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FinFIRST Blogs
Two Wheeler Loan
Here are the required documents for purchasing a Two-Wheeler in India
Summary: Purchasing any two-wheeler in India requires customers to present some mandatory documents to the authorised dealer. Read on to find out what documents you need to keep handy before you purchase a Two-Wheeler in India.
The purchase of a bike involves several steps. The first step involves providing certain documents to a customer service executive for registering the vehicle in your name. In case you plan to take a bike loan, you also need to submit Two-Wheeler Loan documents. Once the relevant documents are submitted and verified, the bike loan is disbursed to you.
Documents before purchasing a two-wheeler without a loan
First, let’s look at the documents that you need to submit before purchasing a bike without a loan from a showroom.
· Proof of Identity (ID):
Firstly, the showroom will ask you to procure an ID proof so that they could confirm your identity. Documents verifying your identity such as PAN card, Aadhaar Card, driving licence, and many more are valid ID proofs.
· Proof of Address:
For confirming your residential address, you could provide documents such as the rental agreement, utility bills, and passport. These documents are known for acting as a proof of your residential address. This will verify that you reside where you claim.
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What are the documents required for a Bike Loan or Finance?
There are two ways to buy a bike. One way is to buy by paying for it in full. In case you plan to take a Bike Loan, you need to check your eligibility for it. Your eligibility is typically decided based on your income. While trying to get a loan approved, below are the documents required to buy a bike on EMI
Documents to be submitted if you are employed:
Here are the documents that you will need to submit if you are employed:
· ID proof:
For proving your identity, you are required to submit your ID proof, such as Aadhar Card, PAN Card, Passport, Voter’s ID, driving licence, and many more.
If you are facing a shortage of funds, you can always apply for a loan to buy a Two-Wheeler
· Proof of address:
This includes documents such as rental agreement, Aadhaar Card, electricity bills, passport, and voter’s ID card.
· Income proof:
As a bike loan eligibility depends on your income, the lender will require a proof of your income, in case you need over 90% of the bike’s value. Some of these include documents such as the latest income tax returns, i.e., ITR, salary slips, and Form 16. Moreover, there are some banks may also ask for a salary certificate. The said certificate should also clearly state things such as your name and designation and the deductions.
· Bank Statements:
Besides submitting salary slips, you are also required to submit a bank statement in few scenarios. The statement should list out your transactions for the last 6 months. With the help of the bank statement, the lending party will be able to identify your income and even determine if there are any deductions.
· Passport-sized photographs:
You also need to submit small-sized photographs for processing your loan application.
Documents to be submitted if you are self-employed:
If you are self-employed, you need to submit documents verifying your:
· Identity
· Residential address
· Monthly income
After submitting two-wheeler loan documents, you need to complete the registration of your bike. Here are the documents that you need to submit for registration:
Type of document |
Name of the document |
Application Form |
Form No. 20 |
Sales Certificate |
Form No. 21 |
Certificate of Roadworthiness (RWC) |
Form No. 22 |
Emission Control |
PUC Certificate (Pollution Under Control Certificate) |
Vehicle Clearance Certificate |
Customs Clearance Certificate |
Proof of Sale |
Invoice by Manufacturer and Dealer |
Identity Proof |
Aadhaar Card, passport, voter ID, DL, PAN card, and many more. |
Address Proof |
Utility bills, agreement of rent, and Aadhar card |
Bike Insurance Policy |
A copy of the cover note of bike insurance |
Temporary RC |
A copy of the temporary registration certificate |
Affidavit |
Non-judicial stamp paper |
On Loan or Finance |
Form No. 34 (which is signed by both the bank and you) |
While signing up for a bike loan, please ensure to look up the bike loan interest rates. Additionally, make sure that the process can be completed easily online. For example, IDFC First Bank’s Bike Loan can be availed by submitting the application online instead of physically visiting the bank.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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