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  1. srinath
  2. Finance, Insurance
  3. Thursday, April 13 2017
Sir,
At present i am working in west Bengal, but i am from Andhra Pradesh.
If i got my car loan approved in AP-State and can i buy the car in west bengal by using the banks car loan which i got approved in AP.
Is it possible.
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Hello,

Car Loan Application consists of 3 parts
> First: Verification within Geo Limits
> Second: Credit Decision. If sanctioned then proceed ahead for Disbursement
> Third : Collateral as submission of Copy of RC duly hypothecated to Bank

So - if in case
> Your office is in West Bengal - for all practical reasons - the residence verification will be done by respective branch in West Bengal. (in Geo Limits based on residence place)

> Been - Car Loan is a secured loan - even if the loan processed in AP - the dealer of AP will not handover the Vehicle registration Papers to customers (due to risk of HP Omission). Rather - will submit it in AP RTO - so the vehicle will carry AP registration mark

Thus - not feasible.
Advisable to get loan processed and take delivery where your current address is (ie West Bengal)

Hope should help !!


  1. more than a month ago
  2. Finance, Insurance
  3. # 1
Srinadh Accepted Answer
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Sir,

Thanks for the information.
But I had one more doubt, if my loan is approved in AP and after taking delivery can I move around inter states like to orissa, West bengal, Assam.
With AP registration.
Actually I'm working in Bhutan country, nearest states are West Bengal & Assam.
So immediately after my registration I'm thinking to take it to Bhutan on road via Orissa, West bengal & Assam.
So again after 10 months or 1 year again I will go back to my home place(AP) on road.
Once reached inside Bhutan I can follow up the procedure here, but can I actually travel immediately after registering my new vehicle & can there be problems if I again return back after long gap.
  1. more than a month ago
  2. Finance, Insurance
  3. # 2
Admin Accepted Answer
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Hello,

A Vehicle registration is valid PAN India - so can move easily in Inter States
But - there is a clause in CMVA (Central Motor Vehicle Act) - which states vehicle re-registration needed if period of stay going to be more than 12 months in another state. The same clause can be modified by State Motor vehicle at - wherein some states have even cut short and modified to 1 month. So may check on that accordingly

In terms of your working in Bhutan - as its a different country - unsure whether Banks will be ready to fund basis same
May check out with local Operations Team of Bank (if in India)
  1. more than a month ago
  2. Finance, Insurance
  3. # 3
Sai Accepted Answer
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if I m living in working and living in AP, my spouse is a native of Chennai. Can I take loan and buy a vehicle in Chennai. After which, can I take it back to AP? As they are neighboring states, we can(generally) move frequently.
  1. more than a month ago
  2. Finance, Insurance
  3. # 4
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