| | Re: Car Loan Paid Off! What Next?
@ Indica DlS there shouldn't be any problem, even if your N.O.C is expired you can approach the bank once again and they will issue a new one, even here there is no problem. the problem is with the time in today's world when time is of prime importance. so its perfectly fine if you haven't cancelled the hypothecation on the car. however when the car is met with an accident or undergone a total loss damage, the claim will not come to you it will go to the bank as according to R.T.O records the loan is still pending and you owe money to the bank. hope the issue is crystal clear right now.
so here again a lot of time will be wasted by you to again go to the bank and then explain the insurance company that even when the loan was closed you didn't find time to take of the hypothecation.
Last edited by incarnation; 5th February 2016 at 01:00 PM.