Which bike loan documents do you need to submit to your lender?

An increasing number of Indians are fulfilling their cherished dreams of owning a bike through loans. A survey found the country’s two-wheeler loan portfolio grew by 10.6% year-on-year as of June 2022. Like any other loan, procuring a bike loan requires presenting certain documents. Proper bike loan documents can expedite the loan process.

The documents required for bike loan are basic and easy to have. While specific requirements may vary across lenders, here are the bike loan documents common across lenders.

Documents required for a bike loan in India
 

Identity proof
 

Identity proof is one of the foremost bike loan documents that you need to produce to your lender. Any of these documents can serve as identity proof:

• Aadhaar card
• Voter’s card
• Valid passport (not expired)
• Driving license
• PAN card
• Photo credit card
• Identity card issued by the state or central government and public sector undertaking (PSU) companies

Address proof
 

Next comes the address proof. Like identity proof, address proof is one of the most important bike loan documents lenders ask for. You can submit any of these documents as address proof:

• Aadhaar card
• Voter’s card
• Valid passport (not expired)
• Driving license
• Utility bills not more than two to three months old
• Bank account statement
• Property or municipal tax receipt

As you can see, several documents are common for identity and address proof. So, if you produce an Aadhaar card or Voter's Card, it serves as an identity and address proof. There might be a possibility you may have to produce two different proofs for a detailed verification. 

Income proof
 

Lenders would want to know your income before they sanction your loan. This is because they want to ensure you have enough income to repay the loan. Hence, income proof serves as one of the essential bike loan documents.

If you are a salaried employee, you can produce any of these as your income proof:

• Salary slip of previous three months
• Bank statement of last three months with salary credit
• Form 16 issued by your employer
• Latest income tax return (ITR) document

On the other hand, if you are self-employed, you can produce any of these documents as income proof :

• Bank statement for the previous three months
• Latest ITR document

Age proof
 

As per the law, you need to be 18 years or older to ride a bike above 50cc. Hence, age proof is one of the essential bike finance documents. It includes:

• Aadhaar card
• Voter’s card
• Birth certificate
• Valid passport (not expired)
• Driving license

Recent photograph
 

Along with these documents, you also need to provide your latest photograph with the loan application form. The number of photographs may differ across lenders, and it could be either two or three. Generally, you need to provide passport-size photos with the application form.

Also read - Is it possible to get 100% Two-Wheeler Financing?

​​Summing it up 
 

As you can see, bike loan documents are quite straightforward. However, make sure you submit them in good condition. If the details on bike finance documents are not clear, your lender might ask you to refurnish them, further extending the loan process.

With an IDFC FIRST Bank Two-Wheeler Loan, you can buy your favourite bike easily. Offered at a competitive interest rate across segments, you can apply for the loan online from the comfort of your home or office. To kickstart your bike loan journey online with IDFC FIRST Bank, click here.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.