EMI Problems - Not Received My Salary


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I have not received my salary from last two month. But inspite of that I have cleared last month emi. But due to insufficient fund this months EMI of my car loan aged 5 month has failed. The HDFC bank official called me. I explained them the situation that as I have been transferred twice in two month, my salary was not given. This month means 15th may I will get with arrers and they can collect two emi instantly, but the HDFC bank officia told that his man will come and seieze my car if the amount is not paid within 30th of this month.
What should I do? Please suggest me.
 
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I have not received my salary from last two month. But inspite of that I have cleared last month emi. But due to insufficient fund this months EMI of my car loan aged 5 month has failed. The HDFC bank official called me. I explained them the situation that as I have been transferred twice in two month, my salary was not given. This month means 15th may I will get with arrers and they can collect two emi instantly, but the HDFC bank officia told that his man will come and seieze my car if the amount is not paid within 30th of this month.
What should I do? Please suggest me.
Failure to pay one EMI and that too after informing the bank doesn't call for a vehicle seizure. Most probably the bank personnel is trying to judge if your claim is genuine or you are playing a bluff by not paying your EMI. I would suggest you personally meet the branch manager from where your loan is taken and explain to him in detail. If possible take an influential person and an elderly person along with you.

freakdude.
 

Akash

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Failure to pay one EMI and that too after informing the bank doesn't call for a vehicle seizure. Most probably the bank personnel is trying to judge if your claim is genuine or you are playing a bluff by not paying your EMI. I would suggest you personally meet the branch manager from where your loan is taken and explain to him in detail. If possible take an influential person and an elderly person along with you.

freakdude.
Nice advice freakdude.

And please clear off the things as soon as possible.
 

TSIVipul

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Ah,a financial problem(I love solving them)..

@Somu:
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.
Why?
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.
 
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TSIVIPUL is absolutely correct. What happens is, in excitement of getting or ride sooner we go for loans with private banks as they do it pretty fast compared to govt banks. Do not worry, follow the advice mentioned by TSIVIPUL and things will be in place.

jango.
 
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I am with Vipul for all the advise but this last one.

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.
Most of the people take loans because they cannot afford something as of now, but are sure that they can afford in long term through regular income. Example- education loan. One can buy something after collecting enough money in long term, but there is an option called loan to buy that thing now only with a premium termed as interest.

A common man doesn't have enough cash in his pocket to write a check at showroom, unlike greater gods who take loan to disguise their possession under white money.

Loan is a reasonable option, but we just need to balance between our greed and expected repaying capability in times to come.

If I was in place of OP, I would have borrowed money from a friend or relative and paid the interest.
 
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Even i have taken loan from HDFC but my EMI is reduced frequently and as of now i haven't faced such problems, i appreciate the wonderful advice given by Vipul which will be considered by all for loan taking holders.
 
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