RTO Launches New Facility: Everyone dreams of owning their own car, but in these times of high inflation, making ends meet has become difficult for people. In such a situation, the dream of buying a car remains just a dream. Did you know that banks provide loans to fulfill people’s wishes? With the help of these loans, people can realize their dreams.
If you have also bought a vehicle on loan, then this news can be very useful for you. There is good news for those who have bought vehicles on loan. If you have bought a vehicle on loan and the loan has been repaid, you might be facing difficulties getting the hypothecation removed. According to the report, you will no longer have to visit the RTO office.
The Transport Department, in collaboration with the NIC’s Vahan team, has developed the Auto Hypothecation Termination (AHT) software. With the help of this software, the entire process can be done online.
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What is Auto Hypothecation Termination?
With the Auto Hypothecation Termination (AHT) software, the vehicle owner can complete the process of removing hypothecation online from the comfort of their home. Almost all government and non-government banks in the country are connected to this software. This will provide all the details of the vehicle in minutes.
How does Hypothecation Termination work?
To remove hypothecation from a vehicle whose loan has been repaid, the vehicle owner will have to follow simple steps.
First, they will have to apply on the AHT portal.
After that, the AHT portal will connect to the bank’s server and retrieve all the information related to the vehicle.
Then, through an automatic system, the online file will be sent to the RTO upon completion of the loan.
The RTO file will be approved within a week; otherwise, it will be automatically approved.
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What are the benefits of Hypothecation Termination?
Talking about the benefits of Auto Hypothecation Termination, all your hassles of going to the RTO will be eliminated.
Also, the AHT system follows a completely online process. You can do this from the comfort of your home.
This process won’t cost you a single rupee.
It will also save you the time of going to the RTO.