BMW Finance

Prepayment Charges	As per Schedule 1 to Retail Finance Agreement
Part Payment Charges	As per Schedule 1 to Retail Finance Agreement
Loan Statement and Amortization Schedule	Via email - Nil Hardcopy - Rs.500
Swapping of Bank Account	Rs.500 per swap
Late Payment Charges	2% per month on unpaid EMI
EMI Bounce Charges	Rs.750 per instance
NOC Issuance Charges	First hardcopy - Nil Duplicate hardcopy - Rs.1,000
Change in Agreement	Rs.3,000 plus taxes and applicable stamp duty

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Documents Required to Avail BMW Finance

Name of the Document	Particulars
Proof of Identity	Driving Licence, Passport, Aadhaar card, Voter's ID card, PAN card, etc.
Address Proof	Passport, Voter's ID Card, Aadhaar card, Driving Licence, etc.
Income Proof	Recent 2 months' salary slips along with 3 months' bank statements

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In addition to the above-given documents, you may be required to submit other documents, and this will lie at the discretion of BMW Financial Services Private Limited and its internal regulatory guidelines.

Who Can Avail a Loan from BMW Financial Services?

All individuals residing in India or Non-Resident Indians (NRIs) are eligible to take a car loan from BMW Financial Services to purchase a vehicle manufactured by BMW.

How do I Ppply for a Loan from BMW Financial Services?

To avail a loan from BMW Financial Services, you can get in touch with the Finance and Insurance Manager at an authorized BMW dealership nearest to you. You can also call the Customer Interaction Centre of BMW at the toll-free number 1-800-1022-269 or email them at customerservice@bmw.in. Once you submit the documents, the loan will be approved within 4 working days. The approval of the loan will lie at the discretion of BMW Financial Services Private Ltd.

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Frequently Asked Questions on BMW Finance

• Can I include my wife's income in the calculation of maximum loan amount?

  Answer: Yes. You can include the income of your spouse while calculating the approved loan amount by taking him/her as the co-borrower for the loan.

• Are the <a href="/car-loan-interest-rate.html">interest rates</a> offered on BMW Finance loans fixed or floating?

  Answer: The rate of interest offered by BMW Financial Services is fixed and is based on monthly reducing balance.

• I wish to buy a pre-owned BMW vehicle. Can I get a loan from BMW Finance for that?

  Answer: Yes. BMW Financial Services offers financing for the purchase of pre-owned BMW vehicles at interest rates ranging between 10.50% and 11.50% for a maximum tenure of 5 years.

• What is the interest rate offered on used car loans by BMW Financial Services?

  Answer: The interest rate on used car loans from BMW Finance ranges between 10.50% and 11.50% and is based on the repayment tenure you choose. For tenures ranging from 12 months to 35 months, the interest rate is 11.50% while for tenures ranging between 36 months to 84 months, the interest rate is 10.50%. The maximum tenure available for pre-owned cars is 5 years.

• Can I terminate the loan I availed from BMW Finance before the end of the tenure? If yes, what are the charges?

  Answer: Yes, you can request for a loan closure quotation for a particular date through the BMW mobile app which is available for download on Apple Store and Google Play Store. Once you receive the quotation, you can clear your latest equated monthly instalments (EMIs) either through NEFT/RTGS or Cheque/Demand Draft. The early termination charges are as follows:

  1. Before 12 months - 3% on the principal amount outstanding plus taxes
  2. After 12 months - 2% on the principal amount outstanding plus taxes
• Do I need to do anything else after closing the loan availed from BMW Financial Services?

  Answer: Once your loan closure formalities are completed, you will be issued a No Objection Certificate and two copies of Form 35 which will be valid for 90 days from the loan closure date. You will need to submit the Form 35 at the Regional Transport Office (RTO) to remove the hypothecation from your vehicle.

• How do I access my loan schedule and loan statement?

  Answer: You can use the BMW mobile app (Android or iOS) to access your loan statement and schedule. You can also call the BMW Customer Interaction Centre or send them an email to request for a current dated Statement of Accounts and Payment Schedule.

• Can I change the due date on my EMIs?

  Answer: Yes, you can change the EMI due date on your loan by placing a request through the BMW mobile app. According to your convenience, you can pick your EMI date to fall on either the 1st or the 16th of every month. Charges of Rs.500 plus taxes will be applicable.