login-icon
mahindra-finance-logo
login-icon
  • English
  • Hindi
  • Bengali
  • Marathi
  • Telugu
  • Tamil
  • Gujarati
  • Kannada
  • Odia
  • Malayalam
  • Punjabi
phone

Download App

Conveniently pay your EMIs, set payment reminders, view your loan details.

phone
|

Repossession of vehicles

mahindra-finance-author

by Mahindra Finance

|

June 23, 2023

|

1 mins read

The Company has a built-in re-possession clause in the contract/ loan agreement with the borrower which is legally enforceable. To ensure transparency, the terms and conditions of the contract/ loan agreement contains provisions regarding:

  • notice period before taking possession;
  • circumstances under which the notice period can be waived;
  • the procedure for taking possession of the security;
  • a provision regarding final chance to be given to the borrower for repayment of loan before the sale/ auction of the property;
  • the procedure for giving repossession to the borrower; and
  • the procedure for sale/ auction of the property.

A copy of such terms and conditions is made available to the borrower in the Loan Agreement executed between the Company and the borrower.

Related articles

How To Secure A Short Business Loan? Check This Detailed Guide

Are you an entrepreneur looking to take your business to new heights? Or perhaps you’re a small business owner in need of funds to cover operational expenses. Whatever your situation may be, sec...

KNOW MORE

April 22, 2024

Can Sole Proprietors Get A Business Loan?

Are you dreaming of starting your own business? As a sole proprietor in India, you may have concerns about financing your venture. But worry not! This article will explore how to get business loans in...

KNOW MORE

April 10, 2024

Understanding Loan to Value Ratio for Car Loan

Understanding Loan to Value Ratio for Car Loan

Introduction Buying a car is an exciting milestone in life, but it often comes with the need for financial assistance. This is where a car loan can be a valuable tool. However, understanding the intri...

KNOW MORE

August 26, 2024