What should I do with a car loan with NOC?
You can remove the hypothecation from the car only after repaying the entire loan to the bank. After paying all the EMIs, ask your bank for a no objection certificate (NOC). This document will state that no dues are pending on the loan. The bank will send the NOC to you by post.
How can I get NOC certificate?
Step 1 – To initiate for NOC application, a vehicle’s owner is required to visit the RTO where it is initially registered in-person. Step 2 – Fill up the Form 28 as prescribed in Chapter IV Section 48 of the Motor Vehicles Act 1988 to apply for NOC. Step 3 – Pay the applicable fees to obtain NOC for your vehicle.
What to do if NOC expired?
An NOC is valid for a period of six months. Once the NOC is expired, you will not be able to produce the same for re-registering. You are expected to submit the NOC and the required documents to the local RTO of the state you are shifting to, within six months.
What if bank NOC expired?
The NOC from the bank is valid until 3 months from its date of issue. So, you must submit an application for hypothecation removal from the car RC at the Regional Transport Office (RTO) before the NOC expiration.
How can I get NOC loan?
I have already paid all the EMI /Dues of the mentioned loan account number. Now I required NOC from Bank of loan account for ____________ (purpose of NOC). I hereby request you to kindly issue No Objection Certificate from the above said mentioned loan account number at the earliest.
How do I write a NOC loan?
Sub: Application of NOC Certificate
Dear Sir/Madam, This is with reference to the Home Loan A/C no. (*****) in your branch, (location and address). I had applied a home loan of (Money amount) in the year 20xx and the amount of (Money amount) has been sanctioned to me on (Date: dd/mm/yy).
What is the bank NOC?
The No Objection Certificate or NOC as it is colloquially known as. A NOC is a legal document issued by banks such as IDFC FIRST Bank that give home loans. A NOC essentially states that the borrower has no outstanding dues towards the lender. … This, despite the fact that you have fully paid off your home loan.
What is no objection certificate?
No Objection Certificate (NOC) is a legal document, issued by an organization, institute, or an individual to say that they have no objection to the mentioned details in the document.