Checking the status of your vehicle loan or hypothecation has never been easier, thanks to online services. Whether you’re wondering how to check your car loan status, vehicle loan status, or hypothecation details, there are simple ways to track your loan status online. You can easily check the vehicle hypothecation status or car loan details by visiting Parivahan portal. In this guide, we’ll explain how to check hypothecation status of vehicle online and provide step-by-step instructions on how to check your vehicle loan status and parivahan hypothecation status. With just a few clicks, you can stay updated on the status of your loan and ensure everything is in order.
If you are looking for assistance to remove hypothecation from RC, Itzeazy is here to help you. Itzeazy is India’s no. 1 RTO service provider.
What is Hypothecation in RC
When you purchase vehicle after taking loan from the bank, in the RTO record vehicle is hypothecated to the bank. The bank keeps the car as collateral or as security until you re-pay money for it.
Your bank owns your car during the period when loan on the vehicle continues, although you are the registered owner. Do you know that buying a car on credit implies that you just do not actually own the vehicle until this debt is repaid?
After the vehicle loan is fully repaid, hypothecation removal will allow you to claim the vehicle as your own property.
When you buy a vehicle with a loan from your chosen bank or financial organization, in such a case, your car becomes the collateral or security for the credit. If you fail to repay the dues, the financial lender can repossess the vehicle in question and sell it off. This allows a bank to avoid losses even when a borrower defaults.
Hypothecation ensures that the car or bike ownership remains with you along with your lender until you complete repayment. When you register your car after purchase at the local RTO, the office will ensure that it’s registered in your name and is hypothecated to the bank.
Even the registration certificate or RC will bear your name as the car’s owner. However, its RC will have a special note stating that the vehicle is hypothecated to your lender.
How to Check Hypothecation of Vehicle Online
You can check hypothecation of vehicle online through official website parivahan,
The steps to check hypothecation of vehicle online are given below:
- Open the Parivahan website
- On successful login, Move your mouse over to “Online Services” and choose “NR services”.
- Now click on ” Know your vehicle details “
- Register yourself using your mobile number and email id.
- Now login into the website using mobile number and password .
- Enter registered vehicle number and captcha code correctly. Press get details button.
- Vehicle details will be displayed . If there is loan on the vehicle , In the finance , it will be shown as ” Yes ” . If there is no loan on the vehicle in finance no detail will be there.
When do you need to remove hypothecation from RC
After repaying the loan on your vehicle, you have to apply for HP removal from RC. It is necessary as to claim the vehicle as your own property. It is also essential while selling the vehicle or ownership transfer of car//bike in India.
How to Remove Hypothecation from RC online
RC transfer documents required
RC transfer fees for vehicle in India
FAQs
How long does it take to cancel hypothecation?
It takes approx. 30 days for removal of hypothecation. However it may vary RTO to RTO.
How to check hypothecation removal status online ?
You can check the RC hypothecation status of your vehicle using the Parivahan website.
How do I delete hypothecation in RC from RTO?
Application for removal of hypothecation along with supporting documents should be submitted to the RTO:
- Original Vehicle RC
- Copy of address proof
- Copy of PUC certificate
- Two copies of Form 35
- NOC from bank
- Copy of insurance
Is it necessary to remove hypothecation from RC?
Yes, it’s important to remove hypothecation of a vehicle if the loan has been paid fully to the lender. Once you have got paid off the loan amount, make sure you get the NOC from the bank stating that there’s a no balance of your loan. However, you would have to apply for HP termination at the respective RTO. The transport department will remove it and transfer the complete title to the car owner. This ensures you’re the sole owner of the car.
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