NOC for Hypothecation release for full paid Car Loan
1 month ago
I along with 10 other employees (Group Loan) had purchased a car in 2008 through my Employer. The EMI was deducted from our salaries every month. I left the organization in 2011 and 30 months of EMI were pending. The Employer promised to settle the amount against my Gratuity. I with my entire family, had moved abroad for my job and in 2014 was informed that Kotak Mahindra Bank recovery had seized my car. I spoke to the bank/recovery people and explained my situation. They did not accept and asked me to pay pending amount on my vehicle. I took a loan and paid the amount within 7 days, through a friend and the bank gave me a receipt and repo release. After 4 months when I came for vacation to India, I went to the Bank for the NOC. Me and my wife were abused and threatened by the bank agents. It has been 10 years since, and now my car is 15 years. I wanted to renew the registration, but the RTA is asking for NOC. I went to the bank again last week, they asked me to pay 31,600 more and get the Employers NOC letter. The company is liquidated and the owners were jailed and now unavailable. Can you please let me know my rights and next steps, as I do not owe anything to Kotak Mahindra Bank.
The amount that they are claiming is for some other vehicle, which is already sold. They are holding a penalty amount against me, where I was the first to settle the full payment.
If you have acquired a vehicle under hypothecation, lease, or a hire-purchase agreement with a financier, the financer's name will be mentioned on the Registration Certificate (RC). To remove the financer's name from the RC after repaying the loan, you need to submit RTO Form 35, issued by the financier, in compliance with Rule 61(1) of the Central Motor Vehicle Rules, 1989.
In this scenario, the involvement of the company or employer is not relevant. If you are confident about the status of your loan being fully paid, and the financer has not removed their name from the RC, you may file a complaint against the bank to the regulatory authority, the Reserve Bank of India (RBI), online through its grievance redressal portal under the integrated Banking Ombudsman Scheme at https://cms.rbi.org.in. This can lead to a quicker resolution of the matter. Ensure to endorse a copy of the complaint to the concerned lender.
The complaint can also be submitted offline by filing a written complaint and submitting it to the Centralised Receipt and Processing Centre (CRPC) at RBI, 4th Floor, Sector 17, Chandigarh, PIN-160017. This complaint will be directed towards resolving the issue and ensuring the removal of the financer's name from the RC.
In case you have purchased a vehicle under hypothecation, lease, or hire-purchase agreement with a financer, then the financer's name will be mentioned on the Registration Certificate (RC). You will have to submit RTO Form 35 issued by the financier in compliance with Rule 61(1) of Central Motor Vehicle Rules, 1989 to cancel out the financer's name from RC after you pay off the debt. The Company or employer has no nexus with the subject matter. In the given situation, if you are confident with your loan status, you may file a complaint against the Bank to the regulatory authority RBI online on its grievance redressal portal under the integrated Banking Ombudsman Scheme at https://cms. rbi.org.in for a quick resolution to the matter endorsing a copy of the complaint to the concerned unruly and errant lender. The complaint may be lodged by filing an offline complaint and submitting the same at the Centralised Receipt and Processing Centre (CRPC) at RBI, 4th Floor, Sector 17, Chandigarh, PIN-160017.
Money on hold
Delay in work by interior designer and not providing copy of contract
Refund against service provide | study abroad consultancy
Order cancellation without user consent
Service center failed to repair the phone
