MOTOR INSURANCE QUERY

[Bob78900]

Hello Guys! One person in my neighborhood is thinking to buy two wheeler but the Problem is he cannot buy in his name because he don't have any cibil score also he is not employed. So his father will be purchasing. So the question is the vehicle owner will be his father and his father don't know how to ride two wheeler. So is this possible vehicle owner is different and insurance can be on my friend name?
Will it create any problem while claiming insurance?
Also is there any option he can purchase two wheeler in his name he will be buying on emi so that's the problem . Please suggest something what we can do now
@Batmanbaba @ashwink
@TechnoFino @thementalist

 

[Batmanbaba]

Hello Guys! One person in my neighborhood is thinking to buy two wheeler but the Problem is he cannot buy in his name because he don't have any cibil score also he is not employed. So his father will be purchasing. So the question is the vehicle owner will be his father and his father don't know how to ride two wheeler. So is this possible vehicle owner is different and insurance can be on my friend name?
Will it create any problem while claiming insurance?
Also is there any option he can purchase two wheeler in his name he will be buying on emi so that's the problem . Please suggest something what we can do now
@Batmanbaba @ashwink
@TechnoFino @thementalist

Take insurance on his fathers name only else... U wont get any penny from insurance company.... It doesn't matter someone knows to ride or not.... The insurance should always be on the name that is mentioned in the rc... Address shud also be same as rc...



Also the loan will be issued in the name of the person whose name will be in rc... If u have dl.... Nobody cares if u can drive or not.... Getting dl is not that hard with jugaad

 

[Bob78900]

Ohh

Take insurance on his fathers name only else... U wont get any penny from insurance company.... It doesn't matter someone knows to ride or not.... The insurance should always be on the name that is mentioned in the rc... Address shud also be same as rc...



Also the loan will be issued in the name of the person whose name will be in rc... If u have dl.... Nobody cares if u can drive or not.... Getting dl is not that hard with jugaad

Ohh okay. Is there any he can purchase on his name? And also insurance on his name?

 

[Batmanbaba]

Ohh

Ohh okay. Is there any he can purchase on his name? And also insurance on his name?

Yes.. He can purchase in his name... No dl required for it

 

[Bob78900]

Yes.. He can purchase in his name... No dl required for it

But how? He is not buying on cash that's the problem. How can he finance on his name he don't have cibil don't have job

 

[Batmanbaba]

But how? He is not buying on cash that's the problem. How can he finance on his name he don't have cibil don't have job

Talk to the agent of the showroom.... In festival times... They do it without any cibil too.. Its not that u wont get any loan without cibil.... If u have bad cibil or default then less chance..

 

[Bob78900]

Talk to the agent of the showroom.... In festival times... They do it without any cibil too.. Its not that u wont get any loan without cibil.... If u have bad cibil or default then less chance..

He is not buying in this festive season probably after new year. I asked him he said he don't want unnecessary inquiry in his cibil😂. Is there any way to get secured loan for two wheeler using two wheeler as collateral? Or he will use his father credit card and purchase in his name?

 

[Batmanbaba]

He is not buying in this festive season probably after new year. I asked him he said he don't want unnecessary inquiry in his cibil😂. Is there any way to get secured loan for two wheeler using two wheeler as collateral? Or he will use his father credit card and purchase in his name?

He can take loan on credit card but intrest rate is high... He can do whatever he wants..... Just be sure... The loan, the vehicle and insurance should be on the same name... Thats the only way

 

[Bob78900]

He can take loan on credit card but intrest rate is high... He can do whatever he wants..... Just be sure... The loan, the vehicle and insurance should be on the same name... Thats the only way

Okay understood about that insurance part. Could you also tell me that Like he is just 18 so can he add his father as co applicant?. In this case the vehicle will be in his name right?

 

[Batmanbaba]

Okay understood about that insurance part. Could you also tell me that Like he is just 18 so can he add his father as co applicant?. In this case the vehicle will be in his name right?

There is nothing caled co-applicant... In rc... If he is 18 he will be sole owner

 

[Bob78900]

But for two wheeler loan most of the banks need the applicant to be 21 years old bhai that's why i am asking you this

There is nothing caled co-applicant... In rc... If he is 18 he will be sole owner

 

[Batmanbaba]

But for two wheeler loan most of the banks need the applicant to be 21 years old bhai that's why i am asking you this

That is why I am saying... Its a confusing situation.. Can inly be cleared after visiting the showroom... There are 10s of finance companies.. All have different criteria...
Like in credit card... Some give at 18 some at 21 some at 25

 

[TheMentalist]

But for two wheeler loan most of the banks need the applicant to be 21 years old bhai that's why i am asking you this

yeah.. its possible as agents can get it done by making his father co-applicant in loan or as a guarantor
you should visit 2-3 different showrooms and the finance agents there can help you with a way out easily

 

[Slayer]

Which bike is he buying tho

 

[Bob78900]

Which bike is he buying tho

Scoooty maybe Jupiter or activa thats it😂

 

[Bob78900]

yeah.. its possible as agents can get it done by making his father co-applicant in loan or as a guarantor
you should visit 2-3 different showrooms and the finance agents there can help you with a way out easily

Okay But In which cibil account this loan will shown the friend or his father? And the rc or ownership of the vehicle will be in my friend name?

 

[TheMentalist]

Okay But In which cibil account this loan will shown the friend or his father? And the rc or ownership of the vehicle will be in my friend name?

It will be shown in both.. rc will be in your friend's name

 

[Bob78900]

It will be shown in both.. rc will be in your friend's name

Thankyou so much brother. Need one more help if possible. Could you please mention some banks or nbfcs who give loan or finance two wheeler for 18 years old with co applicant 🥲

 

[Slayer]

Thankyou so much brother. Need one more help if possible. Could you please mention some banks or nbfcs who give loan or finance two wheeler for 18 years old with co applicant 🥲

Bajaj Finance

 

[TheMentalist]

Thankyou so much brother. Need one more help if possible. Could you please mention some banks or nbfcs who give loan or finance two wheeler for 18 years old with co applicant 🥲

Sorry bro, I don't have any concrete info about this