The Delhi government facilitates the vehicle loan process; Activate door-to-door services. all you need to know

In a bid to provide relief to the people of Delhi, the Aam Aadmi Party (AAP) government has simplified the vehicle loan process. The Delhi government has integrated 62 banks and NBFCs into its mortgage services (HP). With this, Delhites can avail mortgage services that include mortgage addition, continuation and termination of auto loans at the convenience of their doorsteps.

The Delhi government has said that through this initiative, citizens will no longer be required to submit physical documents or visit a facility for HPT-related services, which generate nearly 2 lakh in transactions annually.

“Mortgage services in Delhi become completely anonymous. With 62 banks and NBFC integrated, there is no need to go to RTO for mortgage services anymore. Once a loan is completed, your updated RC will be automatically available on m-parivahan and Digi locker,” Delhi Transport Department wrote on Twitter.

Delhi Transport Minister has instructed the department to block manual HPT services on all banks/NBFCs. HDFC and ICICI Bank, which accounts for 70-80% of all car loans in Delhi, have already been brought into the system, the city’s transport department said.

As per a circular dated October 4, 2021, Delhi Transport Department had requested banks, financial institutions and NBFCs providing vehicle loans to integrate their mortgage services with Vahan Portal so that the certificate of non- objection (NOC) for termination from HP may be received in digital format at the Vahan platform of the National Computing Center (NIC) directly.

For this, all banks/NBFCs that deal in vehicle finance in Delhi have been provided with APIs and user credentials for integration with Vahan for sharing mortgage termination data online.

Banks/NBFCs have also been requested to complete the integration of Mortgage Addition Services (HPA) with the Vahan portal so that full integration can be completed.

Since the launch of faceless services in February 2021, more than 2.62 lakh of HP-related services have been used.

Therefore, applicants are not required to obtain Form 35/NOC from their bank and request the transportation department to terminate HP by uploading these documents.

After HP’s automatic termination, the updated Certificate of Registration (RC) was made available on the mParivahan and DigiLocker platforms. Vehicle owners are also informed of the automatic shutdown of their HP by SMS.

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