Wondering how to remove hypothecation from RC online? What is the RTO hypothecation removal process online? How to do termination of hypothecation? If you purchased the vehicle after taking a loan from the bank and repaid it fully, and now want to cancel hypothecation from RC. Then in this article, we will explain how to cancel hypothecation online, how to remove hypothecation from rc.
Nowadays owning a vehicle is very important for someone’s own convenience. But many times, buying a vehicle like a car or a motorcycle means a big investment as this is quite expensive. So many people take the help of banks via car loans or credit cards and it becomes affordable.
But there’s a problem, until the day you have paid your last instalment, the bank or credit card authority holds the ownership of your car and all cars which are financed, comes with a ” Finance Company Hypothecation “.
That’s why it’s very important to remove hypothecation from RC. I am discussing the need and RTO hypothecation removal process online and offline below
Also read:- how to get duplicate RC of the vehicle
Why do you need to remove hypothecation from RC
It is crucial to get the vehicle changed into your name from the name of the financial institution you borrowed the money from as soon as you have paid the monthly instalments toward the purchase of your automobile. There are multiple reasons to remove hypothecation from RC. Let’s take a look at why you need termination of hypothecation.
• If the hypothecation on your vehicle is not terminated, all the money of the insurance of the vehicle will go to the financer or to the bank.
• You cannot sell a hypothecated vehicle nor can transfer the ownership.
• Though you have completed the payment for buying the vehicle, you are not the official owner of The vehicle you remove hypothecation from RC
Documents required to remove hypothecation from RC
You need some documents in order to remove hypothecation from RC. If the vehicle was financed, it is crucial to describe the financing process in the vehicle registration certificate. The necessary paperwork for approval is listed below. You must submit the following documents for termination of hypothecation.
• Duly filled l Form 35. also, you need two copies of it, both signed by the registered owner of the vehicle and the bank
• Bank NOC(original).
• Copy of your Pan Card if you don’t have a pan card then Form 60, and Form 61,
• Copy of car insurance
• Original RC of the vehicle
• Adhaar card or other address proof. If your current address is different from the address in the RC, you will have to submit Form 33.
• Pollution Under Control (PUC) Certificate
Now you will need to do another thing, visit your regional RTO, go to the insurance company, and submit a copy of the No Dues Certificate. Don’t worry you will receive the No Dues Certificate from the bank.
Thus the HP will be removed from their records. Then you will receive a written confirmation signed by the competent authorities.
Continue reading to understand how to cancel hypothecation online as well as offline?
RTO Hypothecation Removal Process Online
How to remove hypothecation from RC? The offline hypothecation termination procedure is as follows:
- Go to the RTO from where you got your RC and verify all the documents by the verification officer.
- The staff there will enter your details in the RTO’s computer-based data system.
- Next, go to the registration counter and show the verified documents.
After approval of the documents go to the payment counter and pay the required fees.
- Now Go to the registration counter and submit the receipt of payment with the other documents.
- They will give you an appointment date, on that day the RTO will verify the documents (final verification) and approval from the concerned officer will be given.
- Go to the RTO on the given date. There the officers will return your documents with ‘’Acceptance Form’’, you will see all the details in the form which were in your RC.
- Go through the form and check the details.
- Now you have to sign the acceptance form and submit it to the officer.
- Next, you have to pay the fee for the new smart card RC.
- After successful payment, you will receive a receipt and a date on which you have to collect the Smart Card RC. Visit the RTO on the given date again and you will receive your smart card RC.
How to remove hypothecation from RC online
Let’s take a look at the how to cancel hypothecation online. To apply for rto hypothecation removal process online, follow the steps below.
• Go to the website Parivahan Sewa
• A page will open, click on vehicle-related service, now enter vehicle registration number and proceed.
• Click on “online services ” then choose the second option.
- In the next page click on the termination of hypothecation box.
- Here you will find all of your details related to your RC. check the details and then Scroll down, you have to fill in some other details too, fill them.
- After filling in the details scroll up and click on terminate and now select the date of termination of hypothecation
- Now Scroll down and click on the payment
- After successful payment print the e-receipt
- Also, print the owner details
- Now go to your regional RTO with all the documents including the receipts and submit them to the concerned counter or officer.
After approval of the documents, you will receive your RC smart card in a month it will not be hypothecated by any financer or bank authority. That’s all about how to cancel hypothecation online
I hope you now understand the procedure of hypothecation termination from RC and how to cancel hypothecation online . If you liked the article- rto hypothecation removal process online and offline don’t forget to share and comment.