Skoda Finance provides loans of up to 90% of the on-road price of Skoda cars with attractive interest rates. The repayment tenure ranges between 12 months and 60 months and the approval process is fast.
The main features and benefits of Skoda Finance are mentioned below:
The various charges and fees that are levied by Skoda Finance are mentioned in the table below:
| Services | Charges |
|---|---|
| Address Change | Nil |
| Change in Tenure | 5,000 |
| Agreement Change | 2,500 |
| Loan Cancellation Charges | 5,000 |
| Statement Request | 250 |
| Addition or Change of Guarantor | 5,000 |
| Documentation Charges | 350 |
| Interest on Default Payments | 0.1% on a daily basis plus applicable taxes |
| Part Payments | Part payments can be done only twice during the loan tenure and the amount cannot be lower than 3 Equated Monthly Instalments (EMIs). However, a processing fee of 2% will be levied. |
| Stamp duty Charges | At actual |
| Full Prepayment |
|
| ECS Mandate/Cheque Bounce | 500 |
| Interstate RC Transfer (Consent Letter) | 1,000 |
| Copy of Agreement (Entire Set) | 200 |
| Change in Personal Information | Nil |
| Re-presentation of Cheque | 500 |
The eligibility criteria for salaried employees and self-employed individuals would vary depending on the value of the car. The eligibility criteria for self-employed individuals and salaried employees are mentioned in the tables below:
| Particulars | Value of car is up to Rs.10 lakh | Value of the car is above Rs.20 lakh |
|---|---|---|
| Age Limit | Must be at least 21 years old | Must be at least 21 years old |
| Income | Gross annual income must be at least Rs.1 lakh | Gross annual income must be at least Rs.5 lakh |
| Business or Job Stability | At least 2 years | At least 7 years |
| Loan to Value (LTV) % | Up to 85% | Up to 85% |
| Particulars | Value of car is up to Rs.10 lakh | Value of the car is above Rs.20 lakh |
|---|---|---|
| Age Limit | Must be at least 21 years old | Must be at least 21 years old |
| Income | Gross annual income must be at least Rs.2 lakh | Gross annual income must be at least Rs.10 lakh |
| Business or Job Stability | At least 3 years | At least 5 years |
| Loan to Value (LTV) % | Up to 90% | Up to 90% |
Depending on your occupation, the documents that must be submitted will vary. The documents that must be submitted by salaried employees, self-employed individuals, Partnership Firms, and Limited Companies are mentioned below:
Limited Company
No, a Skoda Finance car loan can be availed only to buy a car manufactured by Skoda.
Once the documents have been received at the Central Office, the loan will be processed.
No, it is not mandatory to provide a personal guarantor.
No, security or collateral need not be provided to avail a Skoda Finance loan.
The loan is repaid via post-dated cheques or Electronic Mode (ECS).
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