• Mahindra Finance Personal Loan

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

    Documents required to apply Mahindra finance Personal loan

    • 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 to apply?

    • 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.

    How to apply for a personal loan from Mahindra Finance

    • Online
    • Click on the link Mahindra finance apply now
    • Click on ‘Apply Now’ button. You will be directed to a new page.
    • Enter details such as your name, email ID, mobile number, city and state in which you reside, along with other details.
    • Select the type of employment, and click on the button ‘I am not a robot’.
    • Click on ‘Submit’.

    FAQs on Mahindra Finance Personal Loan

    1. 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?
    2. 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.

    3. 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?
    4. 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.

    5. How can I apply for a Mahindra Finance personal loan?
    6. 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.

    7. 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?
    8. 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.

    9. Will anyone be eligible for the maximum loan amount of Rs.3 lakh?
    10. 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.

    11. How can I check the status of my Mahindra Finance personal loan?
    12. Visit our Mahindra finance bank personal loan status page for more details.

    13. How do I get in touch with Mahindra Finance personal loan customer care?
    14. You can get your queries related to personal loan addressed by calling on the toll-free number 1800 233 1234 between Monday and Saturday from 08:00 a.m. to 08:00 p.m.

        

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    Mahindra Finance Personal Loan Reviews

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