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UI am 28M In October 2024, because of some financial issues and constant pressure from borrowers around 4 lakh INR. (taken for closing old loans) …… i wanted a loan desperately.asked my family,friends, relatives, nobody helped . Then the last resort was a loan which i had tried to get but avail. Talked with a loan agent who is a relative .He suggested we can take the loan fathers name and without knowing them and mortgage it and i can pay the borrowed money. I trusted him .
My Documents i provided to take out a loan .
* Adhaar card
* Pan Card
* Bank Statements
* Light Bill
* Photos of
* Home photos with GPS Camera
* Office (rented room) Photos with GPS Camera
* Cheque photoFathers documents ( unknowing to them.)
* Pan Card
* Adhaar cardNo physical Agreement is done. He created a duplicate RC (DRC) using cars number. And created smart card Then i took car to have inspected car to evaluator he took photos of it .There no sign done no physically agreement done.i got called and digitally signed legality esign process is done.ECS was attached to my bank account then applied for a used car loan through Loan NBFC.
which was told by loan agent to get the loan .which will deale will give disbursement amount 40-60% of amount of with 10% commission deducted . after transfer of the amount.
Here is what had happened step by step
1. Borrowed a loan from an NBFC through a loan agent.
1. Used my documents etc,
2. NBFC peson inspected my father’s car for loan approval. I
1. I gave all photos ,cars photos, car engine stencil etc.
3. Shared all necessary documents with the NBFC. no physical agreement is done.
4. Signed digital agreement with company and Digital ECS done. he shown me as car “buyer”
5. After that NBFC Inspection team took photos of car delivery and car gps tracker is installed on car . still i don’t know what is happening (yes it was stupid) because of trust. I had put in him.
6. Loan was sanctioned in my name. But disbursement should done to dealer or seller but both not happened.. Disbursement of the loan amount to the dealer bank account has not been completed..also Nbfc not sharing details of disbursement of amount to bank account.
7. Seller (father) is not willing to transfer the car. As he got to know also threatened me for the case. Also if transferred nbfc will recover the car forcefullyDealer is refusing to pay me the loan amount.( loan amount on hold on portal)
8. Now i have paid EMIS NBFC is asking for foreclosure without giving the amount to the seller (father).or dealer OR transfer the car on my name and HP the car .
1. Option 1: Foreclosure of amount taken on car
1. Even if i pay amount arrangement they will not disburse amount to dealer because of loan fraud (I didn’t had money that’s why i took loan in first place this option is not done)
2. Dealer is saying NBFC will release funds , but dont think so because they detected fraud case. they can hold the funds and create dispute with dealer.
2. Option 2 : transfer the car to my name and they can do HP and repossess the car.
1. They will have the right to recover the car. ( father is not willing to transfer car in any manner or situation)
2. Due to RTO Rule, cars can not be transferred to father and son .
3. What other options i have?
9. What should I do? I got played by a loan agent and dealer. What are the legal consequences of this?Putting in too much trust in words of relative got me into this situation. idk what i was thinking but this is really harsh lesson for me.
I have to pay the emis or fight the case as well as recovery from NBFC while not having job or any fiancial support .Due to this i am really tension (taking sleeping pills) also i have lost my job ,no savings ,Ghosted by friends, broken familys trust ( i can not see them in their eyes due to shame ) i had complately broken ..due to this stress and don’t know what to do next….
sorry for bad english.
Please advice.
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