5/17/2023 0 Comments Finance calculator for car![]() ![]() Why is the interest rate for used car loans higher than the rates for new car loans? No, you are not obligated to anything and are not entering a binding contract by filling out a form and by getting pre-approved by us. Do I enter a contract by completing my car finance application? Overall, your application should typically be approved within a day. ![]() ![]() Alternatively, you are welcome to call us or leave your phone number and we will walk through the steps over the phone. The process is very simple and straightforward, with an additional required step to follow if your credit score is bad. we will then brainstorm the best solution for your needs and contact you to complete the application. Simply go to our website and fill out the application form. What do you need to approve my car financing application? Your credit score will not prevent you from receiving financing. At Car-Finance, our mission statement is to help clients with a bad credit score as well. Visit RTO for collecting the new RC Smart Card (sans hypothecation), on the given date.Īfter all these procedures, you will get rightful ownership of the car you had taken on car loan, with the bank ownership cancelled over the vehicle.Frequently Asked Questions Is loan approval determined by my credit score?Ĭredit score is one of the factors for approving financing but other considerations are taken into account as well, such as your income, job, assets and possible costs.Collect receipt of the same, and you can take the Smart Card RC within a few days (date will be specified). ![]() To collect the Smart Card RC you need to pay a fee.The changes (if any) will be reflected in the specific form. In case any corrections are required in the details, you must get it done. Step 4: Process to Receive the RC Smart Card Now collect the ‘Acceptance Form’ that contains details mentioned on the RC. Step 3: Submit the Hypothecation Removal Application Submit the duly filled Hypothecation Removal Application and attach the required set of documents to it Original Form 35, and copies of it signed by the registered owner and the bank, original Bank NOC, copy of your PAN Card, copy of valid car insurance, original RC (Registration Certificate), copy of your address proof, copy of valid Pollution Under Control (PUC) CertificateĪpart from a visit to the regional transport office, you will have to go to the insurance company, and submit a copy of No Dues Certificate, which you received from the bank.Step 2: Documents to be taken to the RTO You need to collect the following documents and then visit the RTO: Hypothecation removal process can be explained in the following 4 steps:- Step 1: Receive Documents from the Lender/Bank No Objection Certificate: It is the agreement by bank, which states that the lender has no objection over removal of hypothecationįorm 35: Two copies of Form 35 are usually given, and it mentions the termination of hypothecation between you and the bank. Once the loan amount is completely repaid, hypothecation removal is required to transfer the ownership of the car to the customer as there is no outstanding amount against the car. The car is in the physical possession of the customer but the bank is the actual owner of the car until the customer pays off the entire loan amount. This will be useful while updating the credit history in case of any discrepancies in your credit score and report.ĭ) Hypothecation essentially means that the car for which you have taken a loan for is kept as collateral with the bank until you pay off the loan. The set of documents includes a No Dues Certificate (NDC) or No Objection Certificate (NOC) from the bank along with other documents submitted at the time of the car loan application.Ĭ) Do collect the entire repayment statement of your car loan from the bank which you can receive after submitting an application in the bank. After completing the repayment of your car loan, there are five important things that you need to do as explained below:Ī) If you made the last EMI on your car loan or did a prepayment to close the car loan, then get the final payment receipt from your bank.ī) Within 2-3 weeks’ time of repaying the car loan, you should receive all your documents from the bank via post at your registered address. But, there are still some unfinished tasks left for the borrower. A number of borrowers assume their job is done after paying off the last equated monthly installment (EMI) on their car loan. ![]()
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