Car Forum - Ask & Answer Questions

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  1. Pawan
  2. Finance, Insurance
  3. Friday, October 11 2019
My car with IDV 10 lakh rupees has been totaled due to accidental damage.
The outstanding loan amount is also 10 lakh rupees. Now the insurer says that they will make a part payment to the bank and remaining amount I will have to pay to obtain NOC for RC cancellation. I don't have 5 lakh rupees to pay to the bank. Kindly advise what should I do?
Admin Accepted Answer

Ask the bank loan statement You need to check on principal outstanding in the loan
If a total loss been marked and insurance Policy has hypothecation and IDV is equal to principal outstanding then Insurance company will make complete payment to Bank

What for the remaining amount ? There wont be any remaining amount, also if there is any foreclosure charges - suggest to contact Bank customer care, in some cases have heard of this foreclosure charges been waived off by the bank if the customer is existing relationship customer of bank with clean track record.

Hope should help !!

  1. more than a month ago
  2. Finance, Insurance
  3. # 1
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