Embarking on the thrilling journey of purchasing a bike involves more than just selecting the model and colour. The key to a seamless bike purchase lies in meticulous attention to documentation. Whether you’re a first-time buyer or planning an upgrade, understanding the necessary paperwork is essential. Beyond the joy of acquiring a new ride, safeguarding your investment through bike insurance is paramount. This blog will delve into the crucial documents required for buying a two-wheeler, ensuring you’re well-prepared for the road and the paperwork ahead.
List of Documents Required for Buying a Two-Wheeler
Here is the list of all the documents required to buy a bike, including:
An attested copy of the buyer’s ID proof is a fundamental requirement. It could include documents such as a Passport, Aadhar Card, PAN Card or Driving Licence.
Providing an attested copy of proof of residence is essential. Common documents include utility bills, rental agreements or official government-issued documents like a Passport or Voter ID.
For the purchase process, the buyer needs to provide recent passport-size photographs. Typically, the method may require two to four photographs.
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Income Proof (if financed)
Buyers must frequently submit income proof, including salary slips, income tax returns or other documents verifying their financial capacity if purchasing the two-wheeler through a loan.
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Original ID and Address Proof
The original copies of both ID and address proofs are often necessary. It ensures the documents’ authenticity and verifies the buyer’s identity and residence.
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Photograph for Vehicle Registration
The vehicle registration process explicitly requires a passport-size photograph, which is associated with the registration details of the two-wheeler.
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ID Proof for Vehicle Registration
At the time of vehicle registration, an attested copy of an ID proof, such as a Driving Licence or PAN Card, is crucial. It is to link the buyer’s identity with the registered vehicle.
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Proof of Permanent Residence for Vehicle Registration
The process necessitates attested copies of proof of permanent residence for vehicle registration. This could encompass documents such as a Passport, Voter ID or a copy of an LIC policy.
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Alternative Documents for Vehicle Registration
If the buyer lacks the primary documents, alternative proofs of residence are accepted. These may include electricity bills, phone bills (BSNL Landline), ration cards, house tax receipts from the corporation or Index II.
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Additional Documents for Purchasing Outside Residence
Purchasing the two-wheeler in a city other than their residence requires the buyer to provide additional documents. These may include a copy of the registered rent agreement, the landlord’s electricity bill, a letter from the employer or a bonafide certificate from the college.
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Documents for Two-Wheeler Purchase on EMI (Salaried Individuals)
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- Proof of Identity: Aadhar Card/PAN Card/Passport/Driving Licence/Voter ID.
- Proof of Address: Driving Licence/Passport/Voter ID/Aadhar Card/Utility Bill/Bank statement.
- Income Proof: Last 3 months’ bank statements, salary slips or Form 16.
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Documents for Two-Wheeler Purchase on EMI (Self-Employed Individuals)
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- Proof of Identity: Aadhar Card, PAN Card, Passport, Driving Licence and Voter ID.
- Proof of Address: Driving Licence, Passport, Voter ID, Aadhar Card, Utility Bill and Bank Statement.
- Income Proof: Income Tax Return (ITR) and last 3 months’ bank statements.
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Documents Needed to Purchase a Bike from Dealership
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- Identity Proof: PAN Card, Driver’s Licence, Voter ID or Aadhar Card.
- Address Proof: Rental Agreement, Passport, Aadhar Card, Voter ID and Utility Bills.
- Nationality Proof: Voter ID and Passport.
Conclusion
Understanding the essential documents required for purchasing a bike, including bike insurance-related ones, is crucial for a seamless and well-informed buying process. By being diligent in gathering the necessary paperwork, you ensure compliance with legal requirements, safeguard your investment and set the stage for a worry-free biking experience. Remember, adequate documentation, especially in bike insurance, is the key to a secure and enjoyable two-wheel journey.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.
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