Customers who wish to buy a new or a pre-owned car from Mahindra can make use of their car loan scheme that offers up to 100% of the ex-showroom price of the car at attractive interest rates.
Listed below are the eligibility criteria to avail a car loan from Mahindra Finance:
Individuals should meet the age criteria as well as the annual income criteria to avail a car loan from Mahindra Finance.
Listed in the table below are the documents that individuals applying for a Mahindra Finance Car Loan need to submit:
|Age proof||Aadhaar card, Passport, Driving License, etc.|
|ID proof||PAN Card, Voter ID, Driving License, Passport, etc.|
|Address proof||Voter ID card, Aadhaar card, Passport, etc.|
|Income proof||Salary slip, Income Tax Return Certificate, Bank Statements, or Form 16.|
Listed below are the minimum and maximum car loan amounts that can be availed from Mahindra Finance to purchase a new or pre-owned car:
|Minimum finance amount||As per the terms and conditions set by Mahindra Finance|
|Maximum finance amount||Up to 100% of the ex-showroom price of the new Mahindra car or pre-owned Mahindra car.|
Listed below is the repayment schedule set by Mahindra Finance for their car loans:
|Repayment schedule||The EMIs to repay the Mahindra Finance car loan consist of the principal car loan amount as well as the interest added by Mahindra Finance.|
|Minimum loan term||As per the terms and conditions as set by Mahindra Finance|
|Maximum loan term||60 months|
Some of the key features and benefits of availing a car loan from Mahindra Finance are listed below:
Mahindra Finance usually takes 1 working day to verify the documents and approve the car loan application. This is provided that the applicant submits all the required documents.
The simplest way of paying your Mahindra Finance car loan EMIs is online on the website of Mahindra Finance. The customer has to log in to his/her account on the website of Mahindra Finance and make the payment via ECS (Electronic Clearing Service). The customer can also choose to pay the EMI at any branch of Mahindra Finance.
As soon as the last EMI is paid and any other dues are cleared, Mahindra Finance will post the termination papers of the car loan, the No-Objection certificate addressed to the RTO (Regional Transport Papers), and the insurance endorsement cancellation letter to your home address.
The interest rate will depend on the loan amount availed and the repayment tenure chosen by the applicant. It will also depend on the terms and conditions as set by Mahindra Finance.
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