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  • Personal Loan BYTES FROM OUR KITCHEN

    Mahindra Finance Short-Term Loan

    During the expansion or upgradation of a business, merchants essentially need a huge amount of fast cash in order to meet the financial requirements of working capital. Mahindra Finance offers short-term loans to its customers in order to help them meet their urgent business finance requirements. The Mahindra Finance Short-Term Loan can be availed by small and medium enterprises from the auto-ancillary, food and agri-processing, and automobile industry. Under this scheme, borrowers can avail a loan up to Rs.25 crore depending upon their eligibility. In order to secure this loan, the applicant will have to hypothecate his or her assets worth up to 1.25 times the total loan amount. With the option to select a loan tenure of up to 12 months, customers will be able to repay the loan as per their convenience and repayment capability.

    Features of Mahindra Finance Short-Term Loan

    Before you decide to opt for a short-term loan from Mahindra Finance, you should learn about the key features of the scheme. Check out the list mentioned below to find out whether this loan scheme suits the financial requirements of your business:

    • Quantum of loan - Using this financing plan, customers can borrow a loan amount subject to a maximum of Rs.25 crore. This will help them take care of all kinds of business-related finances. However, the maximum loan amount eligibility varies from individual to individual depending on a number of factors such as type of requirement, annual turnover of the company, CIBIL score, etc.
    • Loan repayment tenure - Being a short-term loan, this scheme allows the customers the option to choose a repayment tenure with a maximum of 12 months.
    • Security requirement - In order to secure this loan, the borrower will have to hypothecate his or her business assets worth up to 1.25 times the loan amount availed.

    Benefits of Mahindra Finance Short-Term Loan

    Find out how you can benefit from a Mahindra Finance Short-Term Loan by looking at the list mentioned below:

    • Fast cash disbursal - In case of short-term financial crises, time is of the essence since a delay in the repayment of the debt might cause it to accumulate, thus, making it difficult to be repaid. By applying for a loan under this scheme, customers will be able to receive the funds required at the earliest for their business ventures.
    • Flexible margin - Another huge benefit of applying for this scheme is that borrowers will have the benefit of choosing a loan margin that they are comfortable to pay. This can help reduce the loan amount so that the burden of the repayment of loan is reduced significantly.
    • Loan application through multiple channels - Individuals will be able to apply for this loan via multiple channels such as through website, using a phone, or by sending an email.
    • Online EMI calculator available - In order to help customers manage their finances better and choose a loan that is within their repayment capacity, Mahindra Finance offers an online EMI calculator on their official website. This will also help reduce the chances of a customer defaulting.

    Eligibility Criteria of Mahindra Finance Short-Term Loans

    Under this scheme, business owners can withdraw a loan to take care of their urgent business credit needs such as operational expansion and upgrade, maintaining cash flow, etc. The businesses which can borrow a Mahindra Finance Short-Term Loan should operate in the following industries:

    • Auto-ancillary sector
    • Automobile industry
    • Food and agri-processing segment

    Furthermore, any small and medium enterprise (SME) should fulfil the following criteria in order to be eligible for this loan:

    • The company or firm must have been operational for a minimum of 3 years
    • The business must have witnessed a profit in the previous audited financial year
    • Established dealers of renowned Original Equipment Manufacturers (OEMs) from the automobile sector might be eligible for dealer inventory funding loans
    • In case of greenfield projects, only established players from any particular segment might be considered for this type of a loan

    Documents Required to Apply for a Short-Term Loan at Mahindra Finance

    In order to apply for a loan under this scheme, the borrower will have to provide valid documents regarding the following:

    • Know Your Customer (KYC) documents of both the merchant and the business
    • Documents with the details regarding the purpose of the loan availed
    • Documents mentioning the profile of the promoter
    • Business profile documents along with the details of the existing product offerings
    • Audited balance sheets of the company for the past 3 years starting from the date of loan application
    • Documents regarding the security offered

    In addition to the documents mentioned in the list above, the credit officer might request you to submit some additional document as per requirement.

    How to Calculate EMI for Mahindra Finance Short-Term Loans

    It is imperative that you calculate beforehand how much monthly installment you will have to pay once you borrow a certain amount of loan. This will not only allow you understand if borrowing a particular amount is feasible according to your repayment capacity, but will also help you manage your finances better in the long run. Therefore, learn how to calculate your Equated Monthly Installment (EMI) through the online EMI calculator offered by Mahindra Finance mentioned in the following steps:

    • Visit the official page of the company mentioning the details of short-term loans at https://m.mahindrafinance.com/short-term-loans.aspx
    • Click on ‘EMI Calculator’ on the top section of the page
    • You will be redirected to a page containing the EMI calculator offered by the company
    • Enter the loan amount, rate of interest, and loan tenure in the correct fields
    • Then, click on ‘Calculate’
    • Your Equated Monthly Installment (EMI) will be calculated and displayed

    How to Apply for Mahindra Finance Short-Term Loans

    There are three ways customers can apply for a short-term loan through Mahindra Finance:

    • Through the website
    • By calling the concerned team of the organisation
    • By sending an email to the company’s concerned team

    Through website:

    • Visit the official page of Mahindra Finance mentioning the details of short-term loans at https://m.mahindrafinance.com/short-term-loans.aspx
    • Click on ‘Apply Now’ under the ‘Apply for Short Term Loans’ section on the page
    • Then, you will be redirected to the page containing the loan application form
    • Fill out the required details in the form such as type of loan, name of the borrower, mobile number, email ID, and state.
    • Next, click on ‘Submit’
    • Once the respective team of Mahindra Finance receives this application form, it will get in touch with the applicant regarding the same
    • The customer will have to provide all the required documents
    • Then, the eligibility of the borrower will be checked and the loan application will be approved or rejected accordingly
    • If the loan is approved, the amount will be disbursed to the bank account of the customer at the earliest

    Through phone:

    If you want to opt for a short-term loan from this company, you can also submit an application by calling at +91-22-6652 6000. Once your request is received by the company, a company official will reach out to you in order to walk you through the entire procedure and help you process your request further.

    Through email:

    Mahindra Finance also offers its customers the facility to apply for a short-term loan by sending an application via email at SME.solutions@mahindra.com. Once the application is submitted, a representative of the company will contact the individual in order to process the request further by explaining the next steps.

        

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