Finance

How To Get Mahindra Finance Personal Loan

Mahindra Finance Personal Loan with affordable interest rates. These loans are only available to Mahindra Group employees and current Mahindra Finance clients. These quick loans offer simple documentation, flexible repayment options, and disbursement in as little as two days.

  • Loan amount – Up to Rs.3 lakh
  • Approval and disbursal of loan within 2 day
  • Repayment period – Up to 3 years

Why choose Mahindra Finance personal loans?

  • Quick and hassle-free documentation process.
  • Loan approval and disbursal in 2 days following submission of the application form and relevant documents.
  • Multiple choices to make the EMI (Equated monthly installments) payments – ECS, cash, cheque, mobile transfer, etc.

Also Read: What is a conventional us bancorp bank fixed-rate mortgage Loan?

Loan Overview

Interest RateBased on the terms and conditions as set by Mahindra Finance
Loan AmountUp to Rs.3 lakh
Processing FeesBased on the terms and conditions as set by Mahindra Finance

Documents required to apply Mahindra finance Personal loan

  • Duly-filled personal loan application form.
  • Passport size photo of the applicant as well as the guarantor.
  • Proof of identification – Passport, Voter ID card, Aadhaar card, etc.
  • Proof of age – Birth Certificate, Voter ID card, Passport, etc.
  • Proof of Address – Driving License, Voter ID card, Aadhaar card, etc.
  • Proof of income – bank statements of the last 3 months.
  • Proof of profession – pay slips, joining letter, etc.
  • PAN card copy.

What are the eligibility criteria to apply?

  • The applicant should be a Mahindra and Mahindra Limited employee or an existing Mahindra Finance customer.
  • The candidate should have an optimum repayment record or credit score.
  • The applicant should be a minimum of 21 years old and a maximum of 58 years old.
  • Should have completed 2 years of employment with Mahindra and Mahindra Limited.

Also Read: JPMorgan Chase & Co. Asset Based Lending (ABL) & Secured Commercial Loans

AgeMinimum: 21 years old Maximum: 58 years old
Employment StatusShould be an employee of Mahindra and Mahindra Limited or an existing Mahindra Finance customer.
CitizenshipResident citizen of India
Minimum Net SalaryAs per the terms and conditions set by Mahindra Finance

How the EMI calculation for Mahindra Finance personal loan work?

Assume Mr. Robert obtained a Rs. 2 lakh Mahindra Finance Personal Loan with a 3 year payback period and an interest rate per annum of 10%. After summing the principal sum and the interest rate for each month, the EMI breakdown is shown below.

Also Read: Profits on Housing Investment – Past, Present, and Future

FAQs on Mahindra Finance Personal Loan

Once I submit all the required documents and the application form, how long can I expect Mahindra Finance to take to approve the loan and disburse the money to my bank account?

In accordance with the customer’s preference, Mahindra Finance takes 48 hours to approve and pay the personal loan amount to the applicant’s bank account or by check.

Is it possible to close my loan before the repayment tenure or is it mandatory that I follow the repayment tenure that I chose when availing the loan?

Customers can pre-close their loans with Mahindra Finance, however there will be fees associated with the foreclosure. The foreclosure fees are determined by Mahindra Finance’s terms and conditions.

How can I apply for a Mahindra Finance personal loan?

Clients of Mahindra & Mahindra Limited and current Mahindra Finance customers can opt to apply for a personal loan online or in person at the Mahindra Finance location that is closest to them.

Is it necessary to have a bank account to opt for the Mahindra Finance personal loan? Is it possible to receive the loan in the form of cash?

You must have a bank account in order to get the loan amount. You will receive the loan money after Mahindra Finance has given its approval either by check or by direct bank account transfer. Cash is not an available option with Mahindra Finance.

Will anyone be eligible for the maximum loan amount of Rs.3 lakh?

The terms and conditions set by Mahindra Finance will determine the maximum loan amount that a customer may be eligible to receive. The maximum loan amount that can be obtained from Mahindra Finance will be determined by taking into account the person’s net monthly wage.

How do I get in touch with Mahindra Finance personal loan customer care?

Calling the toll-free number 1800 233 1234 between Monday and Saturday from 8:00 a.m. to 8:00 p.m. will get your questions about personal loans answered.

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