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Skoda Car Finance
In the year 1895, Laurin & Klement was launched as a prominent Czech automobile manufacturer. It underwent name change subsequently and is now popularly called Skoda Auto. Skoda introduced high-end cars in India which promises to deliver best-in-class design and engineering. Skoda finance was launched to ensure that Skoda cars are available for a wider set of audience. Skoda Car Finance deals exclusively with Skoda cars. They provide a hassle free, technology driven experience which translates to higher customer satisfaction.
Features and benefits of Skoda Car Finance
Skoda Car Finance is an exclusive dealer for Skoda cars. They provide the best offers in terms of interest rates and flexibility in payment of EMI (equated monthly instalments). The entire loan application and disbursement process is streamlined in such a way that the customer experiences least amount of inconvenience. Information flow is seamless, the status updates are provided on an automated basis. The key features and benefits of availing car loan from Skoda Car Finance is mentioned below –
- High quantum of loan – The loan – to -value extended by customers is 90% of car value. For high fleet cars like Skoda, this would work out beneficial for customers. Often, the gadgets and accessories are included whilst extending car loan to potential buyers.
- Longer tenure – The loan tenure can vary between 12 months – 60 months. The 5-year tenure ensures that the potential buyer pays off the EMI without any burden on his household budget.
- Quick and easy processing – Skoda Finance is known for its ability to process the loans at a quick pace. Backed by the best technology and logistics, the status updates are duly communicated to the customers. Further, they have a tight timeline that they adhere to, this helps them process the loans in a very short period of time.
- Minimal documentation – The documentation is minimalist and the focus is to ascertain the client’s profile by gathering enough evidence with regard to their source of income and stability of income. This will provide the necessary check on whether the loan will be repaid on time by the client.
- Easy payment options – Skoda Car Finance allows payment of EMI via direct transfer, ECS and post-dated cheques (PDC).
Skoda Car Finance provides car loan to all applicants who qualify based on the eligibility criteria.
Skoda Car Finance loan eligibility criteria
The applicant for Skoda Car Finance can be either a salaried employee or self-employed person. The eligibility criteria for these two categories are slightly different. The source of income / stability of income is a key criterion for eligibility of car loan. Below table depicts the eligibility criteria for Skoda Car Finance for both the categories –
Eligibility of salaried individuals
| Type of category | Car value upto Rs. 10 Lakh | Car Value between Rs. 10 Lakh – Rs. 20 Lakh | Car value greater than Rs. 20 Lakh |
|---|---|---|---|
| Age | 21 – 65 years | 21 – 65 years | 21 years – 65 years |
| Minimum Annual Income | Minimum Rs. 2 Lakhs | Minimum Rs. 5 Lakhs | Minimum Rs. 10 Lakhs |
| Tenure in current employment | Minimum 3 years | Minimum 3 years | Minimum 5 years |
| Quantum of Loan | Upto 90% of car value | Upto 90% of car value | Upto 90% of car value |
Eligibility for self – employed applicants
| Type of category | Car value upto Rs. 10 Lakh | Car Value between Rs. 10 Lakh – Rs. 20 Lakh | Car value greater than Rs. 20 Lakh |
|---|---|---|---|
| Age | 21 – 65 years | 21 – 65 years | 21 years – 65 years |
| Minimum Annual Income | Minimum Rs. 1 Lakhs | Minimum Rs. 3.5 Lakhs | Minimum Rs. 5 Lakhs |
| Tenure in current employment | Minimum 2 years | Minimum 5 years | Minimum 7 years |
| Quantum of Loan | Upto 85% of car value | Upto 85% of car value | Upto 85% of car value |
Skoda Finance Car Loan Application Process
After establishing the eligibility for Skoda Car Finance, the loan application process can be initiated. The Skoda Finance Car Loan Application Process has been extremely simplified and streamlined. The logistics are designed to ensure that there is seamless flow of documents from one step to another, thereby ensuring that the required approvals / sanctions happen within the stipulated timelines. The steps pertaining to Skoda Finance Car Loan Application Process are as mentioned below –
- Choose and finalize the car that is preferred
- Check for eligibility of Skoda finance car loan
- If eligible, segregate documents as per requirement
- Submit completed loan application along with required documents
- If the documents are in place, they are approved
- On approval, the loan is disbursed within 48 hours
- The customer can take delivery of the car after providing Skoda finance with a copy of vehicle registration, insurance policy and invoice
The logistics and turnaround time involved in the above process is pretty tight. This ensures that the entire loan application and disbursement process is carried out with optimal efficiency.
Documents required for Skoda Car Finance
The documentation for Skoda Car Finance is different for each category of applicant. Here is a list of documents required –
| Identity Proof | Passport, PAN Card, Driving License, GST Certificate (as required) |
| Address Proof | Passport, Lease Agreement, Telephone bill, Utility bill, Bank Statement (6 month) |
| Other documents | Last 3 months’ pay slips & Form 16 / IT Return |
Documentation required for Self-employed applicant
| Identity Proof | Passport, PAN Card, Driving License, GST Certificate |
| Address Proof | Passport, Lease Agreement, Telephone bill, Utility Bill, Bank Statement |
| Other documents | Business Bank Statement (income Credit) for 6 months; proof of businessesLast 2 years’ Income Tax Returns along with Balance Sheet & Profit and Loss A/C, Computation of Income. If the ITR has been audited, then the audited report must be attached along with the annexures |
Documentation required for Partnership applicant
| Identity Proof | Partnership Deed, Identity Proof of signing partners and GST Certificate |
| Address Proof | Electricity / Water / Telephone bills. Address proof of signing partners is required |
| Other documents | Audited Balance Sheet, Profit & Loss A/C, Computation of Income. If the ITR has been audited, then the audited report must be attached along with the annexures |
Documents required for Limited applicant
| Identity Proof | Identity proof of signing directors, MOA & AOA of organizations, GST Certificate |
| Address Proof | Address proof of all directors is required. Documents serving as Identity Proof must have the current address of the company. |
| Other documents | Audited Balance Sheet, Profit & Loss A/C, Computation of Income. If the ITR has been audited, then the audited report must be attached along with the annexures. |
All the documents should be self-attested and irrespective of the loan value, 6 months bank statement would be required.
Loan sanction and disbursement
After the documents are duly submitted along with the completed application, the loan approval happens. The submission of loan documents and application can be done physically at any of the Skoda finance outlets or one can upload the documents on their website. By submitting soft copy, the loan gets an e-approval. The original documents will be cross-checked with the soft copies submitted before the loan is sanctioned and disbursed.
On disbursement of the loan, the customer can drive the car home. The copy of the vehicle registration, insurance policy and invoice will be retained with Skoda finance. The EMI will commence from the subsequent month. The car bought will remain as collateral with Skoda finance. There is no requirement for any additional collateral.
Advantage of exclusivity with Skoda finance
Skoda finance extends finance only for Skoda cars marketed and distributed in India. The Czech manufacturer has gained strong foothold in India over the years. The fleet of cars that are available in India include Skoda Octavia, Skoda Superb, Skoda Yeti, Skoda Rapid. These cars are best in design and engineering. The high quantum of loan extended includes the gadgets and accessories, this enables customers not to compromise in terms of look and feel of the driving experience.
Further, being the exclusive dealer, Skoda finance is able to provide attractive offers from time to time to enable customers to not only avail car loans at attractive interest rates but also significant discount on the ex-showroom price of cars.
Charges and fees applicable
Owning a Skoda car is no longer a dream for many, all thanks to Skoda finance which has helped reach out to a wider set of audience.
Summary
- Skoda finance extends car loans exclusively to Skoda cars alone
- Exclusivity enables Skoda finance to provide best interest rates
- Loan to value is upto 90% and includes gadgets and accessories
- Loan processing and documentation of Skoda finance is simple and seamless
- Provides 24 / 7 customer support
Frequently asked questions
1. Where can I obtain Skoda Car Finance loan application form?
You can either download it from the website or visit the nearest Skoda car dealer for a copy of loan application form
2. How can I check the status of my loan application?
You can call the customer care service which is available 24 / 7 who will be able to provide the status of your application
3. Can the loan statement be accessed online?
Yes, the latest loan statement can be accessed online though unique login ID and password. The physical copy can be availed from Skoda dealer.