Hey there, rider! You might consider an easy way to cancel your hypothecation on your motorcycle RC is through an RTO agent paying hefty fees? I just paid less than Rs.500 as RTO processing fees! It just takes less than 2 hours at the RTO office Gurgaon to get the process done easily.
Prerequisite: You will need a smartphone and an Internet on your mobile. Reach there at 10 AM preferably
See steps below on how I got it done.
Info: What is hypothecation? Ever bought a vehicle and noticed something called "hypothecation" on the RC? That basically means the financier (the lender you borrowed money from) has a stake in your motorcycle until the loan is paid off. But once it's all settled and you're the sole owner, you can get that hypothecation cancelled.
Here's how to navigate the process:
A. Gather Your Documents:
First things first, you'll need some paperwork. Don't worry, it's not a mountain! Here's what to keep handy:
- Form 35 with Hypothecation Closure Letter: This form, usually provided by your financier, needs your signature in two places.
- Self-Attested Copy of Insurance: Make a photocopy of your motorcycle insurance and sign it, declaring it's a true copy.
- Self-Attested Copy of Aadhar Card: Same thing with your Aadhar card - photocopy and sign.
- Letter Stating Your Request: Write a quick letter mentioning you're submitting your RC for cancellation of hypothecation for your vehicle (mention your motorcycle's number plate).
B. Let's Get This Rolling! (Gurgaon / Gurugram RTO)
With your documents in order, head to the RTO (Regional Transport Office). Here's the breakdown of what happens next:
1. Verification Counter: Get your documents verified at the counter. You'll likely pay a small fee (around Rs 10) and receive a token number. They'll staple your documents together with the RC.
2. Data Entry Counter: This is where the magic happens! They'll enter your details into the system. Keep your phone handy, you should receive an SMS with a link, username, and password to access the Vahan portal (vahan.parivahan.gov.in).
3. Online Payment: Login to the Vahan portal using the provided credentials. Read through the details and make the payment using debit card, UPI, or any other available option. It might take an hour or so for the payment to reflect on the website.
4. Verify Payment: Once the payment shows up, log back in and click the "Verify" button. This will generate a payment receipt. You can save it as a PDF or take a screenshot for your records.
5. Printout Time: Head to the xerox/print counter within the RTO premises and get a physical copy of the payment receipt.
6. Submit and Wait: Attach the printed payment receipt to your document set and submit it back at the data entry counter.
The good news? Your new RC, free of hypothecation, should be ready within 15 to 30 days!
You'll either receive it by post or can collect it from the RTO itself after 15-20 days!
So now you know how to cancel your hypothecation!
Ride Safe !
Cheers Biker BT
Pic credits:
https://unsplash.com/@gbcaptured
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