23 Jan 2019
A break from our day to day responsibilities and work is what we all need and if it is a long ride on a bike, then it’s the best. Nowadays buying a two wheeler is easy and affordable. There are so many websites which can help you in many ways to buy a new bike. Bikes sell rapidly on both online and offline platforms. Two wheelers are much easier to ride on Indian roads and in the traffic which moves at snail’s pace. It is easier to find a parking space in big roads, easy to ride when you have to go shopping for groceries, traveling in those narrow roads to avoid the main road traffic, etc. Every week there is a new bike launch with upgraded features, stylish looks with more power performance. The choices are endless and sellers are many. There is moped, battery vehicles, super bikes, sport bikes, etc. it’s easy to get confused.
While buying a new Two Wheeler, one is allowed to get confused on the choice of the Two Wheeler, but not on the documents required for purchase. It is important for you to know the required documents to purchase the new vehicle. Most of the people are not aware of basic steps and end up creating chaos for the dealer. With online and offline platform, you can buy a Motorcycle without obstacles and can get the delivery within a week.
Now, there are two different ways to purchase a Two Wheeler; with cash and through a finance. But know the required documents in both aspects:
Things You Should Pay Attention To:
- Do not run into any decision without doing a thorough research. This is one of the major mistakes that we do. If you know what type of 2 Wheeler to buy, then research for the best two-wheeler in your budget. If you have done your research well, this will help you in negotiating for discounts and deals with the seller.
- For online platforms, there are some of the best deals available on different websites at competitive prices when compared to offline market.
- In today’s digital era, you have the facility of paperless transactions, where everything is done via email with digital papers. So signing a series of documents is not necessary unless you are comfortable going the old way. Go paperless to save the environment.
- Always ask for a test drive to check different controls on the Two Wheeler, driving on mud roads or bad roads, slopes, etc. Importantly check for the emission levels. Some companies fail to keep the emission by the engine to the standard level. The bike may not pass emission test as well.
- Make sure to choose the best vehicle with the best mileage because that can save a huge deal on fuel prices as they are reaching a century per liter. .
- Avoid heavy engine bikes if you cannot handle the weight. Nothing is more valuable than your life.
- If you are purchasing through finance, then make sure to research with as many banks as possible to get the best deal.
Documents Required If You Are Paying Through Cash:
- You need to have 4 passport size photographs. In case of affidavits it is 5 photographs.
- Purchase Form 20 which is mandatory and fill the required fields with complete information to assure the company that you are a citizen of India.
- Proof of permanent Address: Attested copy of passport/Voter ID/Driving License/Notary Affidavit/Ration Card.
In case you live in a rented or lease residence, you will have to provide the following self-attested documents:
- Electricity bills
- Ration card
- Index II
- Ration card
- House tax receipt from corporation
- Phone bill (BSNL)
Documents Required If You Are Financing Your Purchase Through A Bank:
- You need to have five passport size photographs. In case of affidavits it is six photographs.
- Purchase two copies of Form 20 which is mandatory and fill the required fields with complete information one by you and one by the bank.
- Proof of permanent Address - Attested copy of passport/Voter ID/Driving License/Notary Affidavit/Ration Card/Adhaar card.
- You will need to provide three months monthly income statements to the bank or post-dated cheque to the bank, to assure that you will repay the loan and that you are eligible to get the loan sanctioned.
- Quotation by the dealer, vehicle model with specifications to be provided to the bank.
In case you are purchasing a two-wheeler other than that of your permanent residence, then these are the additional documents that you need to provide. All the documents must be duly attested by you:
- Copy of the registered rent agreement.
- Copy of the landlord’s electricity bill.
- Letter from your employer.
- If you are a student, then a bonafide certificate from your college.
- Original affidavit signed by a notary.
Keep all these documents ready when you are going to purchase your 2 Wheeler. Do not run helter-skelter with the documents at the end moment while signing on the purchase deed. If you are going to finance your vehicle by a bank, then check for the insurance as well because the bank may require it after the transactions.