2.3.47.2, 2017-10-10 18:26:25

Customer Guide

We value transparency. Find nitty-gritty information regarding the most flexible, speedy and transparent finance schemes in town.

Salaried Individual
 
 
 
Particulars
Car value 
Car value 
Car value 
 
(up to 10 lacs)
(10 lacs -20 lacs)
(20 lacs and above)
Age Criteria
Minimum age 21 years old
Minimum age 21 years old
Minimum age 21 years old
Income Criteria
Gross annual income of at least Rs. 2.00 lacs.
Gross annual income of at least Rs. 5.00 lacs.
Gross annual income of at least Rs. 10.00 lacs.
Job / Business Stability
Minimum 3 years
Minimum 3 years
Minimum 5 years
LTV (%)
Upto 90%
Upto 90%
Upto 90%
Self-Employed Individual
 
 
 
Particulars
Car value 
Car value 
Car value 
 
(up to 10 lacs)
(10 lacs -20 lacs)
(20 lacs and above)
Age Criteria
Minimum age 21 years old
Minimum age 21 years old
Minimum age 21 years old
Income Criteria
Gross annual income of at least Rs. 1.00 lacs.
Gross annual income of at least Rs. 3.50 lacs.
Gross annual income of at least Rs. 5.00 lacs.
Job / Business Stability
Minimum 2 years
Minimum 5 years
Minimum 7 years
LTV (%)
Upto 85%
Upto 85%
Upto 85%
 
Salaried
Self Employed
Partnership Firm
Limited Company
Identity Proof
Passport, PAN Card,  Driving License, Employee ID issued by Govt. of India, Voter's ID, Letter from Unique Identification Authority of India with details of name, Address & Aadhar number
Passport,  PAN Card,  Driving License, ST registration
Partnership Deed,  Latest Sales Tax Assessment Order, ST registration Certificate, Identity proof of signing partners
MOA and AOA, ST Registration Certificate, Identity proof of signing directors
Address Proof
Passport,  Lease Agreement, Telephone bill, Utility Bill, Bank Statement
Passport,  Lease Agreement, Telephone bill, Utility Bill, Bank Statement
Electricity / Water / Telephone bill. Address proof for signing partners
Document collected as Identity proof should have current address of firm. Address proof of directors
Others Documents
Latest 3 month Salary Slip. Form 16 / IT return
Income Tax returns for last 2 yrs – along with Balance sheet and P & L A/C, computation of income. If the ITR is audited than audited report along with the annexures are required
a) Income proof - Audited Balance Sheet, P&L, computation of income. If the ITR is audited than audited report along with the annexures are required
Income proof - Audited Balance Sheet, P&L, computation of income. If the ITR is audited than audited report along with the annexures are required
Nature of Services / Facilities / Permissions
                                                                              Charges (INR)
Loan Processing Fees
a) If loan amount <=5 lacs   -                        Rs 3379
 
b) If loan amount > 5 lacs & <=10 lacs   -    Rs 3887
 
c) If loan amount > 10 lacs   -                       Rs 4565
 
d) Documentation Charges   -                      Rs 350
 
e) Goods & Service Tax   -                             18%
Change of personal information
NIL
Change of correspondence address
NIL
Copy of Full set of Agreement( on client's request)
Rs. 200
Change in contract tenure  ( Reschedulement and cycle date change)
Rs. 5,000
Change in Agreement or addendum to Agreement( Constitutional change- Non Monetary change)
Rs. 2,500
Withdrawal or Loan cancelation charges
Rs. 5,000
Consent letter for Inter State RC transfer
Rs. 1,000
Repayment schedule / Statement of Loan A/c on borrowers request
Rs. 250
Change or addition of guarantor
Rs. 5,000
Post closure duplicate Issue of NOC
Rs. 1,000
Documentation charges
Rs. 350
NOC for commercial to personal usage
Rs. 2,000
LPG / CNG NOC
Rs. 2,000
NOC private to commercial usage
Rs. 5,000
Interest On default payments
0.1% per day  plus applicable taxes
Charges per cheque / ESC mandate bounce
Rs. 500 per instance
Cheque / repayment mode swap charge
Rs. 500
Cheque re-presentation charges
Rs. 500
Full prepayment charges (Effective 18/4/2013)
a) If within 24 months -  3% on outstanding principal amount
 
b) If after 24 months - 1.5% on outstanding principal amount
Part Payment
Allowed only twice in entire loan tenure, prepayment amount should not be less than the amount equivalent to 3 EMIs. For processing such part prepayment request 2% part prepayment charges shall be levied on said part payment amount.
Legal, repossession and incidental charges
At actual
Stamp duty charges
At actual

Application Process

Car financing from Volkswagen Finance is extremely convenient, quick and flexible with minimal documentation.

The application process is also quick, so that you can own the dream Volkswagen Car at the earliest.

  1. Our representative will meet you at the Volkswagen Dealership and assist you with the documentation and other terms.
  2. The loan will be processed after receipt of post-sanction documents at Central Office.
  3. If the vehicle is readily available with the dealer, you can get the car as soon as the disbursal is made to the dealer. However VWFPL is in no way responsible for car deliveries as they are regulated by the car manufacturer's delivery schedules.
  4. You can retain the original Registration Certificate, Invoice and the Insurance Policy. We simply require a photocopy of these documents.
  5. If you wish to cancel your loan application any time before the loan is disbursed, you may do so by informing the representative who has collected your documents or send us a written request(Cancellation charges will be applicable).

Repayment

Volkswagen Finance offers flexible schemes, attractive interest rates, and quick & hassle-free application process to make your dream of owning your favourite Volkswagen Car a reality

At the same time, we ensure that the repayment terms are equally convenient for you. 

  • Repayment tenure ranges from 1 year to 5 years for new car loans.
  • You can make the payments through Post-Dated Cheques (PDCs)
  • Option to pay overdue via Paytm
  • In case of change in repayment mode, a nominal fee of Rs. 500/- (swap charges) would be charged for exchange of mode of payment along with either new set of PDC or ECS mandate.
  • All cheques should meet the CTS 2010 Standards

Please find below the Frequently Asked Questions (FAQs) which has been compiled keeping in mind all the basic queries which you would be having in your mind.

We are confident this information will be helpful and expedite your decision in owning your dream Volkswagen Car.

1) Can I take a loan from Volkswagen Finance to buy any car?

If you take a loan from Volkswagen Finance you can purchase Volkswagen manufactured cars only.

2) What are the loan tenure options?

The tenure of the loan could range from one to five years.

3) How is the interest charged / calculated?

Interest is calculated on a monthly reducing balance basis.

4) Do I have to pay any additional charges?

Please refer the Service Charges section.

5) How do I approach Volkswagen Finance for a Car loan?

You can just walk into any of our Authorised Volkswagen Dealership.

6) How much time will it take for my loan to be approved?

 The loan will be processed after receipt of post-sanction documents at Central Office.

7) Is a personal guarantor a must?

No, a personal guarantor is not a must.

8) What security / collateral do I have to provide?

No additional security / collateral needs to be provided, apart from the car against which the loan is granted, being hypothecated to Volkswagen Finance Private Limited.

9) If I do not meet all the criteria for the loan, can I still avail of a loan?

All loans are at the sole discretion of VWFPL.

10) How do I repay the loan?

The loan can be repaid through Electronic Mode (ECS) or post-dated cheques drawn on Volkswagen Finance Private Limited.

11) Can I foreclose my loan?

Yes. A foreclosure fee of 3% on the outstanding principal amount along with Service Tax as applicable will be charged if closed within 24 months of the loan taken. For details please see the Service Charges section.

12) What is a Monthly Reducing Balance?

In the case of monthly reducing balance method, the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.

13) What are the stages involved in availing a loan?

The stages involved are:

  • Application
  • Documentation
  • Processing
  • Sanctioning of the loan
  • Disbursement

14) How can I foreclose my Car Loan?

Make a call to VWFPL Call Centre and get Foreclosure statement. Based on Foreclosure statement, pay the total amount at your dealership along with the below mentioned documents to complete the prepayment process: 

Duly signed and dated physical copy of request letter is required from applicant towards foreclosing of the said loan account.

> Foreclosure payment can be made either via cheque/DD favouring “Volkswagen Finance Pvt Ltd” or funds transfer via NEFT/RTGS can also be done. Bank details for funds transfer can be checked taken from our Customer Care Team.

> Interest is calculated on daily basis and will be applicable & payable by customer till the time of receipt of clear funds as well as receipt of physical request letter.

> Banking is considered on the working days.

> If the funds are transferred via RTGS/NEFT, please share the bank details along with UTR reference no. to enable us to check the receipt of funds at our end to proceed with loan foreclosure.

15) How can I obtain my un-banked PDC or Security PDCs?

After closure of Loan, in the event of the applicant’s wish to procure the post-dated cheques and / or security post-dated cheques that remain un-banked at the end of the loan tenure / change of repayment mode; or details of such un-banked post-dated cheques and / or security post-dated cheques, the applicant must make a request for the same, within thirty days of closure of loan / change of repayment mode. If this is not done, VWFPL shall have the discretion / responsibility to destroy the un-banked post-dated cheques including security post-dated cheques without any further notice and VWFPL shall not have the obligation to return the same to the Applicant.

16) How do I update my mailing address, mobile number or Email Id registered under my loan account?

For address change, necessary KYC proof needs to be submitted and for change in Email Ids and mobile numbers, Customer Request Form (CRF) needs to be filled up which is available at the Dealership

Disclaimer

Under the joint trade name “Volkswagen Financial Services” the subsidiaries of Volkswagen Financial Services AG provide the aforesaid services. Financial Services are offered by Volkswagen Finance Private Limited. Leasing, Insurance and Mobility services are offered by Volkswagen Finance Private Limited in cooperation with third parties.