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Thread: Removal Of Hypothecation From Bajaj Finances

                  
   
   
  1. #1
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    Removal Of Hypothecation From Bajaj Finances

    My bike was financed by BAFL (Bajaj finance). And I cleared the EMI on Feb 2006. They gave me the papers, but till date I have not gone to the DTO office for the removal of Hypothecation. Is there any problem if I approach them now? I heard that the document expires after few months. Do I need to ask BAFL for the same once again? Also I have not renewed my Insurance last year. Is there any problem.

  2. #2
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    The No Due Certificate does not have an expiry date - so it's valid. The RTO should not insist for the same of a recent date. However, if it does, BAFL should not have any problem in issuing a fresh one. Any un-insured vehicle is illegal, and therefore, in case of some possibility/accident or theft etc., you will have a tough time. Please get it insured without delay without loss of further time.

  3. #3
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    The info provided above by me on validity of NDC (No Due Certificate) is incorrect. Though NDC does not have an expiry date, like stated before, RTO does not recognize it if it is older than 3 months. Therefore, a fresh NDC will have to be obtained from BAFL - they may charge a supposed fee for issuing the same.

  4. #4
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    Actually, the hypothecation lien should have been endorsed at the time of registration itself. In your case, by mistake either the dealer did not talk about it in the registration form or the RTO missed to notice it while registering. In any case, it should totally be authorized in the RTO records as well as in the RC Book. I’m surprised as to how your financer hasn’t insisted upon it. In fact, this must have transpired in their concurrent & other audits & they need to set right & confirm to their controlling authority as well as audit department.

  5. #5
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    Getting it authorized now is not a big deal at all. You & your financer only need to fill-up a small necessary form, duly signed & stamped/sealed by the bank, and submit it with the RC Book to the RTO. It can be done through your bank or even in a straight line or through an agent. No fees are essential to be paid for this. You can conveniently request your bank to arrange for it – they should be too happy to do it.

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