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Resolved Can i transfer private number car to commercial number if vehicle is on bank loan ( EMI basis)

  1. vandana
    vandana
  2. RTO Registration & Tax
  3. Friday, March 17 2017
Dear sir

I had purchased a Honda Amaze before 7 month with private no and now i want to transfer in to commercial number so i just want to know that is it possible?

I have loan also. sir please help me because i had discussed many of the people but all of them gave me a confusing answer.
Responses (2)
Admin
Admin Accepted Answer
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Hello,

As the vehicle is on loan - so for change of registration to commercial number - you will need a Bank NOC
Now - Banks do not issue in NOC like that as the credit norms are different for private and commercial and the loan is already active

The only way would be to
> Close the loan by pre-paying in Outstanding Loan and any prepayment penalty if any
> Get NOC post closure and transfer to commercial registration
> Once registration done - you can apply for Top up loan which is based on used car

The Disadvantage would be
> Prepayment Penalty
> Loan will be booked at higher rate and for lower loan amount in Used Car Top up cases

So - may make a choice, but with an active loan on car - vehicle can not be re-registered to commercial number
Hope should help !!


  1. more than a month ago
  2. RTO Registration & Tax
  3. # 1
Sujan das
Sujan das Accepted Answer
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Sir can I transfer my car private number to commercial no??emi has been going on


  1. one week ago
  2. RTO Registration & Tax
  3. # 2
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