Documents Required for Two-Wheeler Loan: A Complete List

A two-wheeler offers flexibility and convenience, perfect for urban and semi-urban India. Whether for daily commutes or weekend adventures, owning one can truly enrich your lifestyle. To finance your dream bike, you can opt for a two-wheeler loan 

But before applying, it's necessary to check all the tick boxes - documentation, eligibility, repayment capacity, etc., so that you can enjoy a stress-free loan application. This guide details the essential documents required for a two-wheeler loan application.

Documents Required for Two-Wheeler Loan

We have prepared a comprehensive two-wheeler loan documentation checklist to make your application process simpler. Please note that this is a generic overview of documents you may require while applying for a loan. This list is for educational purposes only and may vary across banks and financial institutions. 

1. Know Your Customer (KYC) Documents

To initiate your loan application process, you will need to provide the following KYC documents:

• Identity proof: This can be your Aadhar card, PAN card, voter ID card, or passport.
• Address proof: You can submit any of the following as your address proof - Aadhaar card, passport, utility bill (electricity/water bill), or rent agreement.

Remember to carry original and photocopies of these bike loan documents when applying.

2. Income Proof 

Demonstrating your income stability is important when applying for any loan. The following income proof documents are generally required:

For Salaried individuals:

• Salary slips for the last three months
• Bank statements for the last six months
• Form 16 or income tax returns (ITR)

For Self-employed individuals:

• Income tax returns (ITR) for the last two financial years
• Profit and loss statement and balance sheet for the last two financial years
• Bank statements for the last six months

3. Vehicle Documents

To apply for a two-wheeler loan, you may also need to provide specific vehicle-related documents, including:

• Proforma invoice: This document contains detailed information about the vehicle you intend to purchase, such as its on-road price, model, make, etc.
• Registration certificate (RC) of the vehicle: If you are purchasing a used two-wheeler, make sure to obtain the original RC from the seller
• Insurance certificate:It is mandatory to have insurance coverage for your vehicle. You will need to provide a copy of your two-wheeler insurance certificate.

4. Additional Documents

In some cases, your selected bank may request additional paperwork to assess your loan eligibility and credibility. These may include:

• Passport-size photographs: Carry a few recent passport-sized photographs for identification purposes.
• Income continuity proof:

Disclaimer: Remember, these are the general documents required for a two-wheeler loan application. Depending on the bank's policies, there may be slight variations in the loan documentation checklist. It is advisable to check with your bank for specific requirements.

For example, Ujjivan SFBasks for minimal documentation for Two-Wheeler Loan(Chakra Loan). All you need are basic KYC documents and one passport-size photograph. Enjoy competitive interest rates, exceptional customer service and a seamless loan journey when you apply for a two-wheeler loan with Ujjivan SFB.