What happens to the car loan, when I transfer from one state to another state in India? Hello everyone,
My friend has some questions regarding the Car Loan Transfer from one state to another (India).
I don't know much about this and hence posting it out here. Kindly throw some light in this regard.
He has the below questions.
1. Scenario 1- Car showroom price is 16.5 L. Road tax is 2.8 L (bangalore). He took a car loan for total (16.5 L + 2.8 L). Suppose he get the NoC from the bank for inter state transfer and do all the things after that (RTO and all) and he has now the NoC from Bangalore RTO as well. After six months, he wans to transfer the car to Delhi, and re-register there in Delhi at 1.7 L. So what will happen to his Car loan in Bangalore? Will it get closed or will it get transferred to Delhi. If it's getting transferred to Delhi, what will happen to his EMIs. Will the EMI amount will come down as the re-registration in Delhi was done from pocket?
2. If he balance transfer his remaining car loan amount e.g. from SBI to HDFC in bangalore itself, do he needs to change the hypothecation in the RC from SBI to HDFC? |