Bank Asking To Pay Remaining Amount After Selling Vehicle In Loan Default Case

I purchased a commercial vehicle on loan and as I can't pay EMI regularly, they have taken my vehicle and now they have sold it and sent me a notice that I have to pay differentiation amount. I have left the vehicle as I don't have the amount and now... Read More

I purchased a commercial vehicle on loan and as I can't pay EMI regularly, they have taken my vehicle and now they have sold it and sent me a notice that I have to pay differentiation amount. I have left the vehicle as I don't have the amount and now they are asking me to pay. Is it compulsory for me to pay that amount?
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Answer (1)

Team Legistify

Team Legistify

  • Sector-1, Noida

The bank can recover the money if the sale of your collateral does not fulfil the loan amount requirements.

Answered on 31 Mar 2020


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