Need Help Regarding Closing a Car Loan After Father’s Passing

[Sonalimaster368]

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Sonalimaster368
PARTICIPANT
March 27, 2025 at 6:04 pm

My father took a car loan from Canara Bank in December 2022, and unfortunately, he passed away recently. I spoke with the branch manager to inquire about closing the loan. The manager informed me that, in order to close the loan, I would need to pay the interest as well.I’m unsure whether this is the standard procedure or if there are other options, especially considering the circumstances. Does anyone have experience with this or know the best steps to take? Any advice would be greatly appreciated.

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[Epicrajendra5182]

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Epicrajendra5182
PARTICIPANT
March 27, 2025 at 6:51 pm

Do not have car loan but as per my understanding most of loan requires 2-3% penalty on principal for the closure.

For example,

I have 10L loan and paid up 3L via emi and now I want to close loan then I need to pay 7L principal + 3% interest.

Check according with the manager.

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