The bank will be responsible for the removal of HP from RC. Token photo
After repaying the loan of the vehicles, it will be the responsibility of the bank to get the HP (Higher Purchase) removed from the RC (Registration Certificate). The Ministry of Road Transport is planning for this.
Most of the vehicles purchased across the country have loans. The vehicle owner takes a loan from any government or private bank. In the RC of such vehicles, HP is written, which shows that the vehicle is taken from a loan. A vehicle cannot be sold without removing the HP from the RC. NOC has to be taken from banks to get HP removed. For this, the vehicle owner has to go round the banks. The most troublesome vehicle owners are those who buy vehicles on loan and later they are transferred to another city. The vehicle owner also pays EMI of the vehicle from other city and after depositing the entire loan, he has to come to the old city to take the NOC.
The Ministry of Road Transport is planning to provide relief to people from this kind of trouble. According to the officials of the Ministry, the responsibility of the banks is set for the removal of HP from RC of vehicles. NOC will have to be given within seven days to the lending institution. For this, the vehicle software will have to be updated. HP will be removed from the RC as soon as the bank updates the NOC in the vehicle software. The vehicle owner can view themselves in the vehicle software. Bus and Car Operator Confederation of India (CMVR) Chairman Gurmeet Singh Taneja says that a large number of vehicle owners will get relief after the new system is implemented. In this way, it will be easy to buy and sell the vehicle, people will be able to go to the software and check the loan termination.