If you wish to own a vehicle from BMW, you can avail loans offered by BMW Financial Services which offers you the right loan based on your financial requirements. The interest rate on new car loans ranges between 9.90% and 10.9% while on used car loans it ranges between 10.50% and 11.50%. The loans can be repaid in up to 84 months and the maximum amount that you can borrow is 85% of the car’s ex-showroom price.
|Interest Rate (p.a.)||Loan Tenure||Loan Amount|
|9.90% to 10.90%||12 months to 84 months||Up to 85% of the vehicle’s ex-showroom price|
|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||
|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||
|Change in Agreement||Rs.3,000 plus taxes and applicable stamp duty|
|Name of the Document||Particulars|
|Proof of Identity||Driving License, passport, Aadhaar card, Voter’s ID card, PAN card, etc.|
|Address Proof||Passport, Voter’s ID Card, Aadhaar card, Driving License, etc.|
|Income Proof||Recent 2 months’ salary slips along with 3 months’ bank statements|
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.
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.
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 email@example.com. 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.
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.
Answer: The rate of interest offered by BMW Financial Services is fixed and is based on monthly reducing balance.
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.
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.
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:
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.
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.
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.
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