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Old 25th August 2009, 12:14   #46
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Only de-Hypothecate quickly. apparently the signatures of the current Manager are on file with the RTO and they must match those on the NOC. Therefore, do it before the chap is transferred.
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Old 25th August 2009, 12:20   #47
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Quote:
Originally Posted by Ravveendrra View Post
I think you apply for the No-dues certificate and supply the forms for submission to the RTA to the bank at the same time (a lot of banks have the requisite RTA forms with them}. Ask the agent who sold you the loan or an RTA agent for help.

Cheers,
I had a bike loan that I foreclosed 1.5 years back. I received NOC from ICICI bank and all the proof that the loan has been closed is with me, but I have not approached the RTO for removal of hypothecation, will this create any trouble later ?
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Old 25th August 2009, 12:59   #48
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Quote:
Originally Posted by Fordmanchau View Post
I had a bike loan that I foreclosed 1.5 years back. I received NOC from ICICI bank and all the proof that the loan has been closed is with me, but I have not approached the RTO for removal of hypothecation, will this create any trouble later ?
Do go to the RTO and get this cleared at the earliest. You'll never know when something might spring up and you might get into trouble.
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Old 25th August 2009, 13:09   #49
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Originally Posted by Fordmanchau View Post
I had a bike loan that I foreclosed 1.5 years back. I received NOC from ICICI bank and all the proof that the loan has been closed is with me, but I have not approached the RTO for removal of hypothecation, will this create any trouble later ?
I believe the NOC is valid only for 3 months from the date of issue. So, if you want to remove the hypothecation now, you will need to get a new NOC.

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Do go to the RTO and get this cleared at the earliest. You'll never know when something might spring up and you might get into trouble.
+1 to that!
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Old 25th August 2009, 13:14   #50
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I believe the NOC is valid only for 3 months from the date of issue. So, if you want to remove the hypothecation now, you will need to get a new NOC.
Correct, NOC is valid for only 3 months. If you donot do it within that time, you will have to approach the bank again and give reasons for requesting fresh NOC from bank. Problem would arise when you want to sell off your vehicle, as the new buyer would definitely insist on a de-hypothecated vehicle.
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Old 25th August 2009, 13:18   #51
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Try this.
Grievance Redress Mechanism in Government It really works.
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Old 25th August 2009, 15:14   #52
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Originally Posted by gpa View Post
Do go to the RTO and get this cleared at the earliest. You'll never know when something might spring up and you might get into trouble.
My thought was, I own the bike, I am not going to sell it, I have all the proof that loan is closed, therefore bank creating trouble for this was ruled out.

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Originally Posted by HappyWheels View Post
I believe the NOC is valid only for 3 months from the date of issue. So, if you want to remove the hypothecation now, you will need to get a new NOC.
Yes the NOC was valid for three months only. AFAIK new NOC can be requested from the bank at Nominal charge?

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Originally Posted by nnandi View Post
Correct, NOC is valid for only 3 months. If you donot do it within that time, you will have to approach the bank again and give reasons for requesting fresh NOC from bank. Problem would arise when you want to sell off your vehicle, as the new buyer would definitely insist on a de-hypothecated vehicle.
Will the RTO create any problems that the hypothecation has not been removed yet assuming I am not selling the bike ?
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Old 25th August 2009, 17:13   #53
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Quote:
Originally Posted by Fordmanchau View Post
My thought was, I own the bike, I am not going to sell it, I have all the proof that loan is closed, therefore bank creating trouble for this was ruled out.


Yes the NOC was valid for three months only. AFAIK new NOC can be requested from the bank at Nominal charge?


Will the RTO create any problems that the hypothecation has not been removed yet assuming I am not selling the bike ?
Forget the RTO, even a collection agent can create trouble for you.

Why would you want the public record to show that you have a loan against your vehicle when you do not have such a loan? In effect you are declaring to the world that you owe money to the financier when in fact you do not owe him any money.

IMHO, it is always better to do the paperwork so that the records reflect the correct position.

Cheers,
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