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  • Mahindra Finance Personal Loan

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  • The personal loans from Mahindra Finance come with competitive rates of interest. Only Employees of the Mahindra Group and existing customers of Mahindra Finance are eligible to apply for these loans. These instant loans can be disbursed in as less as 2 days and feature easy documentation and flexible repayment options.

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

    Loan Overview 

    Interest Rate  Loan Amount  Processing Fees 
    Based on the terms and conditions as set by Mahindra Finance  Up to Rs.3 lakh  Based on the terms and conditions as set by Mahindra Finance

    Documents required

    • 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?

    • 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.  
    Age  Minimum: 21 years old  Maximum: 58 years old 
    Employment Status  Should be an employee of Mahindra and Mahindra Limited or an existing Mahindra Finance customer.  
    Citizenship  Resident citizen of India 
    Minimum Net Salary  As per the terms and conditions set by Mahindra Finance 

    How the EMI calculation for Mahindra Finance personal loan work?

    Let’s assume that Mr. Robert availed a personal loan from Mahindra Finance of Rs.2 lakh with a repayment tenure of 3 years and assuming that the interest rate p.a. is 10%. Listed below is the EMI breakup after adding the principal amount as well as the interest rate for each month. 

    Repayment Tenure  Principal amount (A)  Interest rate (B)  Total EMI (A+B)  Balance amount  Loan percentage paid till date 
    Apr  Rs.15,917  Rs.1,667  Rs.17,583  Rs.1,84,083  7.96% 
    May  Rs.16,049  Rs.1,534  Rs.17,583  Rs.1,68,034  15.98% 
    Jun  Rs.16,183  Rs.1,400  Rs.17,583  Rs.1,51,851  24.07% 
    Jul  Rs.16,318  Rs.1,265  Rs.17,583  Rs.1,35,534  32.23% 
    Aug  Rs.16,454  Rs.1,129  Rs.17,583  Rs.1,19,080  40.46% 
    Sep  Rs.16,591  Rs.992  Rs.17,583  Rs.1,02,489  48.76% 
    Oct  Rs.16,729  Rs.854  Rs.17,583  Rs.85,760  57.12% 
    Nov  Rs.16,869  Rs.715  Rs.17,583  Rs.68,892  65.55% 
    Dec  Rs.17,009  Rs.574  Rs.17,583  Rs.51,882  74.06% 
    Jan  Rs.17,151  Rs.432  Rs.17,583  Rs.34,732  82.63% 
    Feb  Rs.17,294  Rs.289  Rs.17,583  Rs.17,438  91.28% 
    Mar  Rs.17,438  Rs.145  Rs.17,583  Rs.0  100.00% 

    To repay the personal loan that Mr. Robert availed from Mahindra Finance, he will have to pay an EMI of Rs.17,583 for 12 months.

    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? 

    Mahindra Finance takes 48 hours to approve and disburse the personal loan amount to the bank account of the applicant or via cheque – according to the choice of the customer.  

    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? 

    Mahindra Finance allows customers to pre-close their loans, but they will have to pay foreclosure charges. The foreclosure charges are as per the terms and conditions as set by Mahindra Finance.

    How can I apply for a Mahindra Finance personal loan? 

    Mahindra and Mahindra Limited customers as well as existing Mahindra Finance customers can choose to apply for a personal loan either online on the website of Mahindra Finance or at the nearest branch of Mahindra Finance. 

    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? 

    To receive the loan amount, you will need to have a bank account. Following the approval from Mahindra Finance, you will receive the loan amount either via cheque or direct transfer to your bank account. Mahindra Finance does not have a cash option.  

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

    The maximum loan amount that can be availed by a customer will depend on the terms and conditions set by Mahindra Finance. The net monthly salary of the individual will be taken into consideration when it comes to deciding the maximum loan amount that one can avail from Mahindra Finance. 

        

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    Mahindra Finance Personal Loan Reviews

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