Buying a new two-wheeler? Here are the important documents that you will need 28th November 2022
Given the crowded riding conditions and slow-moving traffic in Indian cities, two-wheelers have always emerged as the top choice for daily commuting. They are perfect for city travel because they are simple to navigate through traffic and take up much less space to park and promise better mileage.
In congested areas, riding a two-wheeler can significantly shorten your commute and help you reach your destination in time. From economical city bikes or scooters to attractive sports machines, two-wheelers have an exciting range of categories and myriad options. For every diverse taste and expectation of a rider, a two-wheeler is available in the market. All one needs to do is thorough research before making the final decision.
Buying the first bike or scooter is a dream for many, and in this blog, we will discuss how one can achieve this by understanding the complete buying process and the documents required to purchase your first two-wheeler.
Once you select your two-wheeler, the next crucial step is the paperwork. Be prepared to submit the required documents that will be needed by the dealer, the bank (if you're taking out a loan), and the two-wheeler insurance provider. The documents that you must submit are listed below.
Documents required for vehicle registration:
● Passport size photograph
● Attested copy of ID proof- Driving Licence or PAN Card
● Proof of Permanent Residence (attested copies) – Passport, Voter ID Card, copy of insurance policy.
If any of the documents mentioned above are unavailable, you may give any of the documents listed below. Don't forget that the documents need to be properly attested:
● Electricity bill
● Phone bill (BSNL Landline)
● Ration card
● House tax receipt from the corporation
These are the extra documents you must present if you buy a two-wheeler in a city other than your residence. All supplied documents must be properly attested:
● Copy of registered rent agreement
● Copy of your landlord's electricity bill
● Letter from your employer
● Original affidavit
Documents required to buy a two-wheeler on EMI:
If you are planning an EMI option for your vehicle, you can finance your bike up to 100% and pay the balance back in simple, flexible EMIs. Depending on the lender, the interest rate, processing fee, EMI bounce costs, etc., for these loans may change.
Depending on the facility provided by the lender, the term of these loans may range from 6 to 60 months. The paperwork you might require to purchase a new bike on an EMI is listed below.
Documents required by salaried individuals:
● Proof of identity: Aadhar Card/Pan Card/Passport/Driving Licence/Voter ID and passport-size photos
● Proof of address: Driving Licence/Passport/Voter ID/Aadhar card/Utility Bill/Bank statement
● Income proof: Bank statements of the last 3 months, salary slips of the last three months/salary certificate/Form 16
Documents required by self-employed individuals:
● Proof of identity: Aadhar Card/Pan Card/Passport/Driving Licence/Voter ID and passport-size photos
● Proof of address: Driving Licence/Passport/Voter ID/Aadhar card/Utility Bill/Bank statement
● Income proof: Income Tax Return (ITR), last 3 months' bank statements
To legally ride your two-wheeler on public highways in India, you must have two wheeler insurance India. In addition to ensuring that you comply with the law, insurance gives you financial security in case of an accident. When you purchase a new two-wheeler, make it a point that you buy a reliable two wheeler insurance India policy that offers an additional safety net to your two-wheeled friend.
Click HERE to buy the best two wheeler insurance India policy.
Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.