Buying a second-hand bike is quite common today, especially amongst first-time buyers. This is because such two-wheelers are available at relatively reasonable prices; while perfectly fulfilling the buyers’ mobility needs.
Besides, customers easily secure two-wheeler finance at affordable two-wheeler loan interest rates to cover their expenses. As a result, a large volume of second-hand bikes is sold and purchased in India every day.
When a used bike is sold, the seller must transfer its ownership to the buyer. It provides the new owner with all the legal possession rights of the two-wheeler.
Here’s a step-by-step bike ownership transferprocedure along with the documents required for the same.
Procedure to transfer bike ownership
The ownership transfer process requires the participation of the seller and the buyer. Broadly, it consists of the following three steps:
• Transfer application submission –
The applicant submits an application of transfer to the Regional Transport Office (RTO), where the bike was first registered. Typically, the seller carries out the application form submission in case of a sale. But, in a situation like an owner’s demise, the buyer or the individual to whom the bike is transferred must do it.
• Handing off the documents –
The seller must hand over all the necessary documents associated with the bike to the purchaser.
• Informing the RTO –
Finally, both the buyer and seller must inform the respective RTO about the transfer or sale of the two-wheeler within a designated time period. For out-of-state bike transfer, such info must be reported within 45 days. In the case of intra-state transfer, the stipulated period is two weeks.
Additional Read: Getting Home a Two Wheeler? 4 Tips to Follow
Documents required for bike ownership transfer
Since the ownership transfer is a legal process, it involves a handful of documentation. Following is a list of documents that the seller must hand over to the buyer to transfer bike ownership.
- Registration Certificate (RC) – An RC serves as the official registration and ownership.
- Sales receipt – With seller’s signatures
- Road tax certificate
- Pollution under Control (PUC) certificate
- Insurance certificate – The buyer can purchase a new insurance policy or transfer the existing policy to his name.
A buyer also needs to furnish the following papers:
- Proof of identity – A valid proof of identity such as a driving license, Aadhaar card, PAN card, etc.
- Two passport-sized photographs
- Proof of address – A valid proof of address like a Passport, ration card, electricity bills, etc.
Furthermore, some legal forms, including form 28, 29 and 30, must be submitted to the concerned RTO for completing the ownership transfer.
Additional Read: How Can You Own a Super Bike Using Two Wheeler Loan?
If you plan to sell off your old bike and purchase a new one, avail of a two-wheeler loan from Tata capital to finance your purchase. We offer finance up to 100% of the bike’s cost for a maximum of Rs. 1.5 lakhs and extended loan tenure up to 5 years.
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