VEHICLE LOAN SETTLEMENT & TRANSFER AGREEMENT

Date:
Place: ......................

1. Loan Closure Payment: The Second Party (Closer) has agreed to pay the necessary Loan Closure Amount directly to the bank or to the First Party for the sole purpose of clearing all outstanding dues of the aforementioned vehicle.
2. Document Responsibility: The First Party (Vehicle Owner) is strictly responsible for providing all necessary original documents including the Original NOC (No Objection Certificate), Form 35, and the original RC Book to the Second Party immediately upon loan closure.
3. Mandatory RTO Visit: The First Party (Vehicle Owner) hereby agrees and undertakes to remain present at the RTO Office in person whenever required for the purpose of signing transfer documents, hypothecation termination, and all other legal transfer formalities.
4. Transfer Cooperation: The First Party shall sign all necessary RTO transfer forms (Form 29, 30, etc.) and provide any other identity proofs required by the authorities to complete the legal transfer of ownership to the Second Party or their nominee.
5. Exclusive Use of Funds: The First Party guarantees that any amount received for loan closure shall be used 100% towards the bank settlement. Failure to do so will be considered a legal default.
6. Clear Title: The First Party declares that the vehicle is free from any other legal encumbrances, court cases, or undisclosed private loans.
7. Liabilities: All traffic violations and legal liabilities incurred prior to this settlement date shall be the sole responsibility of the First Party.