BMW FINANCIAL SERVICES FAQS:
YOUR QUESTIONS ANSWERED
For Existing BMW Financial Services Customers.
You can now place a request to change your EMI due date through Email or by calling the Customer Interaction Centre.
• E-mail: BMWFS-CustomerService@bmw.in
• Tel: 1800 102 2269 (Toll Free)
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.
Part-Payment requests can be placed through Email or by calling the Customer Interaction Centre.
• E-mail: BMWFS-CustomerService@bmw.in
• Tel: 1800 102 2269 (Toll Free)
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 – 5% (additional taxes applicable) on the amount of Part Payment
•After completing 12 months – 3% (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 at BMWFS-CustomerService@bmw.in .
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).
You can now simply update your RC details through Email or by calling the Customer Interaction Centre.
• E-mail: BMWFS-CustomerService@bmw.in
• Tel: 1800 102 2269 (Toll Free)
Kindly ensure the following on your RC:
• VIN Number
• Engine Number
• Hypothecation (HP) in the name of BMW India Financial Services Pvt.Ltd.
• Correct Model & Variant name
Claim your refund for the TDS paid by updating your TAN number details or by sharing the Digitally Signed Form 16A (TDS Certificate) through Email or by calling the Customer Interaction Centre.
• E-mail: BMWFS-CustomerService@bmw.in
• Tel: 1800 102 2269 (Toll Free)
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 within 15 working days.
Accessing your Statement or Payment schedule is now possible anytime.
You can request for a current dated Statement of Accounts & Payment Schedule through Email or by calling the Customer Interaction Centre.
• E-mail: BMWFS-CustomerService@bmw.in
• Tel: 1800 102 2269 (Toll Free)
You can ask for an early termination quotation for any specific date (when you wish to close the loan) through Email or by calling the Customer Interaction Centre.
• E-mail: BMWFS-CustomerService@bmw.in
• Tel: 1800 102 2269 (Toll Free)
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 – 5% (additional taxes applicable) on the Principal Amount Outstanding
• After completing 12 months – 3% (additional taxes applicable) on the Principal Amount Outstanding
**For Retention definition, please refer Retail Finance Agreement.
BMW India shall courier a No Objection Certificate (NOC) along with 2 copies of Form 35 to your registered address, as per our records within 7 days post successful termination of the contract 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.
You can request for a Duplicate NOC any time through Email or by calling the Customer Interaction Centre.
• E-mail: BMWFS-CustomerService@bmw.in
• Tel: 1800 102 2269 (Toll Free)
Charges:
1st Duplicate NOC – NIL
2nd Duplicate – ₹1000 (additional taxes applicable)
You can now transfer payments to BMW India Financial Services using the bank account details given above.
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: BMWFS-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.
You may follow the escalation matrix given above.
For BMW Financial Services New Customers
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 any further concerns/queries, please feel free to contact your nearest authorized BMW Dealership or our Customer Interaction Centre on the below coordinates:
- E-mail: BMWFS-CustomerService@bmw.in
- Tel: 1800 102 2269 (Toll Free)
Our Customer Interaction Centre remains open from 9:00 am to 6:30 pm, Monday to Friday and we shall respond to you within 24 working hours on your registered email id.
Loans are generally approved within 2 business working days of submission of complete documentation by the dealership to BMW India Financial Services. However, loan approval is at the sole discretion of BMW India Financial Services Private Ltd as per our internal guidelines.
(Documents submitted may require authentication as per BMW India Financial Services Pvt. Ltd. guidelines)
BMW India Financial Services offers customers the option to choose a loan tenure ranging from 12 month to 84 months.
BMW India Financial Services can fund up to 85% of ex-showroom price of the vehicle, higher funding can be done subject to discretion of BMW India Financial Services Private Ltd as per our internal guideline.
All resident Indian Individuals / NRI/ entities registered in India/ foreign citizen resident in India.
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.
BMW India Financial Services offers fixed rate of Interest on monthly reducing balance.
To apply for a loan with BMW India Financial Services you will need to submit the following documents:
Know Your Customer (KYC) documents (Photo Id Proof, Address Proof, and Signature Proof), Proof of Income and latest bank statement are the primary documents.
Other documents may be required, subject to discretion of BMW India Financial Services Private Ltd and our internal regulatory guidelines.
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. Penal Charges on Overdue 2% per month on unpaid EMI
7. Part Payment Charges:
Within the first 12 months – 5% (additional taxes applicable) on the amount of Part Payment.
After completing 12 months – 3% (additional taxes applicable) on the amount of Part Payment.
8. Loan Prepayment Charges:
Retention – NIL.
Within the first 12 months – 5% (additional taxes applicable) on the Principal Amount Outstanding.
After completing 12 months – 3% (additional taxes applicable) on the Principal Amount Outstanding.
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.
12. Processing Fee: 1% of Loan amount subject to minimum INR 7,000 and maximum upto INR 1 lacs.
13. Stamp Duty charges: INR 400
* 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 India 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 India Financial Services and BMW India Financial Services reserves the sole right to ask any further information in relation to such document(s) or information.
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.
For dealer wholesale finance.
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.
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