| When can I get my original papers from bank after repaying car loan? |
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| Written by Site Administrator |
| Wednesday, 28 October 2009 10:09 |
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When you purchase a car on loan, the vehicle is registered on your name as on loan with the bank. The Bank will keep the original Registration Certificate of the vehicle (RC) as security till you complete repaying the loan. Once the loan is repaid complete, the bank will issue your original papers to you along with a No Objection Certificate stating that the vehicle is no longer on loan. It is only after you have this NOC are you deemed to be the full and complete owner of the vehicle. You can sell you vehicle to someone else only after you have this NOC with you. Comments (0) |