Soon, people in Delhi will be able to avoid going to banks to mortgage car loans. Details




Delhi residents can avoid going to banks to mortgage car loans

Soon, people in Delhi will no longer have to go to banks for the auto loan mortgage process, according to a Delhi government statement released on Wednesday.

“Instructions have been issued to ensure that no physical documents will be received regarding the addition and termination of the mortgage after October 31. In addition, we have also clarified that banks or lending institutions will have to submit all documents and NOCs digitally via OTP generated on Aadhaar linked mobile phone number, and therefore remove any physical signature requirement, ”said a statement citing Delhi Transport Minister Kailash Gahlot, who on Wednesday called a meeting with all large banks offering vehicle loans.

“Delhi Transport has become ‘faceless’ in an effort to increase transparency and once we have all the banks on board, the process of obtaining bank loans for vehicles in Delhi will be easier than ever,” he said. added the minister.

Partnering with ICICI Bank to enable automatic termination since the launch of Faceless Services, the Transportation Department has received data from more than 7,800 applicants who have vehicle loans to date.

“From the beginning of November, any applicant who has taken out a car loan from a financial institution will no longer need to go to the bank to physically submit documents. Once the loans are added or repaid, the data will be directly transferred by the bank to the VAHAN database, which will allow the department to verify and approve the HPT service, ”said an official statement.

Mortgage Services (HPT), including mortgage addition, continuation and termination on auto loans, is one of the most widely used services of the Department of Transportation. Since the launch of faceless services on August 11, the nation’s capital has received 7,111 requests for the same.

Read also | Banks Should Embrace Digitization To Make Sure Government Programs Reach The Needy: Nirmala Sitharaman

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