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essential to give any security or collateral for my car/auto loan?

Unknown

8 Jan, 2015

The car/vehicle which you purchase out of the loan amount is itself the required security for the loan amount. You will be pledging the car in the banks name and to that effect it needs to be indicated in the RC (Registration Certificate) book of the vehicle as well. In case of default in payment of monthly EMIs the bank has the right to repossess the car.

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