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Old 20th July 2006, 22:40   #1
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Exclamation All queries about Loan NOC, RC Entry and Hypothecation removal

I had bought my car on loan from HSBC on Sep 2000
the term loan was for 3 years
So the loan term is completed in August 2003

Its almost 3 years now since my term loan got over and i havent changed the Hypothecation title as of yet....

I know i should get it done...
but i havent took this matter seriously

All the documents and NOC i had received from my bank 3 years ago....

Is this a serious matter???
Should i get this done ASAP

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Last edited by tsk1979 : 20th July 2006 at 23:17.
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Old 20th July 2006, 22:58   #2
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Quote:
Originally Posted by ~ H O N D A ~
I had bought my car on loan from HSBC on Sep 2000
the term loan was for 3 years
So the loan term is completed in August 2003

Its almost 3 years now since my term loan got over and i havent changed the Hypothecation title as of yet....

I know i should get it done...
but i havent took this matter seriously

All the documents and NOC i had received from my bank 3 years ago....

Is this a serious matter???
Should i get this done ASAP
Firstly i think your post is in the wrong section. Mods please move if needed.
Ok now if you have the noc & the transfer forms, you need to get an RTO agent who will cancell the Hp clause in your RC book. He should charge you approx 500 bucks not too sure on the amount but can check & let you know.
As such there is no problem if you dont cancell the HP & keep driving around.
but i would advice you to wait till you sell the car, at that time get the hp cancelled & transfer the car , its a lot simpler.
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Old 20th July 2006, 23:10   #3
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It usually takes a week or more to get it cancelled i think. And u definately have to hire an agent from the RTO unless u have time to run around.
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Old 16th October 2006, 16:47   #4
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i would seriously advice you to cancel the Hypothecation in your RC immediately. 3 years is a very long time. there may be time limits for these things, so please start acting on it immediately.
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Old 16th October 2006, 17:38   #5
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I think you will need another NOC because when my brother got an NOC (for his bike which was on loan from ICICI bank) the NOC was valid only for 15 days
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Old 10th November 2006, 15:45   #6
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Quote:
Originally Posted by karthik247
It usually takes a week or more to get it cancelled i think. And u definately have to hire an agent from the RTO unless u have time to run around.
I'm not sure about in Mumbai, but in Bangalore, get all the documents, fill-up a form at RTO and pay HP cancellation fees (amounting to Rs 100) and collect the RC book after 3-4 days. No agents required.

I've experienced while registering my vehicle, agent asked me upwards of Rs 1500, where as actual cost to me including bribe is only 500.

So, go on your own and save that money if you have time.
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Old 7th December 2007, 11:56   #7
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Exclamation How much time does it usually take to get the NOC documents?

How much time does it usually take to get the NOC documents from ICICI Bank after foreclosing the loan?

I'd foreclosed a car loan with ICICI Bank early last month. I'd made a check payment to close the loan. I still haven't received the NOC documents from ICICI Bank as yet! I was told that it usually takes about 20 days for dispatch of the documents. It's been over 35 days and it hasn't been dispatched as yet!

I don't know what more can be done to expedite the process. It's just a matter of issuing a letter and probably shouldn't take this much time. I need the NOC to complete the ownership transfer process.

It'd be really helpful to know the usual time needed for this process.
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Old 7th December 2007, 13:41   #8
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Hmmm. Go to your nearest branch and sit on the head of the manager. Bug him to death about how they have encashed the cheque (I hope they did that long back) and then sitting on it. Ask him to give you one good reason as to why you should wait this long after making payments. Also, add for good measure the fact that if the buyer of your car backs out after this will ICICI bank make good your losses? That will drive home the point.

These things have more to do with the fact that sometimes people are lethargic and need some push.
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Old 7th December 2007, 14:43   #9
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Did you call the customer care for this.
In my case, when I foreclosed the case and would not receive NOC. I called the customer support and gave them some hard time and within 4 days, I had NOC with me.
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Old 7th December 2007, 15:01   #10
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Question

How much time did it take to get the NOC after closing the loan?

Quote:
Originally Posted by anonymous View Post
Did you call the customer care for this.
In my case, when I foreclosed the case and would not receive NOC. I called the customer support and gave them some hard time and within 4 days, I had NOC with me.
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Old 7th December 2007, 15:42   #11
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How much time it took to get the the initial closing letter after you told them that you want to close? I believe with this letter you would have gone to branch to pay. If that was reasonable time, then this must be some other issue. Check with customer care as to what's the current status of the request.

Going to the same branch and demanding an explanation is the best way as others have already pointed.

\\hkp
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Old 7th December 2007, 18:39   #12
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Dudes, the BRANCH MANAGER is the guy authorised to issue NOCs. IF he says that the letter should come from some other place, it is plain B/S.

If he (the branch manager) insists that the letter has to come from "Higher ups", just go back home, wait for 3 days (Not more even if they gave a different time frame), on the 3rd day, at 10 AM Sharp, call up if the NOC letter has come. If not, keep quiet, and send a letter by REGISTERED post (not by hand delivery, not by courier, not by speed post) with ACKNOWLEDGEMENT due, saying that if you do not get within 5 days, you will drag them to consumer court.

ICICI has a fully computerised back office, and they can verify if your payment is proper within 0.015 seconds or so. Only your last cheque has to be cleared. Once that is done, the same officer who sanctioned your loan can issue the NoC. That is the practice in banking circles; and ICICI, if an exception, will have to pay for their strange rules.
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Old 7th December 2007, 18:54   #13
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When I foreclosed my loan with Standard Chartered Bank, I received the NOC in 3 days.

Incidently I sold my car to automartindia.com; they paid the forecloseure amount to bank, the rest (minus 10K) to me and held on to 10K till I got the NOC from bank. The day I received it, I handed it over to automart people and they immediately gave me 10K's cheque. Professionalism all around :-)

\N
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Old 7th December 2007, 19:23   #14
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As Zappo mentioned goto any branch and ask them for the NOC, give your loan account number. They should be able to print it and give within 10-15 min. Its free for 1st copy and INR 100 each for the next ones.

I am telling this out of experience with ABN Amro.
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Old 8th December 2007, 22:31   #15
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I've had the same experience while closing my ICICI home loan a year ago. It took about 45 days to get the NOC at that time. I don't think the branch manager issues the NOC in this case. It was sent from the head office. I've called them many times about this case--they say it's still in processing. I really don't know what else to do now!
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