RV Take Over Payments
is an arrangement between a bank and the holder of RV (Reservation Volume) in which the bank pays all or part of the unpaid interest against RV. It is also referred as “Interest Down-payment”.
Payments are calculated by adding any unpaid payments to the Interest on Reservation Fee for each period plus additional Interest during waiting period if applicable.
The unpaid Interest and the additional Interest is spread across all RV Holders.
There can be a limit to the maximum amount of interest that can be paid in any one month. The same holds true for down-payments, there may also be a limit as to how much can be paid by this method.
In some cases the bank may offer both a down-payment and an additional interest payment. The arrangement is to be selected by the RV holder at the time of scheduling payment.
Get paid for your RV, you can even transfer money in this way without leaving your house and earn some good amount of money as well!
Whenever a bank offers these types of payments for RV it is said that the bank offers “RV Holding Facility”.
The main aim of this facility is to encourage holders to bring out their RVs more quickly as it gives them an opportunity to receive interest on their RVs, and to earn some interest on the original investment while they wait to receive their RV.
This scheme is available at BOB.
In this type of “Interest Down-payment” scheme, the bank will deduct all or part of the unpaid and additional Interest from your accounts (if any). The same can be deducted from future SBP payments as well.
This content is available under Creative Commons Attribution-ShareAlike 3.0 Unported, unless otherwise stated. Non-commercial uses of the content, including not-for-profit distribution, are permitted by individual copyright holders, but all other rights reserved. This license does not permit commercial/proprietary use or redistribution of the content.
It may include the edited, transformed or adapted/altered versions of this content (in part or in whole) in other projects as long as the modified version is released under the same license and clearly marked on the release.
With our simple application, you’ll be mortgage-approved in less than 60 seconds. We serve all 50 states and the district of Columbia!