I have a question:
In general, is it possible to make part prepayments (towards the outstanding principal) on your car loan? My specific situation: a car loan from Axis Bank that I intend to close by the end of this year.
If the answer to my question is a YES, how do I go about doing it?
Dear Vinaya- prepayments are possible. All you need to negotiate well with Axis Bank. If they say No, just move to a bank which encourages prepayments for car loans. I hold a car loan from SBI jayanagar 3rd block. They encouraged me to do prepayments.
Will try my luck.
When you do a prepayment, do you send in a check and specifically ask for the amount to be fully applied against the outstanding principal? Does SBI give you a new Loan Amortization Sheet once the prepayment has been credited?
Absolutely right. Yes again for loan amortization sheet. Good Luck Ya!!