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    Mahindra Finance Personal Loan

    Overview

    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.

    Usage of Mahindra Finance Personal Loan

    The loan can be utilised for business or personal needs, but can’t be utilised for any speculative purposes.

    Eligibility Criteria for Mahindra Finance Personal Loan

    The eligibility criteria to be met in order for the institution to be able to sanction the loan include the following -

    1. The applicant should be at least 21 years of age when the loan is being sanctioned and shouldn’t exceed 58 years with the repayment period being considered
    2. The applicant should have a satisfactory conduct of account and good repayment history with Mahindra Finance if he/she is an existing customer
    3. In case it’s an employee of the Mahindra Group, he/she must have completed at least two years of service with the organisation

    The above criteria are as per Mahindra Finance and might be subject to change based on the financial institution’s discretion.

    Types of Financing under Mahindra Finance Personal Loan

    The financing mode allowed under the Personal Loan is a term loan.

    Loan limits under Mahindra Finance Personal 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 Mahindra Finance Personal Loan

    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.

    Documentation required during applying for Mahindra Finance Personal Loan

    The standard list of required documents for applying for this loan are mentioned as follows –

    1. Application form
    2. Passport Size Photographs of the borrower and the guarantor
    3. Identity proof
    4. Residence proof or Address Proof
    5. Income proof, proof of profession or bank statements of 3 months
    6. A copy of a valid PAN card of the applicant
    7. Relevant documents as requested by the bank

    Features of Mahindra Finance Personal Loan

    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.

    Applying for Mahindra Finance Personal Loan

    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.

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