I suppose it depends on your bank. Better to check with their customer service.
For me, I am not allowed to payoff the whole bank loan in the first year.
1) When I was buying my car from the agency, I inform the bank I would pay X amount towards the car in cash through the bank and the balance via bank loan. based on that the bank estimates my EMI (Which includes Insurance, interest and bank charges).
2) You can pay off the balance loan amount at any time with 1% interest after the first year.
3) Traffic Dept (MOI) may not allow you to sell the car without the bank letter, better to go to the bank with the buyer and discuss with your agent in the bank.
I suppose it depends on your bank. Better to check with their customer service.
For me, I am not allowed to payoff the whole bank loan in the first year.
1) When I was buying my car from the agency, I inform the bank I would pay X amount towards the car in cash through the bank and the balance via bank loan. based on that the bank estimates my EMI (Which includes Insurance, interest and bank charges).
2) You can pay off the balance loan amount at any time with 1% interest after the first year.
3) Traffic Dept (MOI) may not allow you to sell the car without the bank letter, better to go to the bank with the buyer and discuss with your agent in the bank.