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    Volkswagen Finance

    Volkswagen Finance Overview

    Making your journey to owning a Volkswagen car easy and convenient, Volkswagen Finance offers world class car financing solutions to Indian customers. Leveraging the ‘Volkswagen Advantage’ customers can procure loans with quick approvals, fast processing and an assurance of complete transparency from the financier. With a completely customer-centric approach, Volkswagen offers exciting car financing deals with attractive interest rates and flexible repayment options. Customers can obtain car financing from any authorized VW dealership with minimal documentation procedures for all models of Volkswagen cars.


    Features and Benefits of Volkswagen Finance Car Loan

    As a preferred financier, Volkswagen aims to provide innovative car financing solutions loaded with attractive features to customers choosing to buy any type of VW sedan or hatchback. Volkswagen Finance processes a car loan after receiving the required documentation post sanction and then disburses the approved loan amount.

    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.

    Processing Fees

    Loan Amount

    Processing Fees

    Below Rs 5 lakhs

    Rs 3388

    Between Rs 5 lakhs and Rs 10 lakhs

    Rs 3388

    Above Rs 10 lakhs

    Rs 4545

    Documentation Charges - Rs 350

    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.

    Prepayment charges - Part-repayment of the Volkswagen Finance car loan is allowed only twice in the entire loan tenure and the sum repaid should be equal to 3 monthly installment amounts.

    Full Pre-payment charges

    Within 24 months from the sanction date

    3% of the outstanding principal

    After 24 months

    1.5% of the outstanding principal

    Part-repayment charges

    2 % of the prepaid amount

    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.

    Other charges

    Types

    Charges

    Change in contract tenure

    Rs. 5000

    Change in Agreement

    Rs. 2500

    Loan cancellation charges

    Rs. 5000

    Loan account statement

    Rs. 250

    Change or addition of guarantor

    Rs. 5000

    NOC for commercial to personal usage

    Rs. 2000

    Interest On default payments

    0.1% per day plus applicable taxes

    Charges per cheque / ECS bounce

    Rs. 500 per instance

    Cheque / repayment mode swap charge

    Rs. 500

    Legal, repossession and incidental charges / Stamp duty charges

    At actual

    Volkswagen Finance Car Loan Eligibility

    Salaried Professionals

    Applicants need to be at least 21 years old to be eligible to apply for a Volkswagen Finance car loan.

    Car Value up to Rs 10 lakhs -

    • The gross annual income required is Rs.2 lakhs and the individual should have been employed for a period of at least three years.

    Car Value between Rs 10 lakhs and Rs 20 lakhs -

    • The gross annual income required is Rs.3 lakhs and the individual should have been employed for a period of at least three years.

    Car Value of Rs 20 lakhs and above -

    • The gross annual income required is Rs.5 lakhs and the individual should have been employed for a period of at least three years.

    Self-employed Businessmen

    Car Value up to Rs 10 lakhs -

    • The gross annual income required is Rs.1 lakh and the individual should have been in business for a period of at least 2 years.

    Car Value between Rs 10 lakhs and Rs 20 lakhs -

    • The gross annual income required is Rs.3.50 lakhs and the individual should have been in business for a period of at least 5 years.

    Car Value of Rs 20 lakhs and above -

    • The gross annual income required is Rs.5 lakhs and the individual should have been in business for a period of at least 7 years.

    Documentation required for Volkswagen Finance Car Loans

    Identity Proof

    • Salaried Professionals - Passport / PAN Card / Driving License/ Employee ID issued by the Government of India

    • Self Employed - Passport / PAN Card / Driving License / ST registration

    • Partnership Firms - Latest Sales Tax Assessment Order / Partnership Deed / ST registration Certificate / Identity proof of signing partners

    • Limited Companies - ST Registration Certificate / MOA and AOA / Identity proof of signing directors.

    Address Proof

    • Salaried Professionals & Self Employed - Passport / Telephone bill / Lease Agreement / Utility Bill / Bank Statement

    • Partnership Firms - Electricity Bill / Water Bill / Telephone bill / Address proof for signing partners

    • Limited Companies - ID proof should carry the current address of the firm. / Address proof of directors

    Others Documents

    • Salaried Professionals - Last three months’ payslips / Form 16 / IT returns

    • Self Employed - ITR for the last 2 years / Balance sheet and P&L account statements / computation of income / Audited ITR with annexures (if available)

    • Partnership Firms & Limited Companies - Income proof - Audited Balance Sheet / Profit & Loss statement / Computation of income / Audited ITR with annexures (if available)

    Additionally the applicant’s bank account statement for the past six months should be furnished. All the copies submitted should be self-attested by the applicant.

    Volkswagen Finance Car Loan Interest Rates

    Volkswagen Finance offers car loans at attractive interest rates, which is calculated on a monthly reducing balance basis. The interest rate is determined based on market conditions and the loan tenure.

    Volkswagen Finance Car Loan EMI calculator

    It is always a good idea to plan your finances before you initiate any kind of debt. Prospective borrowers for Volkswagen Finance car loans should always understand how much expenditure they would be incurring on this loan with respect to interest rates and monthly installments. Aiding in this respect, are helpful tools called car loan EMI calculators, conveniently available on the BankBazaar home page. These tools can give a comprehensive amortization schedule with regards to a car loan, complete with a break-up of the interest rate and the EMI to be paid by a borrower for the entire loan tenure. All the user needs to do is to input a few details like loan tenure, loan amount, processing fees and interest rates to get a repayment forecast for a VW Finance car loan.

    Cars Manufactured by Volkswagen Finance

    Volkswagen Finance provides car loans for all models of VW cars available in the Indian market.

    Hatchback Models -

    • Polo

    • Polo GT

    • New Cross Polo

    Sedan Models -

    • Vento

    • Vento TSI

    • Vento Magnific

    • New Jetta

    FAQs

    How do I check my Volkswagen Finance car loan application status?

    Individuals can check on their car loan application status by contacting the VW customer care or any executive from the associated Volkswagen dealership.

    Whom do I need to approach to apply for a Volkswagen Finance car loan?

    Customers can get in touch with a VW dealership executive who will be able to provide them with the Volkswagen Finance car loan application form and also assist them with the documentation procedure required for an application.

    Can customers get their Volkswagen Finance car loan statements online?

    No, Volkswagen does not provide online car loan statements to its borrowers.

    Does Volkswagen Finance impose any prepayment charges on customers foreclosing their car loans?

    Yes, customers need to pay 3% of the outstanding principal amount if a Volkswagen Finance car loan is foreclosed before 24 months from the date of sanction.

    How does an applicant contact the customer care for queries on Volkswagen Finance car loans?

    Individuals facing any challenges or having queries with respect to Volkswagen Finance car loans can easily contact our friendly customer care help desk at xxxxxxxxxx.

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