complainant had obtained a vehicle loan from the OP, vide loan account
No.31654213, for his vehicle i.e. 'Mahindra Thar' bearing Registration ... shows that the
respondent/complainant had obtained another loan; namely KGC-Term
Loan, vide loan account No.80709509 for an amount
vehicle as per the RC book and the vehicle is merely
hypothecated to the opposite party herein for securing repayment of the loan
amount ... Loans Act, 1918 and if
the opposite partys loan agreement is permitted to prevail it would defeat the
provisions contained in the Usurious Loans
dispute before us. The complainant is the consumer who availed
of vehicle loan disbursed by the opposite party no. 1 - bank. The opposite
party ... loan agreement and specific clauses of the said agreement were cited which
allegedly enabled the bank to take possession of the loan vehicle irrespective
said vehicle was purchased by Hamsa A.P and he was the original registered owner of the vehicle and that the said vehicle had hypothecation ... seen that the complainant got the aforesaid vehicle with the liability to repay the vehicle loan which was availed by the former owner Hamsa
disposal of the appeal are that the
complainant had obtained vehicle loans from the OP for the sum of
Rs.1,70,000/- in April ... merits, the
OP stated that the complainant had obtained the said vehicle loans
from it and before obtaining the same, he submitted loan application
form
which he has availed aforesaid commercial
vehicles loan and auto loans for his commercial vehicles from financial
institutions and the appellant (complainant) got financed ... which he has availed aforesaid commercial vehicles loan
and auto loans for his commercial vehicles from financial institutions
and the appellant (complainant) got financed
disposal of the appeal are that the
complainant had obtained a vehicle loan for the sum of Rs.2,87,726/-
from ... case are that the
respondent/complainant had obtained a vehicle loan
appellant and represented that the respondent bank will be providing her
vehicle loan @ 9% interest p.a., which was below the interest being paid ... said vehicle was
originally got financed from Citicorp Maruti Financial. At the insistence of the
officials of the respondent to provide soft vehicle loan
remains in possession of
the vehicle. BY an agreement the vehicle
can be given as security for the loan advanced.
IN such a case ... case of passenger vehicle
and @10% in case of commercial vehicle.
(vii)
Further whenever financer or Bank chooses to
repossess the vehicle by employing musclemen
remains in possession of the vehicle. BY an agreement the vehicle can be given as
security for the loan advanced. IN such
a case ... vehicle by way of loan. The loan amount is always lesser than
the actual cost of the vehicle be it brand new vehicle
or second
