Hi, I have 2 loans form same bank. 1 vehicle loan and 1 PL. Due to financial issues I was not able to pay the loans. I took my families help and settled vehicle loan and they promised to give me the NOC for vehicle.Now they have come saying since the PL is still pending we cannot give NOC for vehicle loan. In the meantion I am also regularizing the PL emi too and paid upto 6 EMI.
This is a shock for me as they informing no NOC after taking all the money. Please help what are options legally or regulatory.
First you need to check your personal loan sanction letter. If it is mentioned there that this loan is given subject to extension of hypothetication of vehicle as security, then the bank is right. However, in such case, you need to offer other security or guarantor for the personal loan to the bank.

If this is not explicitly stated, then you need to ask the bank to life lien on your vehicle loan since it is repaid and closed. Ask for lien cancellation form along with a letter for closing vehicle loan from the bank. If the bank still refuses, then you will have to file complaint to the Bank's Nodal Officer and escalate it to the Banking Ombudsman level.
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Abhay Datar Abhay Datar is a consumer activist and is also Member of the Managing Committee of Mumbai Grahak Panchayat (MGP). He was Treasurer at MGP for over two and a half years. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of MGP in 2008 and solved many cases related to banking including online fraudulent transactions, misuse of credit cards and ATM cards. Also handled cases related to mobile and mediclaim. Mr Data

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