When we buy a motorbike, we have a different feeling of excitement. The most vital aspect of one’s life journey is purchasing a two-wheeler. You will invest your hard-earned money when buying a bike. You want to know how you will spend your money purchasing a new vehicle.
When you buy a new bike in India, you need to be cautious and make sure you don’t miss anything. Read on to find out the documents required while buying a bike from a dealership.
List of Documents Required For Two Wheeler Purchase in India
Specific documents are required to register the vehicle in the owner’s name and to transfer ownership of the bike to the individual who purchased it. Furthermore, it is required by law to register the vehicle with the Regional Transport Office (RTO) to guarantee the authenticity of the two-ownership wheeler; this is known as a vehicle registration certificate.
Documents Required To Buy a Bike from Dealership
Once you’ve decided on a bike right for you, you’ll need to purchase it from a bike dealer. The following is the documentation that you will be required to present when purchasing the bike.
1. Identity Proof (ID Proof)
To verify the identification of the person purchasing the bike.ID Proof documents, such as Driving Licence, PAN Card, and Aadhaar Card, are required.
2. Address Proof
To validate your residence address, you can present papers such as a passport, rental agreement, utility bills, and so on that confirm the buyer’s residential address.
3. Nationality Proof
The bike dealer may ask you to submit your Proof of nationality; you can submit documents such as Passport, Voter’s ID, etc.
Documents Required For Bike Loan/Finance
Once you’ve decided to buy a bike, you may either pay for it in full or use a zero down payment bike loan or finance to cover the cost. However, you should be eligible for a two-wheeler loan, determined by your income, age, and other factors. The following documentation must be submitted when purchasing a bike on credit.
1. Requirement As a Salaried Employee
#1 Identity Proof (ID Proof)
To prove your identity, you must submit ID proof documents such as a Driving Licence, PAN Card, Aadhaar Card, Passport, Voter’s ID, etc.
#2 Address Proof
To validate your residential address, you must present your Rental Agreement, Passport, Aadhaar Card, Voter’s ID, or Utility Bills, among other documents.
#3 Income Proof
Because the bike loan depends on your income, the bank will want confirmation of your earnings. Salary Slips (Payslips), Recent Income Tax Returns (ITR), and Form 16 are examples of documents. Some banks may need a Salary Certificate that clearly states the deductions and the Authorized Signatory’s Name and Designation.
#4 Bank Statements
You must supply a bank statement for the previous year to establish your income and any deductions.
#5 Passport Size Photographs
The bank will need a set of passport-sized photographs to process your loan application.
2. Requirement As a Self-Employed
#1 Identity Proof (ID Proof)
You must submit ID proof documents such as your driver’s license, passport, voter’s ID, Aadhaar card, and so on.
#2 Address Proof
To validate your residence status, you must provide address proof such as your Rental Agreement, Voter’s ID, Aadhaar Card, Utility Bills, Gas Connection Bills, Ration Card, Sale Deed, and so on.
#3 Bank Statements
Bank StatementsYou must present bank statements for the last three or six months to establish your income and, if applicable, deductions.
#4 Income Tax Returns
To analyze your income and deductions, you must provide your Income Tax Returns (ITR) for the last three years to the bank for your bike loan application to be processed.
#5 Passport Size Photographs
You must send the required passport-size photographs to the relevant bank to process your loan application.
Documents Required For New Bike Registration
When you purchase a motorcycle, you must receive a license within seven days of delivery. To register your bike so you can legally ride it on Indian roads, you must submit the following paperwork to the Regional Transport Office (RTO). While your bike dealership will assist you with the entire registration procedure, you must understand the documentation required when registering your bike.
