Buying and Selling Procedure of Bikes in India
People buy bikes for varying reasons. It can be budget bikes as a means of transport for some; a high-end bike can be a status symbol for few and then there can be young people who consider it a must-have to set out on road trips with friends. India has emerged as the largest growing twowheeler market in the world in the past few years. There are ample of choices available in all budgets. If you are buying a new bike from a showroom, you don’t need to worry about the paperwork, but if you are buying or selling used bikes, you need to know the right procedure. It is important to avoid any trouble later. Once you finalize your second-hand bike after thorough testing and getting it examined by an expert, here is what you need to do as a part of the legal formalities. Transfer Vehicle Registration Certificate (TVRC): This is the most important document that gives the buyer the legal possession of the bike. To obtain TVRC, you need to submit the following documents: ●
Original Registration Certificate (RC) of the Vehicle: This is the registration book of the bike, which should have the details of one-time road tax paid. These details include the receipt number and the stamp of the RTO where the payment was made. In case the previous owner has any bike finance on it, then the bank’s details like bank seal are also there. In case of such a seal, you will require a NOC from the specified bank that the loan is clear along with a signed and stamped form 35. The loan entry is then canceled in the RC book for which the RTO charges some nominal fee.
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Insurance Certificate: Everyone buys an insurance cover for the vehicle and the current insurance certificate is then transferred to the new buyer’s name. The seller needs to sign on