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Old 20th December 2011, 16:34   #151
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Default Re: All queries about Loan NOC, RC Entry and Hypothecation removal

I prepaid my car loan by a year, not to mention the first time I had some very good experience with ICICI bank.

Day 1: go to Branch, inquired about the amount outstanding.
Day 2: Gave the check for balance amount.
Day 7: It took 3 days for the check to clear, and I got my NOC from the branch.
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Old 28th December 2011, 21:41   #152
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Default Re: All queries about Loan NOC, RC Entry and Hypothecation removal

Does the NOC from the bank have a shelf life? I recently repaid the loan and got the NOC and the form 35 last week. But I had to travel for a week and can only go to the RTO next week. I'm wondering if there will be any issues when I go to the RTO as the bank manager said the NOC is valid only for 7 days or so...
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Old 29th December 2011, 05:10   #153
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Default Re: All queries about Loan NOC, RC Entry and Hypothecation removal

Probably the best way to get things done with the RTO is to work through the Automobile Association.
Become a Life Member at a price of Rs 3500-4000 or so and simply ask them to handle the endorsements on the RC Book, the removal of Hypothecation and so on.
A nominal charge of Rs 150 or so and a little patience will get you there in 20-25 days, from the date of application.
Additionally, one can get one's International Driving Permit from them very easily.
And the AA is highly respected outside of India even if within India majority of car owners simply dont bother.
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Old 29th December 2011, 07:24   #154
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Default Re: All queries about Loan NOC, RC Entry and Hypothecation removal

Quote:
Originally Posted by shankar.balan View Post
Probably the best way to get things done with the RTO is to work through the Automobile Association.
+1. An advantage I have experienced for a long time.

I am currently getting the Ikon transferred to my name. I need to get hyp cancelled, transferred between RTO's and transfer to my name. Fees I am paying: about 550/-. And all I do is give them the documents, and they take care of it.

I have used their services for renewals, IDP's etc. Never any problems at the RTO.

But like Shankar said, wish AA-India had a bigger /better stature than what we have now. Sometimes I wonder what all do they do.

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Originally Posted by triedeverything View Post
Does the NOC from the bank have a shelf life?
3 months from date of issue.
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Old 29th December 2011, 09:23   #155
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Default Re: All queries about Loan NOC, RC Entry and Hypothecation removal

AASI (Automobile Association Southern India) had a great deal of relevance at one time, being a direct off-shoot of the Automobile Association which was born in England. There was a certain "cachet" attached to having the AA sticker or the metal tag on a car and there was a sort of high road camaraderie too. One would stop to help a motorist if the vehicle had overheated or had a puncture or something.

The relevance may have been higher in the old days when relatively fewer people had cars and servicing, towing and other related services were fewer and further between.

Right from my Grand-dad's time we've been members of the AA, but unfortunately being a member of the AA these days is not as prestigious perhaps as it once was.

Whatever said and done, as a member, I get a number of advantages which I happily use.
1. Medical test report and Issuance of International Driving Permit
2. Driving License Renewal/ change of address etc
3. Re-registration of vehicles
4. Transfer of ownership of vehicles at the time of sale
5. NOC/ Hypothecation clearance with RTO
6. Any other RTO related stuff

Reg Insurance and Road Tax:
They have an association with United India or National Insurance only - so unfortunately they cant take care of a member's interests with these newer Insurance companies.
In the earlier days we had to pay annual road tax for our vehicles and the AASI was of great help in that too in terms of making the payments, sending you reminders, getting that old tax token for display on the vehicle etc.
In these days of Lifetime Tax paid at the time of purchase of the vehicle, this service is no longer relevant.

Other tidbits:
The earlier days were more spacious and genteel - nowadays the fact that practically any sort of chap has access to a vehicle, has removed that gentility. Added to it, everyone's in a perpetual rush these days so no one has the time or the inclination to observe road manners and things.

The AA is respected even now in the UK, Europe, Australia, New Zealand and most commonwealth countries. In the UK they perform a similar service to what Michelin does in Mainland Europe - rating restaurants, hostelries, motels, hotels and the like - so one can blindly go and stay at an AA 2 star rated hotel and be sure of clean linen, proper service, good food etc. When I do travel and go on a driving trip around there, I usually follow the AA rated hotels to go and stay at.

Cheers.


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Originally Posted by condor View Post
+1. An advantage I have experienced for a long time.

I am currently getting the Ikon transferred to my name. I need to get hyp cancelled, transferred between RTO's and transfer to my name. Fees I am paying: about 550/-. And all I do is give them the documents, and they take care of it.

I have used their services for renewals, IDP's etc. Never any problems at the RTO.

But like Shankar said, wish AA-India had a bigger /better stature than what we have now. Sometimes I wonder what all do they do.

3 months from date of issue.
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Old 24th January 2012, 09:11   #156
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Default Re: All queries about Loan NOC, RC Entry and Hypothecation removal

I've just closed out my loan and received the NOC, Closure letter and Form-35 from the finance company. Some questions on the hypothecation removal process (Indiranagar, Bangalore East RTO) at the RTO office:
1.I have received Form-35 in duplicate, I need to submit both to the RTO, correct ?

2.I have received 2 copies of NOC, one addressed to RTO and the other to Insurance Company. I need to submit only the one addressed to RTO, correct ?

3.Do I need to submit a copy/original of the loan closure letter ?

Appreciate your quick response on this. Thanks in advance !


Quote:
Originally Posted by shankar.balan View Post
The AA is respected even now in the UK, Europe, Australia, New Zealand and most commonwealth countries. In the UK they perform a similar service to what Michelin does in Mainland Europe - rating restaurants, hostelries, motels, hotels and the like - so one can blindly go and stay at an AA 2 star rated hotel and be sure of clean linen, proper service, good food etc. When I do travel and go on a driving trip around there, I usually follow the AA rated hotels to go and stay at.
I've been a member of AAA (American Automobile Association) in the past during my stay in the USA more than a decade ago - very respected organisation in the USA. Umpteen road trips across the USA (and one to Toronto, Canada) were made possible and easy only with their help. This included detailed maps for every trip, discounted pricing for reservations at hotels and even discounts on insurance etc.
I'm not a member of AASI yet, but do plan to get a life membership soon.

Last edited by NPV : 24th January 2012 at 09:12.
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Old 27th January 2012, 13:20   #157
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Default Re: All queries about Loan NOC, RC Entry and Hypothecation removal

Visited the Indirangar, Bangalore RTO (KA 03) this morning for Hypothecation removal. It took about 50 minutes in total to submit the documents, pay the fees and collect the acknowledgement but was a bit stressful mainly because the process, counters, etc are not clearly marked/notified. Hope this serves as a ready recknoner for anyone visiting for hypothecation removal:

1. Documents required:
i)Original Registration Certificate (RC book)
ii)Original NOC from finance company/bank
iii)2 Original Form-35's (sign where it says "Signature of the Registered owner")
iv)Copy of Pollution/Emission Under Control Certificate
v)Copy of Insurance Certificate
vi)Self addressed envelope (preferably the green coloured canvas type of approximate size 5 inch x 7 inch) with Rs.12 stamp affixed. This is mandatory since you cannot collect the updated RC in person anymore (new process).

2.Go to RTO Office (2nd floor) at the BDA Complex in Indiranagar and head straight to Room/Hall # 13 which is at one end of the second floor

3.Go to counter # 9 or the one next to it (unmarked one between 9 & 10 !)

4.Once documents are verified by the person there, he will ask a data entry operator to update in their system. Once this is done, he will affix an inked stamp. Make sure he mentions (a) "HPT" (Hire Purchase Termination), (b) the Fee amount Rs.300 and (c)initials it
This is very important since the cash counter will ask for it.
Fee is Rs.300 since fee for Hypothecation removal is Rs.100 Plus Rs.200 for Smart Card (in place of RC book). I was told this is mandatory now (new process)

5.Next, you need to go to the cash/treasury counters at Hall/Room # 1 which is about 300 degrees from Hall # 13 almost at the other end of the BDA complex building. You will end up walking along the entire perimeter of the building (luckily on the same floor)

6.Pay the fee at any of the 3 counters at Hall/Room #1. Once you pay the fee, collect the original cash receipt and carbon copy. Now, head back to Hall/Room # 13

7.Go to counter 6 or 12 (the person was shuttling between the two today) and submit all the documents lsited in Step 1 Plus both the cash receipts (original and carbon copy!). After making an entry in a ledger, you will be handed an Acknowledgement that is valid for 30 days.
Keep this safely since you will need to produce if asked by RTO/Traffic cops anytime before you receive the new Smart Card.

Some additional information:
1.There's a shop on the ground floor of the BDA complex with a Bajaj Allianz sign near Philips driving school office. This shop sells the envelope with Rs.12 stamp affixed and they charge Rs.20 (definitely a rip-off since that envelope does not cost Rs.8 but then I had no choice today).
2.The person at the cash counter asked me how much I was asked to pay and I said I was not told the amount and it is Rs.100 from what I knew. This person made me go back to Room # 13, counter 9 to have the amount also specified. Also, from my enquiry at the cash counter it did not seem like Smart Card was mandatory but I was told otherwise at Room # 13 so had no choice.
Don't know why but I have some mental block against these cards and also the Smart Card being mailed by Speed Post so I confirmed at least couple of times before making the payment. To dent my confidence even more I met a gentleman who was there to collect the Smart Card since he'd not received it even after 30 days !
3.The Cash Receipt mentioned Rs.100 for Hypothecation Cancellation and Rs.137 for Smart Card. Then the person at cash counter asked me to also get a stamp (!) from another guy near the door. This turned out to be an additional stickered receipt for Rs.63 saying "Smart Card Issue", so sum total of Rs.300 !

Sorry for the long post, Hope this helps others.

Last edited by NPV : 27th January 2012 at 13:27.
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Old 30th January 2012, 14:02   #158
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Default Re: All queries about Loan NOC, RC Entry and Hypothecation removal

Quote:
Originally Posted by triedeverything View Post
Does the NOC from the bank have a shelf life?
Each bank follows different systems. Recently I received NOC from ICICI. It is valid for 90 days from the date of NOC issue. (It was mentioned in the covering letter.)

It will be helpful to check with your bank.
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Old 30th January 2012, 14:07   #159
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Default Re: All queries about Loan NOC, RC Entry and Hypothecation removal

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Originally Posted by ~~h View Post
I prepaid my car loan by a year, not to mention the first time I had some very good experience with ICICI bank.
In my case also, I had a similar experience with ICICI Bank (surprise!!!)... got NOC in a week's time.
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Old 30th January 2012, 14:56   #160
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Default Re: All queries about Loan NOC, RC Entry and Hypothecation removal

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Originally Posted by ThePhantom View Post
(It was mentioned in the covering letter.)

It will be helpful to check with your bank.
Sometimes it is not helpful to check with the bank . As long as the NOC does not say anything on the validity, you should be ok for about 3 months (guessing). The manager at the bank said it was valid for 7 days. However at the RTO, when I showed the document, they didn't find anything written on the letter or the NOC. They said I'm ok and it doesn't matter.

I could submit my documents only the 10th day and I got the smart card back last week.
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Old 14th February 2012, 20:24   #161
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Default Re: All queries about Loan NOC, RC Entry and Hypothecation removal

Quote:
Don't know why but I have some mental block against these cards and also the Smart Card being mailed by Speed Post so I confirmed at least couple of times before making the payment. To dent my confidence even more I met a gentleman who was there to collect the Smart Card since he'd not received it even after 30 days !
My fears were laid to rest today with a Valentine's Day special from the friendly neighbourhod RTO

Received the RC smart card today in the self-addressed envelope that I'd submitted along with the documents for hypothecation removal.
So it now means I don't have a RC book anymore, it's just the plastic smart card, feels strange to be in this situation for the first time

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Last edited by NPV : 14th February 2012 at 20:25.
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Old 30th April 2012, 17:15   #162
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Default Re: All queries about Loan NOC, RC Entry and Hypothecation removal

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Originally Posted by NPV View Post
Received the RC smart card today in the self-addressed envelope that I'd submitted along with the documents for hypothecation removal.
Did you specifically ask for the smart card or is it by default you get one when Hypo is removed?

My Baleno is registered in Indiranagar and would be good to get a smart card in-place of a booklet type RC book.
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Old 30th April 2012, 23:39   #163
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Default Re: All queries about Loan NOC, RC Entry and Hypothecation removal

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Originally Posted by mayankjha1806 View Post
Did you specifically ask for the smart card or is it by default you get one when Hypo is removed?

My Baleno is registered in Indiranagar and would be good to get a smart card in-place of a booklet type RC book.
Smart card is mandatory/default so when you submit for hypothecation removal you will be issued with a smart card (though I still feel safer with the book, but don't have a choice anymore !). See details in my earlier post #157.

Last edited by NPV : 30th April 2012 at 23:42.
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Old 1st May 2012, 01:13   #164
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Default Re: All queries about Loan NOC, RC Entry and Hypothecation removal

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Originally Posted by mayankjha1806 View Post
Did you specifically ask for the smart card or is it by default you get one when Hypo is removed?
Any new RC issued (for new vehicles or for re registered old vehilces, there is no computer print outs or RC books, only these smart cards everywhere.
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Old 1st May 2012, 01:54   #165
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I might have missed it in the thread: Is NOC given for ex army vehicles? If yes, how difficult is it? What are its limitations?

MaSh
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