How much time does it usually take to get the NOC documents? - Team-BHP

InternetUser · 7th December 2007, 10:56

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.

Zappo · 7th December 2007, 12:41

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.

anonymous · 7th December 2007, 13:43

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.

InternetUser · 7th December 2007, 14:01

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

Quote:

Originally Posted by anonymous

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.

HKP · 7th December 2007, 14:42

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

BaCkSeAtDrIVeR · 7th December 2007, 17:39

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.

ntomer · 7th December 2007, 17:54

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

dadu · 7th December 2007, 18:23

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.

InternetUser · 8th December 2007, 21:31

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!

squarecut · 10th December 2007, 16:22

In case of ICICI home loan, the papers have to come from their Mumbai HQ. I am not sure how it is for car loan.

the service of ICICI varies from branch to branch, and one can foreclose the loan at any branch. So one should go to a branch that gives better service.

I foreclosed my ICICI home loan this february. I was told that the papers will come within 21 days. They came in 24 days or so.

When you are foreclosing a loan, you get phone calls from ICICI ( various branches) asking you about the quality of service of ICIC and whether you want to avail of a personal loan, whether you will recomment ICICi loan to your acquaintances etc. Every time I got a call, I would tell them that my impression of ICICI i subject to getting my papers back in time. And make no mistake, these callers, from whereever they call, have the details of your loan available with them.

Best of luck in your dealing with ICICI.

And the next, and most important step- do not have anything to do with ICICI in future. Go to a government bank and have peace of mind.

emkay456 · 11th December 2007, 12:32

I forclosed my ICICI carloan in October this year. Even after 3 weeks when I did not receive the NOC, I visited the branch where I had foreclosed. They said they will call for the documents and call me up OR else asked me to visit their Worli office. I asked them to collect. Just 3 days after that I received the papers by post. !! So it took me 4 weeks.

InternetUser · 23rd January 2008, 10:37

I've finally got the NOC documents after 2 months. I don't know what sort of process would require 2 months!

Lalvaz · 23rd January 2008, 16:48

Just finished the last installment on my car loan with ICICI. Did'nt have to do any followup whatsoever. Within 21 days they had sent the NOC and cancelled checks (2 seperate letters) to my mailing address. Its been a real pleasure dealing with ICICI. Did I mention that they sanctioned my loan in 2 minutes without any documentation whatsoever, on the basis of my credit card. Did I also mention that I walked into a showroom for the first time to buy a car, and walked out 1 hour later with a brand new car. OBTW, 1 hr was also the time it took to drive the car down from the stock yard. ICICI and Hyundai rock !!!

snaronikar · 23rd January 2008, 17:12

My experience: Stan Chart took about 15 days and ICICI took about 21 days. In first case it was car loand and in 2nd it was bike loan.

GTO · 24th January 2008, 13:17

Wow, lots of people here who have foreclosed loans. What is the kind of penalty that you have paid, if at all?

7th December 2007, 10:56	#1 (permalink)
InternetUser Newbie Join Date: Nov 2007 Location: Pune Posts: 30	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.

7th December 2007, 12:41	#2 (permalink)
Zappo Team-BHP Moderator Join Date: Oct 2005 Location: Hyderabad Posts: 2,982	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. __________________ Announcements are important. Read the Advertising Announcement here. Classifieds section has its rules. Read here.

7th December 2007, 17:39	#6 (permalink)
BaCkSeAtDrIVeR BHPian Join Date: Jun 2007 Location: Kochi Posts: 715	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. __________________ ɹǝʌıɹpʇɐǝsʞɔɐq

7th December 2007, 18:23	#8 (permalink)
dadu Senior - BHPian Join Date: May 2007 Location: Bangalore Posts: 2,087 View My Garage	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. __________________ Remember, its a machine

23rd January 2008, 17:12	#14 (permalink)
snaronikar Senior - BHPian Join Date: Jun 2007 Location: Bengaluru Posts: 1,645 View My Garage	My experience: Stan Chart took about 15 days and ICICI took about 21 days. In first case it was car loand and in 2nd it was bike loan. __________________ Love your job but Never love your company because you never know when your company stops loving you-NRN

7th December 2007, 13:43	#3 (permalink)
anonymous BHPian Join Date: Jan 2007 Location: NCR Posts: 284	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.

7th December 2007, 14:42	#5 (permalink)
HKP BHPian Join Date: Jan 2007 Location: Bangalore\ Now in US Posts: 62 View My Garage	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

7th December 2007, 17:54	#7 (permalink)
ntomer BHPian Join Date: Jun 2005 Location: New Delhi Posts: 219	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

8th December 2007, 21:31	#9 (permalink)
InternetUser Newbie Join Date: Nov 2007 Location: Pune Posts: 30	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!

10th December 2007, 16:22	#10 (permalink)
squarecut BHPian Join Date: Feb 2007 Location: Jabalpur Posts: 80	In case of ICICI home loan, the papers have to come from their Mumbai HQ. I am not sure how it is for car loan. the service of ICICI varies from branch to branch, and one can foreclose the loan at any branch. So one should go to a branch that gives better service. I foreclosed my ICICI home loan this february. I was told that the papers will come within 21 days. They came in 24 days or so. When you are foreclosing a loan, you get phone calls from ICICI ( various branches) asking you about the quality of service of ICIC and whether you want to avail of a personal loan, whether you will recomment ICICi loan to your acquaintances etc. Every time I got a call, I would tell them that my impression of ICICI i subject to getting my papers back in time. And make no mistake, these callers, from whereever they call, have the details of your loan available with them. Best of luck in your dealing with ICICI. And the next, and most important step- do not have anything to do with ICICI in future. Go to a government bank and have peace of mind.

11th December 2007, 12:32	#11 (permalink)
emkay456 BHPian Join Date: Aug 2006 Location: Mumbai Posts: 88	I forclosed my ICICI carloan in October this year. Even after 3 weeks when I did not receive the NOC, I visited the branch where I had foreclosed. They said they will call for the documents and call me up OR else asked me to visit their Worli office. I asked them to collect. Just 3 days after that I received the papers by post. !! So it took me 4 weeks.

23rd January 2008, 10:37	#12 (permalink)
InternetUser Newbie Join Date: Nov 2007 Location: Pune Posts: 30	I've finally got the NOC documents after 2 months. I don't know what sort of process would require 2 months!

23rd January 2008, 16:48	#13 (permalink)
Lalvaz BHPian Join Date: Jul 2006 Location: Bombay Posts: 152	Just finished the last installment on my car loan with ICICI. Did'nt have to do any followup whatsoever. Within 21 days they had sent the NOC and cancelled checks (2 seperate letters) to my mailing address. Its been a real pleasure dealing with ICICI. Did I mention that they sanctioned my loan in 2 minutes without any documentation whatsoever, on the basis of my credit card. Did I also mention that I walked into a showroom for the first time to buy a car, and walked out 1 hour later with a brand new car. OBTW, 1 hr was also the time it took to drive the car down from the stock yard. ICICI and Hyundai rock !!!

24th January 2008, 13:17	#15 (permalink)
GTO Super-Admin Join Date: Feb 2004 Location: Bombay Posts: 12,185 View My Garage	Wow, lots of people here who have foreclosed loans. What is the kind of penalty that you have paid, if at all? __________________ GTO Change the way you think, and watch the world change around you. Please don't PM for support. Use the Contact Form instead. Please read the NEW Team-BHP FAQ section for all your queries.

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