sbjm1234 26 September 2017

Loan repayment rule for non insured theft bike

Sir I had taken loan from Bussan Auto Finance India ltd, New Delhi to purchase a bike from yamah company on Oct 2015. Normally i used to repay the loan amount in time till my bike which was stolen on May 2017. An FIR was lodged but due to non-insurance I was unable to get insurance. When approached to the loan agent we were suggested not to repay the rest EMI after copy of FIR produced. Now I have received a Demand Notice from the company yo repay with interest the loan amount. What to do in this matter? Please guide me.

Reply Follow

1 Replies

Kumar Doab (FIN) 27 September 2017

“When approached to the loan agent we were suggested not to repay the rest EMI after copy of FIR produced.”

Has the company stated it in writing or do you have any evidence.

If yes, for how long?

Reply to demand notice, accordingly.