LOAN TAKEOVER AGREEMENT FOR A FINANCED VEHICLE
This Agreement is made at Chandigarh on 2 April 2026 between:
Rajinder Singh, of House No. 14, Sector 70, SAS Nagar (Mohali), Punjab (the "Present Owner"); and
Mohit Arora, of House No. 203, Sector 21, Panchkula (the "Incoming Owner").
- 1. THE VEHICLE AND THE LOAN
1.1 The Present Owner is the registered owner of the vehicle Maruti Suzuki Swift VXi, white, registration number PB10 AB 1234, chassis number MA3EWDE1S00123456, engine number K12MN1234567 (the "Vehicle").
1.2 The Vehicle is hypothecated to ABC Bank Limited, Sector 34 Branch, Chandigarh (the "Financer") under loan account no. AUTO0041178 (the "Loan"). About ₹4,20,000 (Rupees Four Lakh Twenty Thousand only) is outstanding on the date of this Agreement, repayable in instalments of ₹14,500 (Rupees Fourteen Thousand Five Hundred only) a month, with 32 instalments left.
1.3 The Financer’s position: The Financer has agreed in writing to the loan being taken over by the Incoming Owner.
- 2. WHAT THE INCOMING OWNER TAKES ON AND PAYS
2.1 The Incoming Owner takes the Vehicle and agrees to pay every instalment of the Loan that falls due on or after 3 April 2026, on time, until the Loan is fully repaid, together with any interest, late charge and fee the Financer lawfully charges for those instalments. Payment shall be made directly into the loan account, with a copy of each receipt sent to the Present Owner.
2.2 On signing, the Incoming Owner has paid the Present Owner ₹1,50,000 (Rupees One Lakh Fifty Thousand only), receipt of which the Present Owner acknowledges, for the Present Owner’s interest in the Vehicle.
2.3 The Present Owner shall pay every instalment that fell due before 3 April 2026.
- 3. HANDOVER, RC AND INSURANCE
3.1 The Present Owner hands the Vehicle to the Incoming Owner on 1 April 2026, with its keys, service book and papers.
3.2 Until the Financer’s hypothecation is dealt with, the RC continues to show the Present Owner and the Financer. The Parties shall together ask the Financer for its consent and for whatever papers it needs, and then have the ownership transferred to the Incoming Owner at the Registering Authority, using the forms the Rules prescribe, with the Financer’s no-objection or a fresh hypothecation in the Incoming Owner’s name as the Financer requires. Each Party shall sign the forms and papers asked of it within seven days of being asked.
3.3 The Incoming Owner shall keep the Vehicle insured throughout, and shall have the insurance policy moved into the Incoming Owner’s name within the time the law allows. The costs of transfer at the Registering Authority and of the insurance are borne by the Incoming Owner, and any fee the Financer charges for the takeover is to be met as follows: borne by the Incoming Owner.