
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Old 15th January 2020, 15:03   #2
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Default re: Car loan's last EMI returned by bank - Now what?

Quote:
Originally Posted by luvDriving View Post
I tried depositing by IMPS and NEFT. IMPS transaction error says we cannot verify your transaction while the NEFT goes through only to be returned immediately with an error - Any Other Reason - R11.
From this I would guess that your loan is from SBI. Last EMI of car loan must be paid in the exact amount that is pending against your loan account. This varies by little amount here and there so it rejects the NEFT.

This happened to me also and going to the branch cleared it off. Paid the last emi via cash. Just call your branch manager and ask for exact amount. They should help.
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Old 15th January 2020, 15:30   #3
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Default re: Car loan's last EMI returned by bank - Now what?

Yep - just go to the bank branch, close out the loan and take NOC. This is always an issue with SBI car loans. There's nothing to be worried about.
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Old 17th January 2020, 17:12   #4
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Default Re: Car loan's last EMI returned by bank - Now what?

What you can do is pay the loan except for eg 100 rupees. You can’t zero out the loan online. Go to the branch and pay the 100 over the counter to initiate loan closure. It’s the same with SBI home loans as well.
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Old 17th January 2020, 17:27   #5
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Default Re: Car loan's last EMI returned by bank - Now what?

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Originally Posted by hserus View Post
What you can do is pay the loan except for eg 100 rupees. You canít zero out the loan online. Go to the branch and pay the 100 over the counter to initiate loan closure. Itís the same with SBI home loans as well.
This worked. I transferred all but 500 using IMPS and I will pay the rest in bank tomorrow. Earlier IMPS was getting stuck with error message.
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