Hdfc car loan emi

If you are not able to pay immediately discuss the matter with Bank officials and inform them when are you going to pay instalments. Then due to non payment of instalments your loan account will become NPA. Then bank will take action against you such filing of suit for recovery amount or attachment of car etc. It will better if you pay instalments and avoid action.You may request the bank for relief in payable amount .

Let entire facts be stated through a representation in writing to the Bank and also COVID issue.  The Bank is having an outside agency to confiscate the car as per HPA with the borrower and only after payment of the dues the borrower becomes an owner.  The simple solution is first to get the overdue installments cleared by borrowing outside as this NPA status may adversely affect your credit rating and may be detrimental for your future lending.  The bank may auction the car and impose a penalty and in case of a shortfall, they may even recover that amount from the guarantor or other securities.

It seems to me that it is unreasonable to take a loan for a car (if it is not required for your business). I decided to be more restrained after seeing the statistics of debt to credit institutions for 2020. I bought a Toyota Rav4 and am not going to change the car in the next 5-6 years. This is a very reliable car. My solution is already helping me. I can afford to buy more technological devices for auto maintenance and repair. Right now I'm picking a car wash, somewhere in between induction vs universal one. I believe that by the time I decide to change my car I will have a whole set of electrical equipment in my garage. This is something that will serve me for decades)