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

All You Need to Know About Joint Fixed Deposits

Joint fixed deposits (FDs) are a popular investment option in India, offering individuals the opportunity to pool their funds and earn stable returns. Whether you’re looking to invest with a fam...

KNOW MORE

February 29, 2024

Packaging Progress: Unwrapping the Perfect Packaging Machines with Mahindra Finance

Packaging plays a crucial role in protecting and preserving our products, influencing their shelf life, appeal, and brand identity. But choosing the right machinery can be daunting. Let’s explor...

KNOW MORE

February 14, 2024

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