Documents Required for Two Wheeler Loan – Complete Application Paperwork with This Detailed List

ByAbdul Kadir

Two wheeler loans have been a popular financing option for individuals aspiring to purchase a bike model of their choice. With suitable financing availability extending up to as much as Rs.1 Lakh, one can thus easily finance the purchase of a suitable bike model he/she desires without stressing the finances.

Lenders provide these loans against bike collateral with flexible repayment terms and attractive interest rates for convenience and affordability. Several other features make these loans popular among the masses. You would need to fulfil a handful of document requirements to confirm to your eligibility for the advance. You can fulfil your lender’s criteria based on the following list of documents required for two wheeler loan. Take a look.

Two Wheeler Loans – List of Documents Required

The paperwork completion for the advance can be categorised into different types of documents required for two wheeler loans that you can arrange for before sending your loan application. While some of these documents are common for all, others are based on the occupation of applicants. Let’s check them out.

  • Proof of Identity

Identity proof can include a range of documents, like –

  • Aadhaar card
  • Voter ID card
  • PAN card
  • Driving license, which must not be expired
  • Passport, which must not be expired
  • NREGA-issued job card with signature of the authorised government representative
  • NPR-issued letter with name and address of the applicant
  • Any other government-issued photo identity card

  • Proof of Address

The standard proofs of address include any government-issued document with the applicant’s name and address printed on it, including the following.

  • Aadhaar card, Voter ID card or Passport
  • Utility bills like for telephone, electricity, cooking gas, water, and mobile-based broadband issued with name and address of the applicant
  • Receipt of property tax or municipal tax
  • Proof of pension payment issued with permanent address
  • Allotment letter for the property
  • Sale deed in the name of the applicant

  • Two wheeler ownership document

As financing a two wheeler requires you to provide the vehicle as collateral, you must also document its registration in your name as a minimum proof of purchase. Once, you have made the initial down payment required, you can get the vehicle registered in your name based on which you can apply for the advance. Such registration must be in written and a certificate issued for the same, which you need to provide to the lender to secure the remaining funds.

Also Read: A Complete Guide To Choosing The Two-Wheeler Loan Tenure

  • Income documents

The documents required for two wheeler loan are different for self-employed and salaried applicants, and are mentioned below.

  • For self-employed individuals

Proof of income for self-employed individuals can include Income Tax Return filed for 2 years, bank account statements for 6 previous months, financial statements for three previous years, etc.

  • For salaried individuals

For salaried applicants, the income proofs would include Income Tax Return filed for 1 previous year, salary account statements for 3 previous months, Form 16, and salary slips issued by the employer.

The list of documents is standard and only indicative, and the requirement can vary a little from one lender to another. With all the documents required for two wheeler loan in place, an individual can proceed to apply for the advance and expect convenient approval.