I bought a new car during Ramadan sale and took out an auto loan with a renowned local bank for a flat rate interest rate for 3 years. I signed all documents on June 20 and got delivery of the car on June 29. My first EMI was due on August 5 and it got auto-debited from my account. All is well so far.
My only issue is that I haven't received any physical or email documentation of the loan so far. I checked with the sales agent and he says he has submitted all documents with the bank, so to check with them. I checked with the bank branch, and they say the documents 'should have been' dispatched to my company PO box that I had provided. My company says they haven't received any courier from this bank addressed to me. So, I am stuck with every one conveniently passing the ball to someone else's court.
Is there any issue of not having the original physical loan documentation for auto loans? Is this required during loan closure? I don't have a single physical document evidence of total loan amount or monthly EMI etc. When I call customer care, they gave all correct numbers so nothing is amiss there. I requested the bank branch for a copy of loan statement and payment schedule and it's been a week now and still waiting. Is all this normal and should I simply be more patient or is there something I need to worry about?
My only issue is that I haven't received any physical or email documentation of the loan so far. I checked with the sales agent and he says he has submitted all documents with the bank, so to check with them. I checked with the bank branch, and they say the documents 'should have been' dispatched to my company PO box that I had provided. My company says they haven't received any courier from this bank addressed to me. So, I am stuck with every one conveniently passing the ball to someone else's court.
Is there any issue of not having the original physical loan documentation for auto loans? Is this required during loan closure? I don't have a single physical document evidence of total loan amount or monthly EMI etc. When I call customer care, they gave all correct numbers so nothing is amiss there. I requested the bank branch for a copy of loan statement and payment schedule and it's been a week now and still waiting. Is all this normal and should I simply be more patient or is there something I need to worry about?
