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  • Skoda Finance

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  • Skoda Finance – Overview

    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.

    Features and Benefits

    The main features and benefits of Skoda Finance are mentioned below:

    • Flexible repayment options
    • Innovative financial solutions
    • Tenure of the funding can be long-term
    • Loan products can be customised
    • Up to 90% financing of the on-road price of the Skoda car
    • Loan approval is fast
    • Competitive and attractive rate of interest
    • Bundled products
    • Customer experience is world-class

    Skoda Finance Fees and Charges

    The various charges and fees that are levied by Skoda Finance are mentioned in the table below:

    • Loan amount less that Rs.5 lakh: Rs.3,379
    • Loan amount between Rs.5 lakh and Rs.10 lakh: Rs.3,887
    • Loan amount above Rs.10 lakh: Rs.4,565
    • Documentation Charges: Rs.350
    • Good & Service Tax: 18%
    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
    • Within 2 years: 3% of the total principal that is outstanding
    • More than 2 years: 1.5% of the total principal that is outstanding
    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

    Skoda Finance Eligibility

    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:

    Self-employed Individuals

    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%

    Salaried Employees

    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%

    Documents Required

    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:

    Salaried Employees

    1. Identity Proof: Any of the below-mentioned documents can be submitted as proof of identity:
      • Passport
      • Permanent Account Number (PAN) Card
      • Driving License
      • Voter ID
      • Aadhaar Card
      • Any ID that has been issued by the government
    2. Address Proof: Any of the below-mentioned documents can be submitted as proof of address:
      • Bank Statement
      • Utility Bill
      • Telephone Bill
      • Lease Agreement
      • Passport
    3. Income Proof: The below-mentioned documents can be submitted as income proof:
      • Income Tax Returns (ITR) or Form 16
      • Last 3 months’ salary slips

    Self-employed Individuals

    1. Identity Proof: Any of the below-mentioned documents can be submitted as proof of identity:
      • ST Registration
      • Driving License
      • PAN Card
      • Passport
    2. Address Proof: Any of the below-mentioned documents can be submitted as proof of address:
      • Bank Statement
      • Utility Bill
      • Telephone Bill
      • Lease Agreement
      • Passport
    3. Income Proof: ITR for the last 2 years must be submitted along with the balance sheet, computation, and accounts of profits and losses.

    Partnership Firms

    1. Identity Proof: Any of the below-mentioned documents can be submitted as proof of identity:
      • Identity proof of all signing partners
      • ST Registration Certificate
      • Latest Sales Tax Assessment Order
      • Partnership Deed
    2. Address Proof: Any of the below-mentioned documents can be submitted as proof of address:
      • Address proof of all signing partners
      • Telephone/Water/Electricity Bill
    3. Income Proof: Computation of income, profit and losses accounts, and balance sheet that have been audited must be submitted.
    4. Limited Company

    5. Identity Proof: Any of the below-mentioned documents can be submitted as proof of identity:
      • Identity proof of all signing partners
      • ST Registration Certificate
      • Latest Sales Tax Assessment Order
      • Partnership Deed
    6. Address Proof: Address proof of all the Directors.
    7. Income Proof: Computation of income, profit and losses accounts, and balance sheet that have been audited must be submitted.

    FAQs On Skoda Finance

    1. Can a Skoda Finance loan be availed to buy any car?
    2. No, a Skoda Finance car loan can be availed only to buy a car manufactured by Skoda.

    3. How long does it take for the loan to be approved?
    4. Once the documents have been received at the Central Office, the loan will be processed.

    5. Is it mandatory to provide a guarantor?
    6. No, it is not mandatory to provide a personal guarantor.

    7. Is it mandatory to provide security or collateral?
    8. No, security or collateral need not be provided to avail a Skoda Finance loan.

    9. How is the loan repaid?
    10. The loan is repaid via post-dated cheques or Electronic Mode (ECS).

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