What's Next After Foreclosure of Our Loan?


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Err... I am not aware of present fees, official figure should be around that only along with few trips to the RTO office and waste of few Saturdays.
 
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Err... I am not aware of present fees, official figure should be around that only along with few trips to the RTO office and waste of few Saturdays.
I was discussing about the same to my friend yesterday. I think instead of wasting our time and few trips we can keep in touch with some driving schools who will finish this in one or two days.

Am saying this based on some bad experience I had at RTO. I do not know other RTOs. There could be some good ones also.
 
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Even I second that. If you have ample time, energy and patience then you can yourself go to RTO.

Else find decent agent/driving school folks who do it for you for a "fee". Its a tradeoff.
 
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Even I second that. If you have ample time, energy and patience then you can yourself go to RTO.

Else find decent agent/driving school folks who do it for you for a "fee". Its a tradeoff.
True! But for Alto just few days back, it costed me around Rs. 100/- whereas all agents/driving schools were asking for Rs. 1500/- non-negotiable. I live in Kolkata and RTO here is not horrible, and government culture has changed a lot but our perception about it haven't. Believe me, I didn't pay any bribe also.

Looking at the difference between Rs. 100/- and Rs. 2500/-, I got enough energy to do it myself. [;)] BTW, I don't pay bribe ever and I had a plan of not paying bribe but to harrass RTO guys by RTI Act, 2005 if they try to harrass me. So I knew that I'll pay only on-paper fees. However, to my surprise, nobody asked for any bribe, rather guided me well throughout the proccess.

I don't support any party and let's not turn this thread to a political discussion, but did the change in West Bengal government after looong time make this change? Don't know and don't want to know, rather I'll thank RTO guys and change my perception of Government organization culture. Yes, they are improving very slowly, still improving, right!
 
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we would love if all RTO is like that. Or we dont know? We should try once. May be when my car loan is over I will try my luck. last year i did this work for my bike and i followed driving school route only.
 
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I have finally foreclosed my car loan in 2 years, which was tenured for 5 years.
Feeling relieved [:D].
Now, the need is to get the NOC asap from the financial institute (TMF, in my case) and remove the hypothecation.
 
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Okay, so I have finally got the NOC, form 35 and the final statement of foreclosure today of my car loan.

Guys, can some one please tell me which agents would get the hypothecation removed from the smart-card? Would it be driving school people? Any idea how much do they normally charge. Reason I am asking is I don't want to get ripped off for this.

Also, do I need to intimate the insurance company about the foreclosure of the loan.

Please guide.
 

allhyundaicars

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Okay, so I have finally got the NOC, form 35 and the final statement of foreclosure today of my car loan.

Guys, can some one please tell me which agents would get the hypothecation removed from the smart-card? Would it be driving school people? Any idea how much do they normally charge. Reason I am asking is I don't want to get ripped off for this.

Also, do I need to intimate the insurance company about the foreclosure of the loan.

Please guide.
i just had a talk with my cousin who deals in 2nd hand cars and he told me to remove the HP , it normally cost 570 rupees as official fees , 300-500 rupees for affidavits ( i think this refers to NOC , i don't know ) and agent will take 1000 rupees to get this thing done. so all in all 2000 rupees.

we got this done from our agent who manages all our car insurance and everything and he called us up and asked for 5000 rupees for 2 RC's [surprise]

will update here how much in the end we paid him.
 
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Okay, so I have finally got the NOC, form 35 and the final statement of foreclosure today of my car loan.

Guys, can some one please tell me which agents would get the hypothecation removed from the smart-card? Would it be driving school people? Any idea how much do they normally charge. Reason I am asking is I don't want to get ripped off for this.

Also, do I need to intimate the insurance company about the foreclosure of the loan.

Please guide.
If you have time first visit your RTO and check with them. If you are lucky you can do it by yourself without going to agent with fees alone. (other wise bribing less amount comparing to agent commission)

Otherwise you can keep in touch with any driving school (who acts as agent also) can help you to get it done. You might need to pay some hefty amouont as commision.
 
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i just had a talk with my cousin who deals in 2nd hand cars and he told me to remove the HP , it normally cost 570 rupees as official fees , 300-500 rupees for affidavits ( i think this refers to NOC , i don't know ) and agent will take 1000 rupees to get this thing done. so all in all 2000 rupees.

we got this done from our agent who manages all our car insurance and everything and he called us up and asked for 5000 rupees for 2 RC's [surprise]

will update here how much in the end we paid him.
I gave the documents to one of the driving school agent. Paid 1500/-
I actually checked the normal process (by going to RTO), and the process from day 1 felt to me very very tedious and long.
Due to shortage of time, went ahead with giving it to the agent. He has said that it takes anywhere between 1-2 months to get a new smartcard (without the finance company's name on it [:D] )
 
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Has anyone recently removed their hypothecation from Pune RTO ? if yes, then please let me know the steps for doing it.
 

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