Bank Consent Letter For Loan Form: Fill & Download for Free

Write a request letter to his home account branch. No need to obtained consent letter from lender or beneficiary. It is your account and you only decide which amount will be debited by bank. But the lender can take up the matter with court for default in repayment of loan.

It is likely the bank is not comfortable with the new owner and is unwilling to have the loan transferred. You could work out an escrow arrangement with the bank wherein the proceeds of the acquisition go into an account opened with the bank, from which the bank can liquidate the loan and then allow you to draw the balance amount.

Removal of Hypothecation of Car Loan from RTO (India) - Step by Step GuideThis is a step by step guide on getting the "Finance Company Hypothecation" removed from your RC book, once the loan period is over or you have repaid the loan amount in advance.We had taken the car loan from SBI only and closed the loan pre-maturely. But I think this process will be almost same for all the banks or financial institutions.Typically you might want to hire an agent to get the Hypothecation removed. However, I thought otherwise and got it done myself without any hassles. Since my car is registered in Kolkata, the steps and references are applicable for the ‘Motor Vehicles Department’, Kolkata. But again, I think that procedures will be more or less the same for other RTOs also.STEP ONE: Documents from the Bank / Finance Company:Once you repay the full amount and the loan is closed, your Bank or financial institution will give you the following documents:1. Bank/Financial Institution Letter stating Closure of Loan - Standard format on their letterhead. This is called ‘No Objection Certificate’ (NOC) or ‘Consent Letter’.2. Two Copies of Form 35 : Both the copies are to be original (ink signed and stamped). Note that the bank NOC is generally valid only for 3 months. You must submit your application to the RTO before the NOC's expiration. Otherwise, you will have to arrange a fresh NOC from the Bank.Once you are in receipt of the above documents, it is recommended to get some extra copies made for your records.STEP TWO: Submitting your application to the Motor Vehicles Department:Once you enter the RTO building, you'll see a lot of counters. You may go to the ‘Enquiry’ counter and state him that you have come there for the purpose of de-hypothecation of your car. He will ask you for the following documents:1. No Objection Certificate/Consent Letter in original2. Form 35 (Both the original copies, duly signed by yourself)3. Registration certificate (SMART card) – Original (to be given in a small transparent plastic cover, mandatory)4. Tax Token – Xerox Copy5. Insurance policy – Xerox Copy6. PUC – Xerox CopyOn producing all the documents he will staple all the papers up together including the smart card. Then, he will ask you to meet another person in the adjoining counter to submit your documents there. He will make preliminary verification of your documents with reference to their computer data.On finding the documents in order, he will issue a ‘Receipt’ of receiving your documents for de-hypothecation of your car loan and ask you to come after 7 days. This time is essentially required for the RTO to verify from your financier whether they (Banks, etc.) really do not have any claim on you and the loan is fully paid.STEP THREE: Payment of Processing Fee:After 7 days, you again go to the same person and he will divert you to another officer who will start processing the file. After the file is prepared he will tell you to deposit Rs 360/- to the Cash counter. You pay and take Money Receipt. He will tell you to come again after 7 days by which the file will be processed/approved.STEP FOUR: Payment of SMART Card fee:After 7 days, you again go to the last person you met on the previous day. By this time, the file should be approved by the competent Authority. In that case, he will advise you to pay Rs. 100/- to the cash counter for making the new SMART Card. Note that this would be another cash counter where the concerned person will receive your previous receipt, Rs. 100/- and do some computer entries. You pay the amount and take the Money Receipt generated along with the previous money receipt. The person will tell you to come after 7-8 days. You better go to him after 9-10 days so that the card could be ready by that time.STEP FIVE: Collection of SMART Card:Go to the RTO on that day and collect your new RC SMART Card (sans hypothecation).SUMMARY:-1. All in all, you need to make 4 visits to the RTO.2. Total time taken = 23 days3. Total Expenditure – Rs. 460/- (plus travel expenses)4. The Car owner himself need not go to RTO office. You may send any representative. In my case, I went to the RTO office with my father (the owner) only on the first day. The rest three days, I visited the RTO office and got the job done. But on the last day though, the representative (in my case myself) should have a valid ID proof with him to collect the SMART card on behalf of the original owner. Just the original proof is needed and not any Xerox.Everything was smooth and simple. Just some patience is needed to get the work done.