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Repossession of vehicles

mahindra-finance-author

by Mahindra Finance

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June 23, 2023

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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:

  1. notice period before taking possession;
  2. circumstances under which the notice period can be waived;
  3. the procedure for taking possession of the security;
  4. a provision regarding final chance to be given to the borrower for repayment of loan before the sale/ auction of the property;
  5. the procedure for giving repossession to the borrower; and
  6. 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.

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