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Customer Guide

We value transparency. Find nitty-gritty information regarding the most flexible, speedy and transparent finance schemes in town.

eligibility

Eligibility

Salaried Individual

Particulars	Loan Amount ( upto 20 lacs)	Loan Amount ( >=20 lacs )
Age Criteria	Minimum age: 21 years	Minimum age: 21 years
Income Criteria	Gross annual income of at least Rs. 2 lacs	Gross annual income of more than Rs. 5 lacs
Job / Business Stability	Minimum 2 years	Minimum 3 years
LTV (%)	Upto 90%	Upto 90%

Self-Employed Individual

Particulars	Loan Amount (upto 20 lacs)	Loan Amount ( >=20 lacs )
Age Criteria	Minimum age: 21 years	Minimum age: 21 years
Income Criteria	Gross annual income of at least Rs. 2 lacs	Gross annual income of more than Rs. 5 lacs
Job / Business Stability	Minimum 2 years	Minimum 3 years
LTV (%)	Upto 90%	Upto 90%

documentation

Documentation

Particulars	Salaried	Self Employed	Partnership Firm	Limited Company
Identity Proof	Passport, PAN Card*, Driving License, Voter's ID	Passport, PAN Card*, Driving License, ST registration	PAN Card*, Partnership Deed, Latest Sales Tax Assessment Order, ST registration Certificate, Identity proof of signing partners	PAN Card*, MOA and AOA, ST Registration Certificate, Identity proof of signing directors
Address Proof	Passport, Lease Agreement, Telephone bill, Utility Bill, Bank Statement	Passport, Lease Agreement, Telephone bill, Utility Bill, Bank Statement	Electricity / Water / Telephone bill. Address proof for signing partners	Document collected as Identity proof should have current address of firm. Address proof of directors
Others Documents	Latest 3 month Salary Slip. Form 16 / IT return	Income Tax returns for last 2 yrs – along with Balance sheet and P & L A/C, computation of income, Note 1	Income proof - Audited Balance Sheet, P&L, computation of income, Note 1	Income proof - Audited Balance Sheet, P&L, computation of income, Note 1

*Madatory Document

Note:

Bank Statement - Last 6 month bank statement irrespective of loan amount
All copies of documents should be self-attested
Additional documents might be requested basis requirement

Note 1: If the ITR is audited then audited report along with the annexures are required.

SERVICE CHARGES

Service Charges

Nature of Services / Facilities / Permissions	Charges (INR)
Loan Processing Fees	a) If loan amount <=5 lacs - Rs 3379
	b) If loan amount > 5 lacs & <=10 lacs - Rs 3887
	c) If loan amount > 10 lacs - Rs 4565
	d) Documentation Charges - Rs 350
	e) Goods & Service Tax - 18%
Change of personal information	NIL
Change of correspondence address	NIL
Copy of Full set of Agreement( on client's request)	Rs. 200
Change in contract tenure ( Reschedulement and cycle date change)	Rs. 5,000
Change in Agreement or addendum to Agreement (Constitutional change- Non Monetary change)	Rs. 2,500
Withdrawal or Loan cancelation charges	Rs. 5,000
Consent letter for Inter State RC transfer	Rs. 1,000
Repayment schedule / Statement of Loan A/c on borrowers request	Rs. 250
Change or addition of guarantor	Rs. 5,000
Post closure duplicate Issue of NOC	Rs. 1,000
Documentation charges	Rs. 350
NOC for commercial to personal usage	Rs. 2,000
LPG / CNG NOC	Rs. 2,000
NOC private to commercial usage	Rs. 5,000
Interest On default payments	0.1% per day plus applicable taxes
Charges per cheque / ESC mandate bounce	Rs. 500 per instance
Cheque / repayment mode swap charge	Rs. 500
Cheque re-presentation charges	Rs. 500
Full prepayment charges (Effective 18/4/2013)	a) If within 24 months - 3% on outstanding principal amount
	b) If after 24 months - 1.5% on outstanding principal amount
Full prepayment charges (Effective 01/02/2018)	a) If within 24 months - 5.5% on outstanding principal amount
	b) If after 24 months and within 36 months- 1.5% on outstanding principal amount
	c) If after 36 months - NIL foreclosure charges
	For Customers having existing LAN with VWFPL: a) If within 6 months - 4% on outstanding principal amount b) If after 6 months - NIL Charges
Part Payment	Allowed only twice in entire loan tenure, prepayment amount should not be less than the amount equivalent to 3 EMIs. For processing such part prepayment request 2% part prepayment charges shall be levied on said part payment amount
Legal, repossession and incidental charges	At actual
Stamp duty charges	At actual

Note:

All fees and charges are subject to the Goods & Service Tax as applicable
The fees or charges given in above table are subject to change and the one recorded in agreement will be binding over this site

Application Process

Car financing from Volkswagen Finance is extremely convenient, quick and flexible with minimal documentation.

The application process is also quick, so that you can own the dream Volkswagen Car at the earliest.

Our representative will meet you at the Volkswagen Dealership and assist you with the documentation and other terms.
The loan will be processed after receipt of pre-sanction documents at Central Office.
If the vehicle is readily available with the dealer, you can get the car as soon as the disbursal is made to the dealer. However VWFPL is in no way responsible for car deliveries as they are regulated by the car manufacturer's delivery schedules.
You can retain the original Registration Certificate, Invoice and the Insurance Policy. We simply require a photocopy of these documents.
If you wish to cancel your loan application any time before the loan is disbursed, you may do so by informing the representative who has collected your documents or send us a written request(Cancellation charges will be applicable).

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Repayment

Volkswagen Finance offers flexible schemes, attractive interest rates, and quick & hassle-free application process to make your dream of owning your favourite Volkswagen Car a reality

At the same time, we ensure that the repayment terms are equally convenient for you.

Repayment tenure ranges from 1 year to 5 years for new car loans.
You can make the payments through Post-Dated Cheques (PDCs)
Option to pay overdue via Paytm
In case of change in repayment mode, a nominal fee of Rs. 500/- (swap charges) would be charged for exchange of mode of payment along with either new set of PDC or ECS mandate.
All cheques should meet the CTS 2010 Standards

FAQs

Make a call to VWFPL Call Centre and get Foreclosure statement. Based on Foreclosure statement, pay the total amount at your dealership along with the below mentioned documents to complete the prepayment process:

Duly signed and dated physical copy of request letter is required from applicant towards foreclosing of the said loan account.

> Foreclosure payment can be made either via cheque/DD favouring “Volkswagen Finance Pvt Ltd” or funds transfer via NEFT/RTGS can also be done. Bank details for funds transfer can be checked taken from our Customer Care Team.

> Interest is calculated on daily basis and will be applicable & payable by customer till the time of receipt of clear funds as well as receipt of physical request letter.

> Banking is considered on the working days.

> If the funds are transferred via RTGS/NEFT, please share the bank details along with UTR reference no. to enable us to check the receipt of funds at our end to proceed with loan foreclosure.

After closure of Loan, in the event of the applicant’s wish to procure the post-dated cheques and / or security post-dated cheques that remain un-banked at the end of the loan tenure / change of repayment mode; or details of such un-banked post-dated cheques and / or security post-dated cheques, the applicant must make a request for the same, within thirty days of closure of loan / change of repayment mode. If this is not done, VWFPL shall have the discretion / responsibility to destroy the un-banked post-dated cheques including security post-dated cheques without any further notice and VWFPL shall not have the obligation to return the same to the Applicant.

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Application Process

Repayment

1) Can I take a loan from Volkswagen Finance to buy any car?

2) What are the loan tenure options?

3) How is the interest charged / calculated?

4) Do I have to pay any additional charges?

5) How do I approach Volkswagen Finance for a Car loan?

6) How much time will it take for my loan to be approved?

7) Is a personal guarantor a must?

8) What security / collateral do I have to provide?

9) If I do not meet all the criteria for the loan, can I still avail of a loan?

10) How do I repay the loan?

11) Can I foreclose my loan?

12) What is a Monthly Reducing Balance?

13) What are the stages involved in availing a loan?

14) How can I foreclose my Car Loan?

15) How can I obtain my un-banked PDC or Security PDCs?

16) How do I update my mailing address, mobile number or Email Id registered under my loan account?