MyCarHelpline Forum for Premium Support !!

Get Professional Support from Experts. Ask your Question Now !!

  1. Ansuman Pattanaik
  2. Finance, Insurance
  3. Friday, October 13 2017
Hi,

Please tell me the complete procedure to close existing SBI car loan.
1. Can i make the outstanding amount as online transfer to loan account.
2. What are the documents need to be given during closure.
3. What are the documents expected from Bank after closure.
4. How to ensure i dont do any mistake which effects my CIBIL score or improve my CIBIL score.
5. How to remove the hypothecation details from RC book/card.
Admin Accepted Answer
0
Votes
Undo
Hello,

Here is step by Step process to close SBI Car Loan and remove hypothecation from RC
You have to visit SBI Retail Asset Operations Branch for it

> Obtain in SOA - Statement of Account and Foreclosure Statement. What it tells is breakup of loan amount principal repaid. Interest repaid, Outstanding Principal, any bounce or overdue charges along with Interest of month calculated to give the summary of total amount to be paid for loan closure.

> You can then submit a letter application along with RC Photocopy, ID Proof copy for pre-closure of loan along with either cheque payment or Demand Draft (no outstation cheques are acceptable)

> A receipt will be issued against same for collection of amount towards preclosure of SBI Loan

> The Loan will be marked closed on clearance of funds and in generally next 7 to 10 days post closure - NOC is dispatched against the loan with Loan Statement to customer residential address

> Once NOC is obtained - you can submit it in RTO to remove Hypothecation - refer HP Removal Process

Should help !!


  1. more than a month ago
  2. Finance, Insurance
  3. # 1
Ansuman Accepted Answer
0
Votes
Undo
Thank you :)
  1. more than a month ago
  2. Finance, Insurance
  3. # 2
Nisha Accepted Answer
0
Votes
Undo
Can I get my car loan foreclosure letter online or in nearby branch?
  1. more than a month ago
  2. Finance, Insurance
  3. # 3
Sankalp Accepted Answer
0
Votes
Undo
Can first repay my outstanding online and then visit Bank for further process. If yes what documents i need to carry?


  1. more than a month ago
  2. Finance, Insurance
  3. # 4
amit Accepted Answer
0
Votes
Undo
Here is step by remove hypothecation from RC

1. Visit Parivahan Site
2. Select vehicle Registration
3. Enter car or bike number , proceed
4. Then select Misc (TO/CoA/HPA/HPC/HPT/DupRC)
5. Enter chassis number last 5 digit only
6. Enter detail of insurance and local rto office
7. Click on terminate big button
8. Enter today date
9. Click on payment and pay 250 or xyz amount,
10. Take print of all 3 documents and submit to Bank and RTO office.
  1. more than a month ago
  2. Finance, Insurance
  3. # 5
Santosh Deshpande Accepted Answer
0
Votes
Undo
How I get my car loan forclosure amout statement
Because I went sbi branch where loan sanctioned bet there manager simply denying for letter why I don't know
  1. more than a month ago
  2. Finance, Insurance
  3. # 6
0
Votes
Undo
Hi Amit,
Thank you for the information.
My loan is closed long back don't i need the NOC from bank to remove the hypothecation online.
Do I need to visit RTO office or I can do online?
  1. more than a month ago
  2. Finance, Insurance
  3. # 7
Sunil patil Accepted Answer
0
Votes
Undo
I want to get pre closure statement of my sbi car loan
  1. more than a month ago
  2. Finance, Insurance
  3. # 8
  • Page :
  • 1


There are no replies made for this post yet.
Be one of the first to reply to this post!
Guest
Submit Your Response
Upload files or images for this discussion by clicking on the upload button below. Supports gif,jpg,png,zip,rar
• Remove Upload Files (Maximum File Size: 1 MB)
You may insert polls into your post. The poll would then appear in the post.
Vote Options
Captcha
Verify