The state of Karnataka occupies the fourth position in terms of automobile production in India. Meanwhile, Bangalore is the IT hub of India and is rapidly growing in population. This has a knock on effect of more people becoming car owners in the city.
Thanks to lower depreciation rates and better value for the price, the used car market in Bangalore has shown steady growth. With many people buying used cars, there are doubts and uncertainty over how to properly transfer the ownership of the car from the previous owner. Once you understand the process, transferring ownership of your used car won’t appear like a monumental task.
Why is car ownership transfer required?
When you buy a used car, RC transfer is an important step to securing your ownership of the car. It is mandated by the law, be it within the state, or from one state to another, to transfer the registration in the hands of the new owner.
By completing the process of ownership transfer, you ensure that you become the de facto owner of the car. This also simplifies important technical processes like insurance renewal. Transfer of car ownership usually takes 30-45 working days but may take longer.
At first glance, the entire process of car ownership transfer might seem very cumbersome. However, once you are familiar with the specific documents that are needed as well as the respective fees to be paid, you may prefer to get the process done yourself.
The documents have to be submitted at the local RTO. The documents required for different circumstances are:
|Individual and Individual||Company and Individual|
|Form 29: Notice to change ownership of vehicle||Original RC|
|Form 30: Report of transfer of ownership of vehicle||2 nos. of Form 29|
|A copy of the buyer’s residence evidence||2 nos. of Form 30|
|A copy of G.I.R||2 nos. of Form 35|
|A copy of PUC||A copy of PUC|
|Bank NOC and 2 nos. of Form 35 (if the car is under hypothecation or loan)||A copy of the buyer’s residence evidence|
|A bank certificate for having retained full dues|
|A copy of the insurance|
|Authorization letter and NOC from the company|
Note: If the used car is not registered in Bangalore, you will have to de-register the car from the old RTO as the first thing in the ownership transfer process.
Car Ownership Transfer Costs
After submitting the above documents at the RTO, the car buyer needs to pay the fees. The transfer of the ownership gets finished within 30 working days. The RTO officials provide more information on fees. If the documents are submitted beyond the deadline date, then the owner has to submit late fine. The late fine is :
- Car – Rs. 500/ month
- Bike – Rs. 300/month
The final step for car ownership transfer in Bangalore involves paying any applicable road tax for the car. This tax is only required to be paid when buying a used car from another state.
The exact road tax that you will be required to pay for your car in Bangalore can be accessed at this government website: Vaahan Know Your MV Tax.
Many people who buy a used car often view the RC transfer process as being extremely complicated and tedious. While it does involve many steps, if you have all the forms duly filled and submitted on time, the RC transfer can be completed on your own.
The Spinny Convenience
When you buy a used car in Delhi from Spinny, the onus of RC transfer is handled by our team. The RC transfer of your car is included in the purchase and does not involve any additional charge. To have your car’s RC transferred to you, you will need to provide the following documents:
- Copy of Aadhar Card
- Copy of PAN Card
- 2 passport sized coloured photographs
- Other required documents as per the transfer case
All other document processing is handled by our team. You will be duly notified when the RC has been transferred in your name. With Spinny, the RC of your car is transferred in a timely manner while allowing you to avoid the hassles of having to deal with a time-consuming process.