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Delhi government’s transportation department has asked banks and financial institutions that provide loans for vehicles to integrate their services with the VAHAN portal by October 31st. The NOC for termination of hypothecation from banks would be received in a digital platform only at the VAHAN platform of the National Informatics Center (NIC), according to a circular issued on Monday. The ministry has also set a strict deadline to take all banks on board for integrating their data with VAHAN to allow termination on hypothecation services.
Citizens need not visit banks
Starting from November 1, citizens of Delhi vehicle loans need not visit bank branches or transport department office for physically submitting any document, the statement from transport department said.
Hypothecation services including addition, continuation, and termination on vehicle loans, are one of the most availed services of the transport department under the Faceless Service initiative launched in August this year.
Private banks like HDFC and ICICI together account for 70-80% of all vehicle loans in Delhi and have already integrated their loan related data with the VAHAN portal, as per the statement.