Answered on July 18,2019
You can apply for NOC with or without removing hypothecation. If you are applying for NOC without removing hypothecation then you need to Consent of Financier on CMV Form 28.
Once you submit all the applications, RTO will obtain a report of the vehicle from police authority to check if the vehicle is involved in any criminal case or stolen.If there are no incidence, then RTO will issue NOC in around 7–20 business days.
To the best of my knowledge, they won't mail it to you. You have to get it from RTO or hire an agent to do so.