A personal loan by Mahindra Finance aimed at individuals for providing financial aid concerning any purpose. This loan features low interest rates and fast approval times.
The loan can be utilised for business or personal needs, but can’t be utilised for any speculative purposes.
The eligibility criteria to be met in order for the institution to be able to sanction the loan include the following -
The above criteria are as per Mahindra Finance and might be subject to change based on the financial institution’s discretion.
The financing mode allowed under the Personal Loan is a term loan.
Based on the credit-worthiness of the applicant, Mahindra Finance can provide loans of up to INR 3 lakhs.
The repayment duration can be a maximum of 3 years (subject to the discretion of Mahindra Finance).
Interest rates for a Personal Loan from Mahindra Finance are based on the rating of the applicant by Mahindra Finance. As per how creditworthy the applicant is, he/she might be able to avail the personal loan at preferential rates.
The standard list of required documents for applying for this loan are mentioned as follows –
The Personal Loan from Mahindra Finance is a secured loan that requires guarantors and is a really good financing option for individuals to meet any kind of personal or business needs, either planned or urgent.
The loan period can be of 36 months (under special conditions) or 24 months and the loan processing time is very less when compared to other business or personal loans. The loan process involves minimal documentation and the loan can be sanctioned within two working days.
Through Mahindra Finance’s website, one can apply for the loan, the forms can also be downloaded from there, filled and submitted along with relevant documents at a local branch. Additionally, one could call or mail Mahindra Finance requesting an executive assistance for application process.
One can also apply for Mahindra Finance Personal Loan through BankBazaar, wherein eligibility charts, EMI calculators and infographics can guide one through the application process.