Leaving to study abroad with car loan in my name.
Hi everyone, I need some advice regarding a car loan situation.
Last year in July, I bought a car and took a loan of ₹5 lakhs for 5 years. I've been paying the EMIs regularly and haven't missed any payments.
This year in October, I'm planning to move abroad for higher studies. Since I'll be leaving my current job, I won't have the salary that I originally showed as income proof while taking the loan.
My father was added as a co-applicant/co-signer when the loan was sanctioned (because I was below the required age at the time), and he is completely willing to continue paying the EMIs after I move abroad.
My concerns are:
Is it okay for me to leave my job and move out of the country while the loan is still in my name, as long as the EMIs continue to be paid on time?
Does the bank care that the salary used for loan approval will no longer exist?
From a practical/logistics point of view, how does this usually work? Since the EMI currently gets deducted from my account, would my father simply transfer money into that account every month?
I just want to understand if there could be any complications later. Would appreciate any guidance.