If you have recently paid off your two-wheeler loan, one of the most critical steps is to get the hypothecation removed from your vehicle’s registration certificate. To ensure that a successful transition happens, it is important to obtain an NOC (no objection certificate) from your lender.
Here are the reasons why it’s mandatory to get a no objection certificate from your lender.
One of the most important factors is that an NOC is a legal document that confirms that you’ve repaid your entire loan amount. Issued by your lender, it also tells that there are no dues pending and confirms that your obligations to the lender have been fulfilled. Once you receive this document, you are legally free from the debt.
Another reason to get your bike loan NOC is that it serves as proof that your lender has no legal claim to your vehicle. Having your NOC also determines that your lender can have no objection if you wish to sell/ transfer ownership of your vehicle. Once you submit the NOC to the regional transport office of your city, your lender’s hypothecation is removed from your registration certificate (RC).
Without an NOC, your lender may still have a lien on the vehicle and could cause issues if you try to sell or transfer ownership. A transfer of ownership may not be legally possible without an NOC.
Obtaining a Bajaj Finance Two-wheeler Loan NOC is a relatively straightforward process. If you’ve closed a two-wheeler loan with us, you’ll receive the loan NOC within 10 business days of loan closure. Your no dues certificate will be sent to your contact address registered in our records.
Please note that your no objection certificate is valid for 90 days from the date of its issuance. Therefore, you must submit your NOC to the regional transport office within this period.
Steps to track NOC for your bike loan
Bajaj Finance also offers the online facility to track the status of your two-wheeler NOC. You can follow these easy steps using our customer portal – My Account.
- Click on the ‘Sign-in’ button on this page to go to My Account.
- Enter your registered mobile number and submit the OTP to sign-in.
- Verify your details using your date of birth and proceed.
- Select your closed two-wheeler loan account from the ‘My Relations’ section.
- Click on the ‘Track NOC’ option from the ‘Quick Actions’ section and find its status.
You can also use our digital loan services on Bajaj Finserv app. Download our app today from Play Store/ App Store and track your loan NOC on the go.