Volkswagen Finance
You can avail a car loan from Volkswagen Finance to purchase your dream Volkswagen vehicle and repay it in equated monthly instalments (EMIs) in a maximum of 7 years.
You can avail up to 90% of the car's on-road price and choose between classic, annual bullet, balloon, EMI holiday, and step-down options.
Volkswagen Finance Car Loan - Fees & Charges
Loan Processing Fees |
|
Loan Cancellation Charges | Rs.5,000 |
Documentation Charges | Rs.350 |
Cycle Date and Reschedulement Change | Rs.5,000 |
Constitutional Change | Rs.2,500 |
Consent Letter for Inter-State RC Transfer | Rs.1,000 |
Interest on Default Payments | 0.1% per day plus taxes |
Full Prepayment Charges |
|
Part Payment Charges | 2% on the part-payment amount |
Perfect Car Loan Deals for you
Features and Benefits of Volkswagen Finance Car Loan
- Quantum of loan - Volkswagen Finance sanctions up to 90% of the value of the car purchased for salaried professionals and up to 85% for self-employed businessmen.
- Loan Tenure - Borrowers can choose from flexible loan tenures ranging from 1 to 5 years.
- Security - No additional collateral or security needs to be provided while applying for a Volkswagen Finance car loan and the company only requires the car to be hypothecated to Volkswagen Finance Private Limited. A personal guarantor is also not required.
- Repayment - Repayment of the car loan can be done in monthly installments through post-dated cheques or through ECS debits available in select cities.
- Late Payment Penalty - Volkswagen Finance imposes a late payment penalty for delays in payments of monthly installments and this amount varies from customer to customer.
Volkswagen Finance Car Loan Eligibility
The eligibility criteria for a Volkswagen Finance car loan varies for salaried and self-employed applicants and are as follows:
Salaried Applicants
Criteria | Car Value of up to Rs.10 lakh | Car Value between Rs.10 lakh and Rs.20 lakh | Car Value of Rs.20 lakh and above |
Minimum Age | 21 years | 21 years | 21 years |
Minimum Income | Rs.2 lakh | Rs.5 lakh | Rs.10 lakh |
Job Stability | At least 3 years | At least 3 years | At least 5 years |
Loan-to-Value Ratio | Up to 90% | Up to 90% | Up to 90% |
Self-Employed Applicants
Criteria | Car Value of up to Rs.10 lakh | Car Value between Rs.10 lakh and Rs.20 lakh | Car Value of Rs.20 lakh and above |
Minimum Age | 21 years | 21 years | 21 years |
Minimum Income | Rs.1 lakh | Rs.3.5 lakh | Rs.5 lakh |
Business Stability | At least 2 years | At least 5 years | At least 7 years |
Loan-to-Value Ratio | Up to 85% | Up to 85% | Up to 85% |
Documentation required for Volkswagen Finance Car Loans
Documents | Identification Proof | Address Proof | Other Documents |
Salaried Applicants | PAN card, passport, driving licence, voter ID, employee ID issued by government of India, Aadhaar card | Lease agreement, utility bill, telephone bill, passport, bank statement | Form 16, IT Return, latest 3 months' salary slip |
Self-Employed Applicants | Driving licence, PAN card, passport, ST registration | Telephone bill, passport, utility bill, lease agreement, bank statement | Profit & Loss Account, balance sheet, IT returns for last 2 years, computation of income |
Limited Companies | ID proof of signing directors, ST registration certificate, AOA and MOA | Address proof of directors, ID proof that has firm's current address | Income proof in the form of Profit & Loss Account, audited balance sheet, computation of income |
Partnership Firms | ID proof of signing partners, partnership deed, ST registration certificate, latest sales tax assessment order | Address proof of signing partners, telephone bill, water bill, electricity bill | Income proof in the form of Profit & Loss Account, audited balance sheet, computation of income |
Volkswagen Finance Car Loan Eligibility Calculator
Before applying for a car loan, finding out whether you meet the eligibility criteria set by the lender can help you avoid rejection. Multiple loan rejections can have a negative effect on your credit score, which in turn, can affect your future loan prospects. Volkswagen Finance offers a free online car loan eligibility calculator which is simple and easy to use. All you must do is enter your personal details into the tool such as your name, city, state, age, number of years in residence, number of years of work experience, occupation, and net annual income. After entering the details into the Volkswagen Finance car loan eligibility calculator, click on the 'Calculate' button to find out if you are eligible for auto financing.
Volkswagen Finance Car Loan EMI Calculator
Calculating your car loan EMI can help you find out how much your car loan will cost you on a monthly basis. Volkswagen Finance offers a free online car loan EMI calculator which is simple and easy to use. All you must do is enter your car loan details such as the make and model of (Volkswagen) car to be purchased, state, city, down payment, and loan tenure. The interest rate and loan amount will be automatically collated depending on the price of the car and the down payment. The Volkswagen Finance car loan EMI calculator will give you a breakdown of the down payment, principal loan amount, and the EMIs over the specified loan tenure.
How to apply for Volkswagen Finance Car Loan?
The car loan application process at Volkswagen Finance is not only convenient and fast but also flexible with minimal documentation. A representative of Volkswagen Finance will meet you at the VW dealership to assist you with the car loan application process. The car loan will be processed after the receipt of post-sanction documents at the Volkswagen Finance Central Office. As soon as the loan amount is disbursed to the dealer, you can pick up your dream Volkswagen car at the dealership. You must submit a copy of the motor insurance policy, Registration Certificate, and Invoice to Volkswagen Finance. You have the option to cancel your loan application before the loan amount is disbursed by informing the VWFPL representative or sending a written request to the lender. Loan cancellation charges are applicable.
FAQs on Volkswagen Car Finance
- Do I need to provide a security or guarantor to avail a car loan from Volkswagen Finance?
Answer: No, there is no need of providing a security/collateral or guarantor to avail a Volkswagen Finance car loan.
- How is the interest rate on a car loan from Volkswagen Finance calculated?
Answer: The interest on a car loan from Volkswagen Finance is computed based on the monthly reducing balance which means that at every month-end, the principal amount will get reduced. Then the interest will be computed on the outstanding principal.
- How long will it take for my loan to get approved?
Answer: Your loan from Volkswagen Finance will be processed only after your post-sanction documents are received at the central office.
- Can I foreclose my loan?
Answer: Yes, Volkswagen Finance allows you to foreclose your loan before the end of the loan tenure. However, you will be charged a fee of 3% of the outstanding principal amount plus taxes if you foreclose your loan before 2 years of taking the loan.
- How do I repay the loan?
Answer: Repayment of the loan availed from Volkswagen Finance can be done either through Electronic Clearing Service (ECS) or post-dated cheques drawn in favour of Volkswagen Finance Private Limited.
- I wish to change my mobile number under my Volkswagen Finance loan account. How do I do that?
Answer: To update your mobile number or your email ID on your loan account, you will need to fill up the Customer Request Form (CRF) available at the Volkswagen dealership and submit it. If you wish to update your address on the loan account, you will need to submit the relevant Know-Your-Customer (KYC) documents along with the CRF.
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