Volkswagen Finance Car Loans

At Volkswagen Finance we are committed to helping you meet all your Car finacing needs to the best of our ability. Nothing is more important to us, than to ensure that valued customers like you are completely satisfied with our service. Please voice your queries, feedback or complaints about our products or services through any of the below options. 1. Email : CustomerCare.India@vwfs.com 2. Customer Care number : 022 - 39521212 (Customer Care number functions from 10:00 A.M. to 1:30 P.M. & 2:30 P.M. to 5:30 P.M. from Monday to Friday excluding Public Holidays. Lunch Timings: 1:30 P.M. – 2:30 P.M.) 3. Registered Office: Volkswagen Finance Private Limited. 3rd Floor, Wing-A, Silver Utopia, Cardinal Gracious Road, Chakala, Andheri (East), Mumbai 400 099 We value your opinions and hope to serve you better. Eligibility Salaried Individual Particulars Car value (up to 10 lacs) Car value (10 lacs -20 lacs) Car value (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 (up to 10 lacs) Car value (10 lacs -20 lacs) Car value (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% Documentation Our Relationship Manager will help you with the documentation. Salaried Self Employed Partnership Firm Limited Company Identity Proof Passport, PAN Card, Driving License, Employee ID issued by Govt. of India 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 Other Requirements 1. Bank Statement - Last 6 month bank statement irrespective of loan amount 2. All copies of documents should be self-attested Service Charges The fees and charges to be levied on the various services is compiled in the below table. Nature of Services / Facilities / Permissions Charges (INR) Loan Processing Fees a) If loan amount 5 lacs & 10 lacs - Rs 4545 d) Documentation Charges - Rs 350 e) Service Tax - As per actuals 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. 5000 Change in Agreement or addendum to Agreement( Constitutional change- Non Monetary change) Rs. 2500 Withdrawal or Loan cancelation charges Rs. 5000 Consent letter for Inter State RC transfer Rs. 1000 Repayment schedule / Statement of Loan A/c on borrowers request Rs. 250 Change or addition of guarantor Rs. 5000 Post closure duplicate Issue of NOC Rs. 1000 Documentation charges Rs. 350 NOC for commercial to personal usage Rs. 2000 LPG / CNG NOC Rs. 2000 NOC private to commercial usage Rs. 5000 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 Note 1) All fees and charges are subject to Service Tax as applicable. 2) The fees or charges given in above table are subject to change and the one recorded in agreement will be binding over this site 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 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). FAQs 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