Owning a bike or scooter is an exciting life choice, but the purchase process requires careful consideration due to the substantial financial investment. In India, specific paperwork is essential for a seamless purchase, whether through a dealership or with loan assistance. Here’s a concise overview of the necessary documents and steps involved.
Documents Needed For Purchasing A Bike From A Dealership:
- Identity Proof (ID Proof): Documents such as a driver’s license, PAN card, Aadhar card, etc., are required to verify the buyer’s identity.
- Address Proof: Documentation such as a passport, rental agreement, utility bills, etc., is evidence of the buyer’s residential address.
- Proof Of Nationality: If the dealer requests, documents proving nationality, such as a passport or voter ID, may be necessary.
Documents Needed For A Bike Loan Or Financing:
Additional documentation is needed to assess eligibility based on age and income for bike loan users. The required documents for both salaried employees and independent contractors include:
- Identity Proof (ID Proof): Documents such as a driver’s license, voter’s ID, PAN card, Aadhar card, passport, etc., are needed to prove the buyer’s identity.
- Address Proof: Documents like rental agreements, Aadhar cards, voter ID, utility bills, etc., are required to verify residential address.
- Income Verification: Proof of income, including Form 16, recent Income Tax Returns (ITR), salary slips, and bank statements, is necessary for loan approval.
- Bank Statements: Providing bank statements for the previous year helps assess income and applicable deductions.
- Passport-Size Photos: A set of passport-size photos is required for loan processing.
Bike Registration:
After purchasing a bike, it must be registered within seven days of delivery. Although the dealership typically handles registration, knowing the necessary paperwork is crucial. Documents required for bike registration include:
- Form 20 and Form 21: Application and sales certificate.
- Form 22: Certificate of Road Worthiness; Emission Control Pollution Under Control (PUCC).
- ID Proof: Driver’s license, PAN card, voter’s ID, passport, Aadhar, etc.
- Insurance Cover Note: A copy of the insurance cover note for the bike.
- Form 34: Temporary certificate on finance or loan, signed by the financier and the owner.
- Non-Judicial Affidavit Stamp Document: Legal document for the registration process.
Actions To Take Before Purchasing A Two-Wheeler In India:
Before finalising the purchase, several considerations should be kept in mind:
- Budget: Ensure the chosen bike aligns with your lifestyle, budget, and maintenance capabilities.
- Compare Prices: Compare costs, perks, and offers from different dealerships to make an informed decision.
- Quote Research: Understand the quote breakdown, including ex-showroom price, online bike insurance premium, and registration fees.
- Insurance: Obtain comprehensive online bike insurance for protection against own and third-party damages.
Proper documentation and a thorough understanding of the purchase process are essential when acquiring a two-wheeler in India. Whether buying from a dealership or opting for financing, ensuring all required documents are in order ensures a smooth and legal ownership transition. Budget, insurance, and negotiations also provide a well-informed and satisfactory purchase experience. Ensure that you carry out the process of bike insurance renewal on time.
The process of Bajaj Allianz third-party two-wheeler insurance renewal can be easily done in a few simple steps. Claims are subject to terms and conditions set forth under the motor insurance policy. *
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Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
