[freakster]

After long gruelling wait of 25 days, after all type of esclations, at least my NOC reached me. No I dont not recieve it first time which they claimed had sent it through ordinary post, but recieved it when they speed posted.

Earlier we had discussed doubts on getting the NOC from local (non Mumbai) ICICI banks, but lately i discovered that after lot of oubusts and convincing -the local manager can issue NOC.

[meerkat]

I'm in a similar situation, i.e. got NOC from ICICI bank a year back, but haven't
used it. I got one in person from ICICI bank. It did not have an expiry date
mentioned on it. Then I got another NOC by post, which had this 90-day limit
printed on it. Now I need to use the NOC to transfer my car out of KA. Could
I go ahead and use the first one (i.e. the one without an expiry mentioned),
or do I need to get a fresh NOC issued by the bank (how long would it take
if I apply in person)? Why should a financier NOC have an expiry anyway,
after I paid up in full ?! Thanks.

[GTO]

Now I need to use the NOC to transfer my car out of KA. Could
I go ahead and use the first one (i.e. the one without an expiry mentioned),

Use the first one, RTO shouldn't have any problem.

[kvish]

Sorry for invading this thread, I did not want to start a new thread for a small clarification.

Tata Motors Finance is asking me Rs 1500 as stamp duty charges for NOC and Hypothecation removal. Is this ok? I dont remember paying this amount with ICICI loan. Just wanted a confirmation.
Thanks in advance!

[HappyWheels]

Originally Posted by kvish

...Tata Motors Finance is asking me Rs 1500 as stamp duty charges for NOC and Hypothecation removal. Is this ok? I dont remember paying this amount with ICICI loan. Just wanted a confirmation...

What stamp duty? And did you ask them to remove the hypothecation?

Just ask them to send the NOC and for the rest you can manage.

Just seems like a way to get some quick buck!

[csentil]

Wow 1.5K for removing Hypothecation!! Daylight robbery.

Asking them for the NOC. Take all original documents (RC, Insurance, Pollution, NOC (2 copies of the letter and 2 copies of the form signed/stamped by Tata Motors finance and signed by you) to your RTO.

Its counter no. 8 in Indira Nagar. Pay rs.100/-. Get receipt. Give all documents in counter no. 8. They will give an acknowledgement slip and ask you to come after 3 to 4 days. Get your RC back after 3-4 days with hypothecation cancelled !!

Very simple and nothing to bribe.

[DDGuy]

My 3 year Car loan with ICICI just closed. I paid the last EMI on 10th May and after some confusion about the last EMI (which they had taken in advance) they have now closed the loan (on 21st May). They say that the EMI will reach in 10 business days. The trouble is that on 30th May, I leave India for 2 years and my Car's buyer will want to have the NOC (Along with Form 35) before that. So some questions-

1) Does From35 needs my signature?

2) Can the Car be transferred in new buyer's name with the NOC from Bank? (I guess not)

3) Can I sell the Car (ie. sign all the paper work and hand it over to buyer) and ask the buyer to hold back some money against the NOC which can be given later? (Car has a valid insurance till 15th June) (I will get the NOC from India by post, sign it and send it back to my BIL here who can collect the last payment)

[BaCkSeAtDrIVeR]

Originally Posted by DDGuy

3) Can I sell the Car (ie. sign all the paper work and hand it over to buyer) and ask the buyer to hold back some money against the NOC which can be given later? (Car has a valid insurance till 15th June) (I will get the NOC from India by post, sign it and send it back to my BIL here who can collect the last payment)

This is the only practical solution for you, it seems.

Make sure that he either takes a new insurance policy or gets the car insurance transferred to HIS name also. And you get an original letter (plain paper) in his OWN HANDWRITING stating that he is the buyer, and has purchased the car. This is to ensure that he does not create any liability (like accidents) saddling you with legal issues.

[DDGuy]

Originally Posted by BaCkSeAtDrIVeR

This is the only practical solution for you, it seems.

Make sure that he either takes a new insurance policy or gets the car insurance transferred to HIS name also. And you get an original letter (plain paper) in his OWN HANDWRITING stating that he is the buyer, and has purchased the car. This is to ensure that he does not create any liability (like accidents) saddling you with legal issues.

The delivery note on the Form29 should do this job, shouldn't it?

[BaCkSeAtDrIVeR]

Stamp duty for removal of HP?? What for? Stamp duty is something you pay on agreements / deeds only.

You executed a contract at time of taking the loan. If they do not give the NOC when you discharge the loan, THEY (the financier / bank) are violating the contract, and are liable to be sued.

No need for stamp duty.

[DDGuy]

Update: I am "really" impressed with ICICI this time. I wrote to them last Friday at customer.care@icici.com, asking them to expedite the NOC. That very day a lady actually called me up and that too from Mumbai asking which local branch is closest to me. She called again on Monday and then send me a mail giving name/ number/address of the Koramangla branch manager and said that I can collect it there for no extra charge. Did that on Tuesday and now I am all set to have a hassle free sale on the day I leave India. Bravo ICICI !!!

[triedeverything]

Originally Posted by Lalvaz

Hey GTO - I did'nt foreclose my loan, the tenure came to an end. But, when I had enquired a year ago, ICICI had quoted a 3% penalty for foreclosure. Found that it was not worth it to foreclose, so just kept paying my EMI's till the loan was fully paid.

Thats one area where I think some of the PSU banks score. They have low or no foreclosure charges as compared to the pvt banks.

The penalty for foreclosure with ICICI when I pre-closed the loan was 5%. Daylight robbery! I closed it at a point where I actually saved 5K from the total interest to be paid. A little while longer and preclosure would not make any sense! The amount paid to per close will be the same as the cumulative balance of what you would have ended up paying at the end of the loan tenure.

[triedeverything]

I'm not sure if this is the right thread - but here goes. Getting the RC book.... errr...un hypothesized has been clearly mentioned. I would like to know if
- there is something that needs to be done from the insurance point of view? I see one document to the insurer. I've just renewed my insurance, will I need to send this document to the present insurer or can it be done the next time I go window shopping for insurance next year?
- Maybe hoping for the moon, but does this in anyway reduce the premium?

[s3va]

I am about to foreclose my car loan that I have through ICICI and this is what I was advised by the rep on phone

ICICI will issue a foreclosure statement that I have to submit along with the following documents at the nearest ICICI bank that deals with Car loans(YES..not all ICICI banks take care of car loans)
1) Application for foreclosure
2) Foreclosure statement
3) Bank statement that depict the last 3 months' Car Loan debit transaction
4) Final Amount that includes outstanding+penalty+interest charges+sundry charges

Once the above docs are submitted ICICI takes 4 working days to close the account and 8 working days to issue the NOC. Once the NOC is recieved, it can be submitted at the RTO where the Vehicle was regd to cancel the Hypothecation.
My questions:

1) Now can someone tell me the price that the agents in Bangalore usually charge for getting the HP cancelled ?

2) Also on a practical basis, how long will ICICI consume to issue to the NOC ?

Thanks
Siva

[mukeshgoel]

Hi,

I recently foreclosed my car loan with ICICI.

ICICI took almost 10 days to send NOC for Transport Authority, NOC for Insurance Company and Form-35 in duplicate.

In Delhi, Transport Authority has a fee of:

1. Rs.370/- Smart Card Charges.
2. Rs.100/- Cancellation of HP
3. Rs. 50/- Alteration of Vehicle (I could not understand it because there is no alteration in my Civic-AT, but the counter clerk insisted that this is mandatory and it was matter of 50 rupees so I did not bother).

In addition to this, I paid Rs.60/- to Notary to get three documents attested with revenue stamp. So total expense was Rs.580/-.

The documents required by Transport Authority.

1. Photocopy of Insurance (Attested)
2. Photocopy of Pollution Certificate (Attested)
3. Photocopy of Address Proof (Attested)
4. Photocopy of PAN Card
5. NOC from Bank
6. Form-35 in duplicate from Bank
7. RC Original.

I deposited the documents on 30th July and I was told to get the new RC after 15 days. I am planning to collect it next week.

Hope, it helps many of fellow Team-BHPians.