What's Next After Foreclosure of Our Loan?


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I have recently closed down my auto loan. Bank has sent me some NOC docs, one for Insurance and another one for RTO which have validity of 6 months.

@Rekharam, any updates on this? Have you visited indiranagar RTO? I have also KA 03 reg.
 
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I guess you will have to take the NOC from bank, go to RTO and get the car registered in your name.
The car is usually already registered in your name when you take the loan.

Thanks Sandip. Do you know the forms need to be filled / submitted for the process?
I think it's Form No. 35.

I would like to understand one thing, i reckon you have taken the used car loan on the above mentioned vehicle, in that case will you be able to remove the bank name from the RC?
Why not?

Buddy, I don't see any hypothecate in my RC (smart card) at least. Waiting for my NOC to be delivered.
You will have to put it in a Smart Card Reader to see it.

Once everything is closed, if the RC book is with bank, you have to get the RC book. Generally it will be given back with NOC.
Banks never keep the RC. It is always with the owner. Otherwise how will you drive the car without documents.
 
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I have recently closed down my auto loan. Bank has sent me some NOC docs, one for Insurance and another one for RTO which have validity of 6 months.

@Rekharam, any updates on this? Have you visited indiranagar RTO? I have also KA 03 reg.
Get the Hypo cancelled before validity of the NOC ends. Often people take time and just realize when it is about to expire.

In KA RC Cards there is no "Hypo To" column, but data is stored in RTO and Vahan database. RC card may not be changed, but data will be updated in the chip.

Cheers,
Anshuman
 
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Guys,

I went to Indira Nagar RTO today to cancel my Hypothecation. Here are the steps which you should follow,

1- Bank NOC and form 35-Original
2- Insurance- 1 Photocopy
3- Emission Test Certificate- 1 Photocopy
4- One Cloth envelop with stamp- Available in ground floor- Rs.25
5- 2challans from RTO room no.1- Rs.100
6- Smart Card-Original

Pin it together and hand over in RTO Room number 13, counter no. 6
You will get a acknowledgement stating your request under processing and the documents will be sent to your address by speed post once ready. This process will take maximum 30 days and during the period the acknowledgement will be enough as a proof of your RC.

Hope this will help.
 

sethumurugan

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Banks never keep the RC. It is always with the owner. Otherwise how will you drive the car without documents.
Friend, I have mentioned IF the RC book with bank. Earlier the practice was to have the duplicate key [for easy repossession] and RC book original with the finance company itself [Am saying this since I was with a leading two wheeler financing firm in Chennai for 4 years]. My bike RC was with Centurion bank [alter with HDFC] Till I complete my loan.

Now the trend has got changed. But I believe holding the duplicate key is still in practice. Even my sparky's duplicate key is with financiers only.
 
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Friend, I have mentioned IF the RC book with bank. Earlier the practice was to have the duplicate key [for easy repossession] and RC book original with the finance company itself [Am saying this since I was with a leading two wheeler financing firm in Chennai for 4 years]. My bike RC was with Centurion bank [alter with HDFC] Till I complete my loan.

Now the trend has got changed. But I believe holding the duplicate key is still in practice. Even my sparky's duplicate key is with financiers only.
The duplicate key practice is now discontinued by many banks as its a hassle to manage them. Last year SBI did not ask for/take my duplicate key at all. Even private banks Axis/HDFC/ICICI also do not take the keys.
 
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hi team
am in process of getting NOC from ICICI in delhi
need it on urgent basis as selling old car
the car was bought by my dad almost 14 years ago
what is the best procedure to get the NOC ?
 

sethumurugan

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Generlly once the tenure is over, you can aproach the bank for NOC. I dont think it will be a time consuming job. Sometimes it might get over in the same day. Some times they may ask you to come on another day.

Once you got the NOC, strictly speaking you should go to RTO and get the endorsement cancelled. but now a days no RTO is directly dealing with public. So you need to visit a driving school or agent and they will help you.
 
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Hypothication cancelation should be done within 6 monhts from the NOC date. Otherwise you have to get another fresh NOC from bank.
Is it 6 months or 3 months? At least, for ICICI and Kolkata Salt Lake RTO, it's 90 days. Got NOC + Form 35 few days ago. Have a look at your NOC, validity will be written there.
 
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Guys,

I went to Indira Nagar RTO today to cancel my Hypothecation. Here are the steps which you should follow,

1- Bank NOC and form 35-Original
2- Insurance- 1 Photocopy
3- Emission Test Certificate- 1 Photocopy
4- One Cloth envelop with stamp- Available in ground floor- Rs.25
5- 2challans from RTO room no.1- Rs.100
6- Smart Card-Original

Pin it together and hand over in RTO Room number 13, counter no. 6
You will get a acknowledgement stating your request under processing and the documents will be sent to your address by speed post once ready. This process will take maximum 30 days and during the period the acknowledgement will be enough as a proof of your RC.

Hope this will help.

This is what I am looking for. But my bank did not give any NOC or Form 35. But they provided me a letter addressing RTO that loan hypothetication can be done. Please attach a snapshot of NOC.
 
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This is what I am looking for. But my bank did not give any NOC or Form 35. But they provided me a letter addressing RTO that loan hypothetication can be done. Please attach a snapshot of NOC.
That itself is NOC, If case if they did not give you Form 35, please get it from below website and get it signed by bank.

http://rto.kar.nic.in/
 
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