Volkswagen Finance granted NBFC license by RBI

Customers can avail of financing options at any of the 164 dealer outlets of its brands Audi, Skoda and Volkswagen and is making an initial investment of over $24 million in India. The RBI license enables the company to offer customers of VW, Skoda and Audi cars the opportunity of a wide range of financial services including bundled 3-in-1 packages consisting of financing, insurance and maintenance.

This enables the customers in effect to walk into a dealer showroom and drive out with the vehicle of their choice. Globally, Volkswagen Financial Services (VWF) provides captive financial services for its brand cars and supports vehicle sales in 38 countries.

Joern Achim Kurzrock, Chairman of the board of VWF India, said “India being one of the fastest-growing economies, VWF India wants to present itself in the Indian market as a mobility provider with products which fully respect the needs of VW, Skoda and Audi customers.

Our focus is to support sales of our branded vehicles to customers. That’s why we are coming with 3 product lines -- VW, Skoda and Audi Finance -- to focus on specific needs of each customer segment.” VWFS AG is a 100 per cent owned subsidiary of Volkswagen AG and is headquartered in Germany.