Well, there aren't any strict restrictions on buying a two-wheeler in India, However, you need to check several procedures, affordability considerations, and rules when purchasing.
In this article, we have covered all the important aspects relevant to buying a bike.
The excitement of buying a bike is incomparable. A considerate amount of an individual's earnings goes into buying the asset. In India, there are different type of bikes funded.
You can either consider taking the help of a finance company (which is a better option of buying a bike) or use your savings to make the purchase. When purchasing the two-wheeler, you must stay alert to save yourself from missing out on the crucial aspects of buying the bike.
Importance points to keep in mind before purchasing a bike
Documents Needed for Bike Purchase
You'll need a set of documents for bike registration, acquiring ownership title, and financing the vehicle. Note that the documents required for financing depending on the type of bikes funded.
Documents Needed for Buying a Bike
The dealer may require all the necessary documents for the record. After selecting the bike's models, reach out to the nearest dealership for buying the two-wheeler. You'll need to submit the following documents during the time of purchase –
Aadhaar Card, Driving License, PAN Card, or Passport copy are needed to confirm the buyer's Identity.
The dealership will require documents confirming your home address such as Utility Bills, Passport, or a Rental Agreement copy. Any form validating the buyer's residential address will suffice.
Buyers need to submit their nationality proof when buying a bike. Documents like Voter ID or Passport will be sufficient.
Documents Needed For Bike Finance
Purchasing a bike isn't easy. A maximum of us can't make the full payment for the asset in a go. Fortunately, people can opt for finance/loan. Look for the type of bikes funded before you round-off the mode.
The best part about finance is that you get funds up to 100% of the bike's value. Plus, the EMIs are flexible, making it easier for the buyers to repay the sum.
There is loan available on bikes for both self-employed and salaried people. The processing charges, interest rate, etc vary from lender to lender.
For a comfortable, transparent finance facility, you may reach out to Shriram City. Alternatively, you may look for a reliable financer(s) from the bike dealer.
The term for loan available on bikes varies anywhere between 6 - 60 months based on the financing company's policies. It's best to shortlist the potential options to compare the loan provider's policies and facilities before settling terms with a financer.
Following are the documents needed for buying a new two-wheeler on Loan.
For Salaried Individual
A copy of your ID, such as Voter ID, Driving License, Aadhaar Card, PAN Card, etc., has to be submitted to the dealer.
Submit the copy of your rental agreement, Aadhaar Card, Passport, Utility Bills, or Voter Card for confirming your home address.
You could benefit from loans available on bikes only if you are earning an adequate amount. To prove you need to submit Form 16, Income Tax Returns, or Payslip copy as an income proof. Some of the lenders even ask for a Salary Certificate stating the Designation, Name and other relevant details of the purchaser.
A bank account statement is the next important document that must be submitted to avail the Loan. It is also used for identifying deductions and income of the individual.
A finance application is never complete without the buyer's photo. A 2 x 2 inches photograph will be required to validate the individual's Identity.
For Self-Employed Individual
Purchasers are required to submit a copy of their documents like identity proof. Passport, Driving License, Aadhaar Card, or Voter Card, will suffice.
Voter Card, Rental Agreement, Utility Bills, Aadhaar Card, Sale Deed, Gas Connection Copy, or Ration Card can be submitted as residence proof.
A bike buyer will need to submit a copy of their bank account statement (last 3-6 months) for confirming their income.
ITR copy helps financiers assess the deductions and income of the bike buyer.
A 2x2 inches recent photo of the bike buyer is mandatory to avail loan available on bikes.
How can Shriram City Union Finance help?
Shriram City facilitates the buyers with the hassle-free, quick loan process. Two-wheelers funded by Shriram City has changed the finance market game as the company provides matchless loan solutions making it easier for individuals to fulfil their dreams of owning a bike.
The best part is that the company considers the on-road value of the asset for financing. Plus, you can get any type of bikes funded with them.
Shriram City Union Finance has earned a name for itself because it facilitates customers with transparent and genuine financing services. Moreover, they disburse the loan value within 24 hours.
The loan process starts with filling-up the bike loan application, preceded by approval of loan. Applicants can check the status of their transaction online starting from approval of loan application to amount disbursal.
The company has a pan India presence as financing partner of all the bike top motorcycle and scooter showrooms present across the country. They make the loan available on bikes with flexible policies.
You may reach to the Company's executives at 1800 103 6369 or email queries on firstname.lastname@example.org.