Mahindra Finance personal loan offers you financial solutions for emergencies and personal achievements. Giving you funding with personalised loan terms for medical emergencies, pursuing higher education, starting a business venture, having a dream wedding or for renovating your home.
With the aim to give you ‘a loan that fits your life, not the other way around!’ Mahindra Finance offers flexible loan amounts to choose from with attractive interest rates. As well as minimal documentation requirements, making your borrowing experience a hassle-free one. This will help you get instant personal loans that give you the opportunity to improve your quality of life.
Mahindra Finance offers personal loans of ₹50,000 to ₹15 lakhs at attractive interest rates and long repayment tenures. They also offer a unique feature where you can choose to pay interest for only up to 12 or 24 months.
Table of Contents
- ⇾Mahindra Finance Loan Details
- ⇾Mahindra Finance Personal Loan Interest Rate and Charges
- ⇾Eligibility Criteria for Mahindra Finance Personal Loan
- ⇾Documents Required for Mahindra Finance Personal Loan
- ⇾Mahindra Finance Personal Loan EMI Calculator
- ⇾Features and Benefits of Mahindra Finance Personal Loan
- ⇾Steps to Apply For Mahindra Finance Personal Loan
- ⇾Steps to Apply For Personal Loan with Buddy Loan
- ⇾Frequently Asked Questions
Mahindra Finance Loan Details
Mahindra Finance personal loan offers you a convenient way to get access to adequate finances for you to achieve your goals. The table below shows the overview of Mahindra Finance loan details:
| Loan Amount | ₹50,000 - ₹15 lakhs | Loan Tenure | 24 - 60 months |
| Interest Rate | Based on the borrower's credibility. |
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Mahindra Finance Personal Loan Interest Rate
When considering getting a personal loan from Mahindra Finance, it is important to know the interest rates and charges associated with the loan. As these charges impact the cost and your affordability of the loan. Mahindra Finance offers attractive interest rates based on your credibility, loan amount, tenure, your income, occupation and more.
| Mahindra Personal Loan Interest Rate | Starting @10.99% onwards |
|---|
It also provides transparent and nominal charges on processing fees, prepayment charges, EMI bounce, late payment charges and so on. This helps you understand the cost of the loan, keeping you well informed so you can calculate and manage your monthly budget effectively.
Mahindra Personal Loan Eligibility Criteria
Mahindra Finance personal loan is a good solution to your financial worries and emergencies. However, Mahindra Finance offers a personal loan to the following:
- Existing customers with a good repayment history.
- Employees of Mahindra Group.
- Applicants must be 21 - 58 years old.
- They must be in continuous service for at least 2 years.
Documents Required for Mahindra Personal Loan
You will need to provide certain documents for identification, address and financial proof to get approved for a personal loan. Mahindra Finance requires you to submit very little documentation as proof of your identity and repayment capabilities. These documents are:
- PAN card: The PAN card is a mandatory document that must be submitted along with any of the following; Voter ID, Masked Aadhaar Card or Passport.
- Address Proof: Telephone bill, Gas bill or Bank Statements.
- Other necessary documents: 3 Months Salary Slip, 3 Months Bank Statement, Cancelled Cheque and Passport size photographs.
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Mahindra Finance Personal Loan EMI Calculator
When you get a personal loan, there is a financial commitment that you need to make in the form of Equated Monthly Instalments (EMI). The EMI is a monthly payment that you make towards repaying your loan. Knowing the EMI of the loan beforehand is important as it helps you understand your repayment capabilities, thereby helping you adjust the repayment tenure to suit your monthly budget.
The personal loan EMI calculator helps you get an estimate of the EMI you need to pay every month just by inputting key information. It is a convenient and easy tool that you can find on the official website of Mahindra Finance.
To use the EMI calculator you need to enter the loan amount, interest rate and tenure and your estimated EMI amount will be displayed on the screen.
Features & Benefits of Mahindra Finance Personal Loan
Mahindra Finance personal loans offer you exciting and unique features and benefits that enhance customer experience. The features and benefits are given below:
- Loan amount: Mahindra Finance offers personal loans starting from ₹50,000 up to ₹15 Lakhs, providing you with the flexibility to borrow as per your financial requirements.
- Limited Interest Duration: Mahindra offers you the option to pay interest only for a limited duration of 12-24 months. This feature helps manage your monthly outflow efficiently, making it easier to handle your finances during the initial repayment period.
- Flexible Repayment Options: Choose your repayment tenure ranging from 24 to 60 months, that is personalised to make repayment comfortable for your financial planning. Additionally, Mahindra Finance imposes no prepayment penalty, allowing you to repay your loan earlier without incurring extra charges.
- Minimal Documentation: With Mahindra Finance, the loan application process is simplified with minimal documentation requirements. This ensures that you receive the funds you need within a few days, making it a quick and hassle-free experience.
Steps to Apply for Mahindra Finance Personal Loan
Mahindra Finance allows you to easily apply for a personal loan through their website and offline by visiting the bank branch. Here are the steps you can follow to apply for the personal loan:
Mahindra Finance personal loan online application:
- Step 1: Visit the Mahindra Finance official website:
https://www.mahindrafinance.com/apply-now - Step 2: Select loan application. Then select Personal loan.
- Step 3: Enter your name, State, email address, phone number, pin code and type of employment.
- Step 4: Read the terms and conditions carefully then tick the box to agree to them.
- Step 5: Click ‘Submit’.
You can also visit the bank branch and talk to the representative about availing of a personal loan. They will then assist you with the application process.
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Steps to Apply for a Personal Loan with Buddy Loan
Getting a Mahindra Finance personal loan has now become easier as you can apply through Buddy Loan. Given below is a step-by-step guide on how you can apply for a personal loan through Buddy Loan:
- Step 1: visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
- Step 2: open the Personal Loan Application Page. Provide your mobile number and enter the OTP received.
- Step 3: specify the amount you wish to borrow.
- Step 4: enter your personal email.
- Step 5: select ‘Personal Loan’
- Step 6: choose from Salaried, Self-Employed, or Student.
- Step 7: indicate if your salary is deposited in the bank or received in cash.
- Step 8: fill in details like Company Type, Name, Address, Years in the current job, and Designation.
- Step 9: input your Date of Birth, Gender, Highest Qualification, PAN Number, First Name, and Last Name.
- Step 10: specify residence type, Years at the current address, and your address Pin Code.
- Step 11: provide monthly income, select the preferred bank for the loan, and opt for a Credit Card if needed.
- Step 12: click the ‘Submit’ button to send your personal loan application.
Apply For a Personal Loan with the Best Interest Rates
Want to know more? You can check more on different loan types available by various lenders from the table below:
Frequently Asked Questions
Mahindra FInance offers personal loans to existing customers with good repayment history, employees of Mahindra Group who fall between 21 to 58 years and have been in service for a minimum of 2 years.
The documents required for Mahindra Finance personal loan are PAN card, Aadhaar card, Voter ID or Passport along with phone or gas bill, bank account statement, salary slips, a cancelled cheque and a passport size photograph.
You can get a personal loan of ₹50,000 up to ₹15 lakhs from Mahindra Finance.
Mahindra Finance offers interest rates on the basis of the borrower’s credibility, loan amount, tenure, financial stability, and more.
With a Mahindra Finance personal loan, you can enjoy a repayment tenure of 24 to 60 months.
Yes, a self-employed person with good credit history can apply for a personal loan from Mahindra Finance.
Yes, Mahindra Finance has processing fees and other charges, however, they are minimal.
If you miss an EMI payment on your Mahindra Finance personal loan, you will have to pay a late payment fee.
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