Car Tracking System: Availing RFID Business Value in Reducing Banks' Loss From Car Loans

The number of car loan allocated by banks had increased for the better convenience of the customers. However, this has also led to an increase in the cases of loan defaulters who stopped paying for various reasons. Locating those cars is the main issue faced by banks as this is not part of their daily activity. We are proposing a solution to address the issue of locating defaulters' cars at the earliest. Our system “Vehicular Tracking System” (VTS) will help banks overcoming this problem by introducing an automated intelligent system used to track the defaulters by using RFID technology. This system will be synchronized with the bank's database. Whenever the customer does not pay their dues and are not in contact with the bank, the bank will communicate the customer details to the recovery service using our system VTS. This company will mobilize its car fleet to patrol the city in order to locate those defaulters' cars. Once located, customers' details along with car location is communicated to the bank as well as to the police.