faq

FOR EXISTING BMW FINANCIAL SERVICES CUSTOMERS.

  • Can I change my EMI date?

    You can now place a request to change your EMI due date through the BMW Mobile App (click here to download for Apple and here for Android)

    Choose your EMI date to either fall on the 01st or the 16th of every month as per your convenience.

    Requirements: A postdated cheque for the next EMI, ACH forms (3 copies) and cancelled cheque.

    Date change charges: ₹500 (additional taxes applicable).

    Please Note: Change of EMI date/Restructuring of Loan is not applicable for Loan Contracts booked under the 360° financial program.

  • Can I make a Part-Payment towards my Loan Contract?

    Part-Payment requests can be placed through the BMW Mobile App (click here to download for Apple and here for Android)

    You can make Part Payment(s) towards your Retail Loan up to a maximum of 75% of the Principal amount outstanding in 1 or maximum 3 tranches in a year.

    You can choose to either reduce your Loan tenure or reduce the subsequent EMI’s as a result of the Part Payment.

    Part Payment Charges:

    • Within the first 12 months – 3% (additional taxes applicable) on the amount of Part Payment
    • After completing 12 months – 2% (additional taxes applicable) on the amount of Part Payment

    Please Note: Part Payment/Restructuring of Loan is not applicable for Loan Contracts booked under the 360° financial program.

    Kindly request for a tentative payment schedule to understand the tentative changes post the Part-Payment via email to BMW Financial Services - Customerservice@bmw.in .

  • How can I change my registered bank Account for payments of EMI’s (Bank Swap)?

    To change your registered bank account for EMI deductions kindly share one month latest bank statement of the new Account that you wish to register.

    BMW India Financial services will check and confirm the feasibility and future viability of the account.

    Once approved, you will be required to share a postdated cheque for the next EMI*, ACH forms (3 copies) and an Undated Security cheque.

    Bank Swap charges: ₹500 (additional taxes applicable).

  • What is the procedure to update my registered Car details?

    You can now simply update your RC details using the BMW Mobile App (click here to download for Apple and here for Android)

    Kindly ensure the following on your RC:

    • VIN Number
    • Engine Number
    • Hypothecation (HP) in the name of BMW Financial Services
    • Correct Model & Variant name
     

  • How can I claim TDS refund for TDS deducted and deposited against the PAN of BMW India FS for my loan contract?

    Claim your refund for the TDS paid by updating your TAN number details or by sharing the Digitally Signed Form 16A (TDS Certificate) on the BMW Mobile App (click here to download for Apple and here for Android)

    TDS deducted @ 10.00% on the interest amount and subsequently deposited against the PAN of BMW India Financial Services Private Limited shall be refunded by us, basis TAN number updated in our records and as appearing in the statement of 26 AS.

    PAN No for BMW India Financial Services Private Limited: AADCB8986G

    Please Note: The TDS Refund shall be processed to the bank account registered against your Retail Loan Contract.


  • Where/How can I access my Loan Statement and Loan Schedule?

    Accessing your Statement or Payment schedule is now possible anytime using the BMW Mobile App (click here to download for Apple and here for Android)

    You can also request for a current dated Statement of Accounts & Payment Schedule through Email or by calling the Customer Interaction Centre.

    • E-mail: BMW Financial Services - Customerservice@bmw.in
    • Tel: 1800 102 2269 (Toll Free)

  • How can I Terminate my Loan earlier than its maturity date?

    You can ask for an early termination quotation for any specific date (when you wish to close the loan) through the BMW Mobile App (click here to download for Apple and here for Android)

    Post receiving the quotation, you can transfer the funds through RTGS/NEFT or Cheque/ Demand Draft ensuring clearance of your latest EMI.

    Early Termination charges:

    • Retention - NIL
    • Within the first 12 months – 3% (additional taxes applicable) on the Principal Amount Outstanding
    • After completing 12 months - 2% (additional taxes applicable) on the Principal Amount Outstanding

    **For Retention definition, please refer Retail Finance Agreement.

  • What are the steps to be followed after Loan closure?

    BMW India will issue a No Objection Certificate (NOC) along with 2 copies of form 35, both valid for 90 days after closure of your Loan.

    You have to simply submit Form 35 at the RTO and get the Hypothecation removed within the validity period.

  • Can the NOC be renewed if the validity period gets over before submission?

    You can request for a Duplicate NOC any time on the BMW Mobile App (click here to download for Apple and here for Android)

    Charges:

    1st Duplicate NOC – NIL
    2nd Duplicate – ₹1000 (additional taxes applicable)

  • What are the bank details for BMW India Financial Services?

    You can now transfer payments to BMW India
    Financial Services using the below bank account details:

    Current Account No. : 17716026

    Bank Name : CITI Bank, N.A. New Delhi

    Branch Address  : Citibank N.A. 1st Floor, DLF Capitol Point, Baba Kharag Singh Marg, Connaught Place, New Delhi 110 001

    IFSC Code : CITI0000002

    Account Name : BMW India Financial Services Private Limited.

    The Oberoi Corporate Tower Building No. 11, 1st Floor, DLF Cyber City, Phase 2 Gurugram 122002, Haryana, India

     

    Direct Payment Link
    https://bmwloans.razorpay.com/
    **Please refer the above link for applicable charges.

    Please confirm the below payment details post transferring any funds:
    • Amount
    • Transaction Reference Number/UTR Number
    • Reason for funds transfer

    For any further concerns/queries, please feel free to contact the Customer Interaction Centre on the below coordinates:

    • E-mail: BMW Financial Services - Customerservice@bmw.in
    • Tel: 1800 102 2269 (Toll Free)

    Our Customer Interaction Centre remains open from 0830 Hrs. to 1700 Hrs. Monday to Friday and we shall respond to you within 24 working hours on your registered email id.

FOR EXISTING BMW FINANCIAL SERVICES CUSTOMERS.

  • How do I request for various statements like Amortization Schedule and Statement of accounts?

    Send an email request to BMWFS-Customerservice@bmw.in from your registered email id or contact our Customer Interaction Centre at the toll free number 1-800-1022-269.

    Processing Charges for the above request shall be applicable as under:

    Soft Copy (via e-mail)                                  Nil
    Hard Copy (printed statement via courier)  INR 500.00*

    *Plus Taxes as applicable.

  • How can I change my contact information with BMW Financial Services?

    For Address Change:
    Send an email request to BMWFS-Customerservice@bmw.in from your registered email id or contact our Customer Interaction Centre at the toll free number 1-800-1022-269.

    Additionally, please submit a self-attested scanned image of any of the acceptable address proof documents as per the RBI guidelines, stating the new address.*

    For Contact Numbers Change:
    Send us an email request at BMWFS-Customerservice@bmw.in from your registered email id.

    For Registered Email address Change:
    Send us an email request at BMWFS-Customerservice@bmw.in confirming the new email address from your registered email id or contact our Customer Interaction Centre at the toll free number 1-800-1022-269. Details are changed subject to security verification.

    *(Documents submitted may require authentication as per BMW Financial Services Pvt Ltd guidelines)

  • How can I change my Bank Account through which I am currently paying my loan installments?

    Send an email request to BMWFS-Customerservice@bmw.in from your registered email id or contact our Customer Interaction Centre at the toll free number 1-800-1022-269.

    To process the Bank swap, you are requested to furnish a Bank statement for latest 1 month along with a cancelled cheque.
    In case, repayment is proposed from a newly opened account i.e. opened less than 30 days, Bank statement from the date of account opening till date is required and account opening/authorization letter from the bank.
    Please note: The Bank statement submitted to us must be scanned image of the original account statement on the letterhead of Bank or PDF (generated online). The new bank account must be in the name of the Borrower or Co-Borrower to the loan contract. Post approval, we shall inform you about the documents that have to be submitted towards execution.

    Processing Charges applicable: INR 500.00 plus taxes, once your request is approved.

    (Documents submitted may require authentication as per BMW Financial Services Pvt Ltd guidelines)

  • How can I change my EMI / Payment due dates?

    Send an email request to BMWFS-Customerservice@bmw.in from your registered email id or contact our Customer Interaction Centre at the toll free number 1-800-1022-269.

    Note:

    - The EMI date can only be either 1st or 16th of the month.

    - Deferred Interest will be charged, for a period of 15 days when you opt for the EMI date change.

    - Processing Charges applicable: INR 500.00 plus Taxes.

  • How can I claim for TDS refund, since I pay gross EMIs?

    We wish to inform you that as per company norms, we accept gross EMI payments only. The TDS @ 10.00% on the interest amount paid and deposited shall be refunded by us, on timely receipt of original duly completed certificate and request letter from the Customer’s end.

    You may share the Digitally Signed Form 16 A via email or scanned image of signed and stamped certificates (from the registered email id) for faster processing of the refund request.

    Please note the following details for your reference:
    PAN: AADCB8986G
    Registered Address: BMW India Financial Services Pvt. Ltd.
    DLF Cyber City, Phase II, Building No. 10, Tower C, 14th Floor, Gurugram 122002, Haryana, India

    All TDS refund claims of a particular FY should be submitted latest by November 15th of the subsequent Financial Year.

    For further details you may send an email to BMWFS-Customerservice@bmw.in from your registered email id or contact our Customer Interaction Centre at the toll free number 1-800-1022-269.

  • How can I make a part payment of my loan with BMW Financial Services and what are the applicable charges?

    Send an email request to BMWFS-Customerservice@bmw.in from your registered email id or contact our Customer Interaction Centre at the toll free number 1-800-1022-269.

    BMW Financial Services offers the customer to avail the facility of Part Payment as per the Terms and Conditions mentioned in the Retail Loan Finance Agreement.
    Part payment towards the principal outstanding of the loan amount will have an impact on the loan amortization schedule. The customer may choose from either of the following options:

    Option I: Keep your EMI amount same as existing and reduce the loan tenure
    Option II: Keep your Loan tenure same as existing and reduce the EMI amount
    Option III: Reduce others - This option is only available for a loan contract with bullet or balloon EMI scheme.

    Payment can be made via an electronic transfer or can be credited to the BMW India Financial Services Bank Account through a Cheque/DD deposit.

    The part payment charges are applicable as below:

    Within 12 months of Loan Activation                      3% of part payment amount*
    Post 12 months of Loan Activation                         2% of part payment amount*

    * Plus Taxes as applicable.

    Please contact our Customer Interaction Centre for more details.

  • How can I Early Terminate my loan contract with BMW Financial Services and what are the charges?

    Send an email request to BMWFS-Customerservice@bmw.in from your registered email id or contact our Customer Interaction Centre at the toll free number 1-800-1022-269.

    Our Customer Interaction Centre will send you an email with the ‘Early Termination Quote’ to your registered email Id specifying the total amount to be paid to close the loan.

    Payment can be made via an electronic transfer or can be credited to the BMW India Financial Services Bank Account through a Cheque/DD deposit.

    The early termination charges are applicable as below:

    Within 12 months of Loan Activation                     3% of part payment amount*
    Post 12 months of Loan Activation                        2% of part payment amount*

    * Plus Taxes as applicable.

    Please contact our Customer Interaction Centre for more details.

  • How can I get my ‘No Objection Certificate’ on termination/ maturity of my loan contract?

    Once your loan contract gets terminated, we shall mail the original NOC along with Form 35 to the registered mailing Address via Courier/Post without any charges. All subsequent requests for Issuance of Duplicate NOC will be charged @ INR1000.00 (each copy) plus taxes as applicable.

  • How can I get my vehicle details updated in your records?

    Send us a scan image of your ‘Vehicle Registration Certificate’ and Motor Insurance Policy with the hypothecation of BMW India Financial Services Private Limited at BMWFS-Customerservice@bmw.in. Upon verification the same shall be updated in our records.

  • What are the various fee and charges applicable to my loan account?

    Charges applicable are in INR and do not include Government Taxes as applicable*

    1. Loan Statement and Amortization Schedule Via email: Nil Charges ; Hardcopy: INR 500.00

    2. Swapping of Bank Account or /and instrument change: INR 500.00 per swap request

    3. Change in EMI Due Date : INR 500.00 per request

    4. Change in agreement (Constitutional change of Business entity or Swap of applicant/ co applicant/ guarantor) INR 3,000.00 plus actual stamp duty cost and Taxes as applicable

    5. EMI Bounce Charges INR 750.00 per occurrence

    6. Late Payment Charges 2% per month on unpaid EMI

    7. Part Payment Charges: As per Schedule 1 to Retail Finance Agreement

    8. Loan Prepayment Charges: As per Schedule 1 to Retail Finance Agreement

    9. Letters for specific purpose via email: Nil Charges
    Hardcopy: INR 500.00 (per letter Request)

    10. NOC Issuance Charges along with Form 35: First Hardcopy: Nil Charges;
    Duplicate Hardcopy: INR 1000.00

    11. NOC (other than loan closure and addressed to RTO for active contracts) INR 500.00 per request.

    * GST and other govt. taxes, levies, etc. applicable as per prevailing rate on the above Fees and Charges. Charges are subject to changes at the discretion of BMW Financial Services without Prior intimation.

  • When can I get a waiver of ‘Early Termination’ charges?

    BMW Financial Services has an exclusive policy for its Retained customers, which allows for a consideration of waiver of ‘Early Termination’ charges.

    The above mentioned benefit can be availed by applying for another loan against a BMW Group car as per applicable terms and conditions.

    For further details, email us at BMWFS-Customerservice@bmw.in or contact our Customer Interaction Centre at the toll free number 1-800-1022-269.

FOR BMW FINANCIAL SERVICES NEW CUSTOMERS

  • What are the product offerings of BMW Financial Services and how can I approach you?

    BMW Financial Services is dedicated to providing BMW customers with the type of products, professionalism and efficient service, required to make the transition from showroom to highway both pleasant and memorable.

    To ensure that you enjoying driving our cars, we provide a range of innovative financial solutions for new and pre-owned BMW cars.

    For details, contact the Finance and Insurance Manager at your nearest authorized BMW Dealership or contact us at BMWFS-Customerservice@bmw.in or contact our Customer Interaction Centre at the toll free number 1-800-1022-269.

  • What is the turnaround time for loan approval from BMW Financial Services?

    Loans are generally approved within 4 working hours of submission of complete documentation by the dealership to BMW Financial Services. However, loan approval is at the sole discretion of BMW Financial Services Private Ltd as per our internal guidelines.

    For further details contact our Customer Interaction Centre at BMWFS-Customerservice@bmw.in or at the toll free number 1-800-1022-269 or you can contact the Finance & Manager at your nearest authorized BMW Dealership.

    (Documents submitted may require authentication as per BMW India Financial Services Pvt Ltd guidelines)

  • What are the tenure options available on a loan from BMW Financial Services?

    BMW Financial Services offers customers the option to choose a loan tenure between12 month to 84 months.

  • What is the maximum amount I can borrow with BMW Financial Services loan?

    BMW Financial Services can fund up to 85% of ex-showroom price of the vehicle, higher funding can be done subject to discretion of BMW Financial Services Private Ltd as per our internal guideline.

    Who can avail a BMW Financial Services loan?
    All resident Indian Individuals / NRI/ entities registered in India/ foreign citizen resident in India.

    Can my spouse’s income be included for calculation of approved loan amount?
    Yes, your spouse’s income can be included for calculation of the approved loan amount, provided the spouse is taken as co-borrower for the loan.

    Does BMW Financial offer a fixed or floating rate of interest?
    BMW Financial Services offers fixed rate of Interest on monthly reducing balance.

    What are the tenure options available for pre owned loan from BMW Financial Services?
    The tenure options available for loans on pre-owned cars is upto 5 years, provided the age of vehicle at the end of loan tenor does not exceed 8 years.

    What documents are required for applying/ approval of loan with BMW Financial Services?
    To apply for a loan with BMW Financial Services you will need to submit the following documents:

    Know Your Customer (KYC) documents (Photo Id Proof, Address Proof, Signature Proof), Proof of Income and latest bank statement are the primary documents.

    Other documents may be required, subject to discretion of BMW Financial Services Private Ltd and our internal regulatory guidelines.

  • What are the various rates & charges applicable?

    Interest rates offered are arrived on various parameters and defined under the Interest rate policy of the company. Key ones are competition benchmarking, tenure of the contract, inherent credit and evasion risks, previous track records, subventions and subsidies available.

    Charges applicable are in INR and do not include Government Taxes as applicable*

    1. Loan Statement and Amortization Schedule Via email: Nil Charges ; Hardcopy: INR 500.00

    2. Swapping of Bank Account or /and instrument change: INR 500.00 per swap request

    3. Change in EMI Due Date : INR 500.00 per request

    4. Change in agreement (Constitutional change of Business entity or Swap of applicant/ co applicant/ guarantor) INR 3,000.00 plus actual stamp duty cost and Taxes as applicable

    5. EMI Bounce Charges INR 750.00 per occurrence

    6. Late Payment Charges 2% per month on unpaid EMI

    7. Part Payment Charges: As per Schedule 1 to Retail Finance Agreement

    8. Loan Prepayment Charges: As per Schedule 1 to Retail Finance Agreement

    9. Letters for specific purpose via email: Nil Charges
    Hardcopy: INR 500.00 (per letter Request)

    10. NOC Issuance Charges along with Form 35: First Hardcopy: Nil Charges;
    Duplicate Hardcopy: INR 1000.00

    11. NOC (other than loan closure and addressed to RTO for active contracts) INR 500.00 per request.

    * GST and other govt. taxes, levies, etc. applicable as per prevailing rate on the above Fees and Charges. Charges are subject to changes at the discretion of BMW Financial Services without Prior intimation.

    Note: Any document or information provided by the Customer shall only be accepted and confirmed after the due verification as per the standards and measures set up by BMW Financial Services and BMW Financial Services reserves the sole right to ask any further information in relation to such document(s) or information.

  • Disclaimer

    Kindly note that these FAQs are for ready reference and the applicability of the abovementioned responses may vary from customer to customer. Please be informed that in case of any conflict between these FAQs and your Retail Finance Agreement, the terms and conditions of the Retail Finance Agreement shall prevail.

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