Documents you need to buy a two-wheeler on a loan

Most people who buy a scooter or motorcycle at our showrooms pay for it in monthly instalments (EMI). The loan itself usually comes from a bank or finance company, not from the showroom, and each lender has its own rules. But the papers they ask for are almost always the same. Bring these on your first visit and the loan can often be approved the same day.

For everyone

• Aadhaar card, for identity and address.
• PAN card.
• Two recent passport-size photos.
• Your bank account details and a cancelled cheque. The EMI is collected from this account every month.
• Your mobile number linked to Aadhaar, for the OTP during e-signing.

If your current address is different from the one on Aadhaar, also bring a recent electricity bill, gas bill or rental agreement in your name.

Proof of income

This depends on how you earn:

• Salaried: your last three months' salary slips and six months of bank statements for the account your salary comes into.
• Business owner or self-employed: your latest income tax return and six months of bank statements.
• Farmer: land documents (patta or chitta) and bank statements, if you have them.

Some lenders offer loans with fewer income papers if your credit history is good or you pay a bigger down payment. Our finance desk can tell you which lenders suit your situation.

Money you pay at the showroom

The loan rarely covers the full on-road price. Be ready for:

• The down payment, the part of the price the loan does not cover.
• Processing fees, if the lender charges them.
• The first EMI or advance EMI, for some lenders.

Ask for every charge in writing before you sign, so the total is clear.

Things the showroom handles for you

You don't need to visit the RTO yourself. The showroom registers the vehicle, arranges the number plate and sets up insurance, which is compulsory by law. You will need a valid driving licence to ride the vehicle, so if you don't have one yet, apply early.

The exact list can change from lender to lender. Call your nearest showroom before you visit and ask what to bring for the loan you are interested in.

Before you sign

• Check the interest rate, number of EMIs and the EMI amount on the loan agreement.
• Ask whether there is a charge for closing the loan early.
• Keep copies of everything you sign.