All queries about Loan NOC, RC Entry and Hypothecation removal

squarecut · 10th December 2007, 17:22

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, 13:32

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, 11:37

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, 17:48

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, 18:12

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, 14:17

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

Lalvaz · 24th January 2008, 14:21

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.

HappyWheels · 24th January 2008, 14:28

Quote:

Originally Posted by Lalvaz

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 !!!

it so refreshing to read such positive experiences!

vnabhi · 24th January 2008, 14:37

Quote:

Originally Posted by Lalvaz

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 !!!

You are lucky. In my case, they took 5 days to sanction the loan (instead of 3 promised), and gave me the loan soon after the interest rates were hiked by 1%. I thought of refusing the loan and applying to SBI, but since the car was ready, fell prey to temptation and took the loan from those *** guys.

kewlferrari · 24th January 2008, 16:12

Yup, I too foreclosed my loans with StanChart & ICICI. StanChart were very professional and issued the NOC within 14 days. ICICI was all over the place. They didn't commit on timelines but I got the NOC in about 20 days.

Yup I did pay a hefty foreclosure penalty to both of them

hrman · 24th January 2008, 20:02

I got the NOC from ICICI in about 12 days flat. No problems whatsoever. But they charged a 5% preclosure penalty since I was selling it and closed it in 1.5 years.(3.5 yrs ahead of time)..

.
Damn I love govt banks in this

NetfreakBombay · 6th February 2008, 21:15

Quote:

Originally Posted by Lalvaz

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 !!!

WOW.

BTW, how could they give you car without doing RTO formalities?

shajufx · 7th February 2008, 00:37

I had foreclosed my ICICI car loan on 9th October 2007, just 6 months after the car purchase, because we wanted to apply for a home loan. Closure charge was flat 5.62% of the outstanding amount.

Coming to the topic of the thread, its now 4 months after the foreclosure, you believe it or not, I have not received the NOC till date. Unused post-dated cheques were returned by courier somewhere in December 2007. We did not need the NOC that urgently and did not have the time to visit the branch, ICICI has taken its own sweet time for the same. Drama unfolds when I mailed the personal banker 2 days back. NOC was already sent to me in December itself, but never received. I know ICICI has many reasons to say, I have lost their cheque books 3 times in a row. What more can we expect ? Now its waiting for the NOC.

Do we need to go to the RTO for cancelling the hypothication seal from the RC book ? Or will the bank do it for us ? Even if ICICI promises me to do it, I dont think I will hand over the RC book to them. I might either lose it forever or run another 4 months to collect it back. Suggestions appreciated.

BaCkSeAtDrIVeR · 7th February 2008, 07:31

Quote:

Originally Posted by shajufx

Do we need to go to the RTO for cancelling the hypothication seal from the RC book ? Or will the bank do it for us ? Even if ICICI promises me to do it, I dont think I will hand over the RC book to them. I might either lose it forever or run another 4 months to collect it back. Suggestions appreciated.

You need to take the RC book and the NOC with the correct form filled up and correct fee paid to the Go[d|vernment]. Of course, the pujari will demand his cut, which will have to be routed through the "Keezshanthi" aka RTO agent. Else, you will find that some organisations do give ICICI a run for their money on the delaying game.

shajufx · 7th February 2008, 11:44

Thanks for the info buddy. Means few more bigger 'Gandhi' notes will be lost very soon. 'Keezshanthi' and 'Melzshanthi' are ruling our country, we have no choice but to blame ourselves !!

10th December 2007, 17:22	#16
squarecut BHPian Join Date: Feb 2007 Location: Jabalpur Posts: 87 Thanked: Once	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.
	() Thanks

11th December 2007, 13:32	#17
emkay456 BHPian Join Date: Aug 2006 Location: Mumbai Posts: 387 Thanked: 7 Times	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.
	() Thanks

23rd January 2008, 11:37	#18
InternetUser BHPian Join Date: Nov 2007 Location: Pune Posts: 46 Thanked: 3 Times	I've finally got the NOC documents after 2 months. I don't know what sort of process would require 2 months!
	() Thanks

23rd January 2008, 17:48	#19
Lalvaz Senior - BHPian Join Date: Jul 2006 Location: Bombay Posts: 1,456 Thanked: 2,415 Times	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 !!!
	(1) Thanks

23rd January 2008, 18:12	#20
snaronikar Senior - BHPian Join Date: Jun 2007 Location: Bengaluru Posts: 2,845 Thanked: 31 Times 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.
	() Thanks

24th January 2008, 14:17	#21
GTO Team-BHP Support Join Date: Feb 2004 Location: Bombay Posts: 71,815 Thanked: 321,321 Times 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?
	() Thanks

24th January 2008, 14:21	#22
Lalvaz Senior - BHPian Join Date: Jul 2006 Location: Bombay Posts: 1,456 Thanked: 2,415 Times	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.
	() Thanks

24th January 2008, 16:12	#25
kewlferrari BHPian Join Date: Apr 2006 Location: Delhi Posts: 173 Thanked: 25 Times	Yup, I too foreclosed my loans with StanChart & ICICI. StanChart were very professional and issued the NOC within 14 days. ICICI was all over the place. They didn't commit on timelines but I got the NOC in about 20 days. Yup I did pay a hefty foreclosure penalty to both of them
	() Thanks

24th January 2008, 20:02	#26
hrman Senior - BHPian Join Date: Jun 2006 Location: Bangalore Posts: 1,155 Thanked: 1,104 Times	I got the NOC from ICICI in about 12 days flat. No problems whatsoever. But they charged a 5% preclosure penalty since I was selling it and closed it in 1.5 years.(3.5 yrs ahead of time)... Damn I love govt banks in this
	() Thanks

7th February 2008, 00:37	#28
shajufx Senior - BHPian Join Date: Apr 2007 Location: Ottawa Posts: 1,808 Thanked: 832 Times View My Garage	I had foreclosed my ICICI car loan on 9th October 2007, just 6 months after the car purchase, because we wanted to apply for a home loan. Closure charge was flat 5.62% of the outstanding amount. Coming to the topic of the thread, its now 4 months after the foreclosure, you believe it or not, I have not received the NOC till date. Unused post-dated cheques were returned by courier somewhere in December 2007. We did not need the NOC that urgently and did not have the time to visit the branch, ICICI has taken its own sweet time for the same. Drama unfolds when I mailed the personal banker 2 days back. NOC was already sent to me in December itself, but never received. I know ICICI has many reasons to say, I have lost their cheque books 3 times in a row. What more can we expect ? Now its waiting for the NOC. Do we need to go to the RTO for cancelling the hypothication seal from the RC book ? Or will the bank do it for us ? Even if ICICI promises me to do it, I dont think I will hand over the RC book to them. I might either lose it forever or run another 4 months to collect it back. Suggestions appreciated.
	() Thanks

7th February 2008, 11:44	#30
shajufx Senior - BHPian Join Date: Apr 2007 Location: Ottawa Posts: 1,808 Thanked: 832 Times View My Garage	Thanks for the info buddy. Means few more bigger 'Gandhi' notes will be lost very soon. 'Keezshanthi' and 'Melzshanthi' are ruling our country, we have no choice but to blame ourselves !!
	() Thanks