No need for bank NOC to change vehicle ownership

There is no need of a no-objection certificate (NOC) from banks from where vehicle loans have been taken to transfer vehicle ownership in the State, Minister for Transport Antony Raju has said.

The decision was taken at a meeting of officials of the Motor Vehicles Department (MVD), National Informatics Centre (NIC) and State-level bankers body following complaints about the cumbersome nature of obtaining NOC (on the status of vehicle loan) from banks and in submitting it at the respective RTO office to transfer ownership.

To overcome this, banks will be linked with the MVD’s Vahan website, where all hypothecation-related info will be available. Banks had been asked to upload all vehicle loan details on the website, Mr. Raju said.

Source: Read Full Article