List of documents needed to buy a new two wheeler

Owning a bike or scooter becomes essential for everyday commuting as soon as someone begins earning a living. Owning a bike not only gives you a sense of independence, but it also comes with the responsibility of driving safely with a bike insurance policy. Although it may appear uncomplicated, buying a two-wheeler necessitates a number of paperwork, including evidence of identity, residency, bank statements, and more.

Continue reading to learn more about the documents you'll need to acquire a two-wheeler in India.

List of documents needed to buy a new two wheeler

To register the bike under the owner's name and to transfer the ownership title to the person who bought the bike, specific documents are needed. The following are the necessary documents required when purchasing a motorbike:

• Identity proofs

• Residency proof

• Passport size photos

• Income tax returns – for self-employed people

• Bank statements or income proof – for salaried employees

List of documents needed at each stage of buying a new bike

It would be advisable to have all the necessary paperwork ready before purchasing a bike, registering the bike with the RTO, applying for a two-wheeler loan, or choosing an EMI payment plan. The following are the stages in which a list of documentation is necessary when purchasing a two-wheeler.

• While buying from a dealership

• When applying for a bike loan or financing

• While registering for a two-wheeler

Documents required to purchase a two-wheeler from a dealer

Listed below is a list of the paperwork you'll need to provide when buying the bike:

• Address proof, such as a passport, rental agreement, utility bills, etc., serves as documentation of the buyer's residence address.

• Identification papers such as a driver's license, PAN card, or Aadhaar card.

Documents to apply for a two-wheeler loan or finance

There is the option of a loan or financing to cover the cost of a bike because not everyone is able to pay for a bike in full. The documentation is listed below:

• Identity proof documents such as a driver's license, Aadhaar card, PAN card, etc.

• Income proof documents, including a wage certificate, a Form 16, and the last three months' worth of paystubs, ITR files, and ITR files.

• A bank statement to show your income and any deductions.

• Passport size photographs

The following list includes the documentation required to finance the purchase of a bike for self-employed individuals.

• Identity proof documents such as a driver's license, Aadhaar card, PAN card, passport, voter ID, etc.

• Address proof such as Rental Agreement, Voter's ID, etc.

• ITR for the last three years to assess your income and deductions.

• Bank statements from the last three or six months.

• Passport-size photographs.

Required documents for vehicle registration

We reviewed the documentation needed to buy a two-wheeler in India. Although having a two-wheeler is a pleasure beyond comparison, it necessitates a lot of paperwork. Making better selections would be made easier if you compare several dealerships and research the market.

If you're renewing your bike insurance or choosing a new plan, compare the available two-wheeler insurance policies as well, and choose the one that best suits your needs.

Visit Kotak General Insurance for More Information.

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