If you have an issue with your car loan provider, you could be entitled to a refund. Use our free tool to raise an issue with the loan provider.
Who is your issue with?
Banks and NBFCs offer car loans to people who have a decent record of credit history as a consumer.
- Interest rates on car loans vary from bank to another, some financial institution claims to offer on-road prices. Make an informed choice.
- Make sure your document has been completed.
- Affordable EMIs & Repayment tenure.
- Quick disbursement.
- Customers can choose the life insurance policy along with the car loan application.
How to complain about a car loan service provider in India?
Contact the customer care cell of your car loan provider via Resolver. You can also contact the bank on their toll-free numbers and get your complaints related to car loans resolved. You can also inform the bank through their customer care email service. Additionally, you can also visit any one of the bank branches to get a resolution for your query.
Interest rate issues
- The rate charged is commonly fixed. This makes reimbursement simpler without having to worry over the increase in the EMIs in future. Be that as it may, on the off chance that you think the loan costs will descend in future, at that point you can choose the Floating interest rate. A few loan specialists even offer limits to ladies on the interest rate charged.
- Taking an advance for a pre-claimed vehicle can be costly when contrasted with one on a new vehicle as the loan fee charged by most banks is higher on the former.
- In case you have issues with the interest rate applied, you can directly connect to the customer care cell of your car loan provider.
Can I negotiate with the bank to get lower interest rates?
Yes, you can. If you have a good credit score and satisfy certain conditions set forth by the banks, then they may reduce the interest rates. Contact the banks of your choice and discuss thoroughly all these possibilities before taking the loan.
How should I pay the EMI?
You can pay your instalments through the auto debit facility - if you have a savings account with the bank where your EMI will get debited automatically at the end of every cycle you can give post-dated cheques (PDC) to the bank. To avoid cheque bounce, make sure your account has sufficient funds.
Steps to take after paying the last EMI
- Take a final payment receipt from your bank. The receipt will have loan closure details, last EMI payment detail and total amount paid.
- Make sure you receive all your personal documents from the bank within 2-3 weeks. Remember to ask for No due certificate or No objection certificate from the bank. The bank will issue Form 35 & NOC to RTO when you have paid the last instalment and their name will get removed from the RC book.
- Get a repayment statement from the bank to update your credit history and improve credit score in case you want to apply for any other type of loan in future.
Is it okay if I delay some of my instalments?
If you delay your payments, banks may charge you for that. But more than that, such delay in instalments will and seriously gouge your credit score.
What to do if there is a default in payment?
On the off chance that you don't pay the instalments for a while, at that point the bank will issue a notice and request that you surrender the vehicle. In the event that you neglect to do as such, the bank may hold onto your vehicle after the suitable notice time frame.
Original documents not returned by the bank after repaying the loan
As per the contract signed by you with the bank, it would contain a clause that on repayment of loan all original documents lying with the bank of the borrower would be returned. The bank is bound to return the original documents after repayment of the loan. Once contact the general manager of the bank and enquire why original documents have not been delivered to you. In spite of repeated reminders, if the bank is refusing to return original documents, file RTI application against the bank as to know why original documents have not been returned.
How to get my loan disbursed?
- Once your loan is approved, the disbursal process is usually done through an NEFT transfer to the borrower’s bank account or through a cheque that needs to be collected physically.
- The actual loan amount disbursed may shift from the amount you have applied for depending on the kind of loan, the span of the loan, and the loan agreement which may be subject to certain terms and conditions.
- Make sure that you have paid all the upfront charges, payment of processing fee and service tax.
- After the loan disbursement, the bank or moneylender will, by and large, send an affirmation letter. The bank likewise furnishes an amortization table alongside an EMI schedule so you realize the financing cost on your loan reimbursements.
How will Resolver help you?
Any complaint from Resolver is an official complaint, which obliges the bank to act upon it. Resolver plays the role of the bridge between you and the Company. It makes it easier for you to contact the company’s customer service department. Resolver is free. No adverts, no hidden costs. Start by telling us the name of the company or organisation you have an issue with, raise a case and leave feedback afterwards.
You can raise issues with 32 companies in Car Loans services
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