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.
|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|
|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|
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|
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.
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.
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.
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.
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.
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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