Ah,a financial problem(I love solving them)..
So,buddy overall issue is that your car is five months old and the fifth installment isn't paid.
So,what?Don't worry.They can't do anything.
Now the steps you have to follow are very simple:-
1):Go to your office and get it in written that your salary will be paid next month.
2):You may have submitted your salary slip at the time of approval of loan.Now get the fresh copy of your salary slip too(this will give you two advantages:1):A proof for bank officials to assure that you will get the salary and are still on the job..2):This will automatically make them consider the fact that you are paid more than enough to pay the EMI).
3):In case they demand,just get an affidavit mentioning that you will pay the EMI.But be careful.."AT ANY COST DON'T MENTION THAT ALL THE PENALTIES ARE ACCEPTABLE".
4):If possible then try to take a government official who have a good account in the bank as a guaranter to take your guarantee.
5):Now just meet the branch manager and your problem will be solved out.
Points to remember:-
As per some act(I don't know which it is)passed by RBI,no bank can seize your car/property etc if less than or equal to three installments are not paid.
In case they still try to force you to pay,then don't do anything but just send them a legal notice.
Thirdly:If in any case they try to force you pay the installments(sometimes they can even threaten you).Go to the nearest police station and file a grievance complain against them and then see automatically your loan will disappear(but don't try this for no reason).
OVERALL YOU CAN REST ASSURED,NOTHING WILL HAPPEN,NEXT TIME THEY CALL YOU.JUST TELL THEM THAT YOU WILL TALK TO THEM IN THE BRANCH ITSELF. Free of cost ADVISE:
From next time onwards try to take loan from govt. banks like SBI,PNB,Syndicate bank etc etc.
Getting the loan may be tough from them,but they stick to rules and regulations.
Even if an installment or two are blocked for any reason,they will give you liberty to pay them later.
thirdly:They don't impose any fines in such situation.What fine I am talking of?
Just pay the installments and you will understand what fines.Now you will have to pay some interest on the installments too as well as some processing charges too.
And at last:Although this is not the time to mention this,but..
Its all your mistake dear.You have broken the basic rule of taking loans.
1):You fall short of money,that means somewhere you have jumped your true budget for getting a car bigger than what was suitable to you.Maybe following this small set of rules
could have saved you.But if you strictly follow them today onwards then also it can keep you happy.
2):While taking loan,one must maintain enough cash in his/her account that must end up for at least 6 months or half a year.
For what purpose most of the people take loans:To kick the back of those income tax guys,and its better to keep the loan for this purpose only.