The Aam Aadmi Party (AAM) has simplified the automobile loan process. The government of Delhi has integrated Hypothecation Services with 62 banks and Non-Banking Financial Companies (NBFCs).
With the help of this, the Delhites can now avail these services which include addition, continuation, and termination of hypothecation of vehicle loans at their doorstep.
This initiative will no longer required to submit any physical documents or visit any Hypothecation Deletion (HPD) related services.
All banks in Delhi which are in the business of financing vehicles have been provided APIs and user credentials for integration with Vahan for online sharing of data.
Banks/NBFCs were also advised to complete the registration of Hypothecation Addition (HPA) services with Vahan portal for completion of entire integration.