Hypothecation is the process of agreeing to use an asset as collateral in exchange for a loan. With a vehicle loan, for example, you agree that your vehicle is used as collateral to secure your loan; if you can't repay the loan, your lender can repossess the vehicle.
When you buy a car with a loan, your vehicle is registered at the Regional Transport Authority (RTO) with your name. The car’s Registration Certificate (RC) will also have your name. But the RC will include a note that endorses the car in favour of the bank since it is technically the owner of the car till the loan is outstanding. .
After paying all the EMIs, ask your bank for a no objection certificate (NOC). This document will state that no dues are pending on the loan. The bank will give the NOC to you alog with form 35. Next, submit copies of the NOC to the RTO. Once the RTO verifies the document, they will update the RC document (book or smart card) with your name as the owner. The RTO will also place a stamp indicating that the hypothecation has been removed from your vehicle.
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