Mahindra Finance Personal Loan

Check Your Credit Score Now

Documents required to Apply Mahindra Finance Personal Loan

1. Duly-filled personal loan application form.
2. Passport size photo of the applicant as well as the guarantor.
3. Proof of identification - Passport, Voter ID card, Aadhaar card, etc.
4. Proof of age - Birth Certificate, Voter ID card, Passport, etc.
5. Proof of Address - Driving License, Voter ID card, Aadhaar card, etc.
6. Proof of income - bank statements of the last 3 months.
7. Proof of profession - pay slips, joining letter, etc.
8. PAN card copy.

Check Your Credit Score Now

What are the Eligibility Criteria to Apply?

1. The applicant should be a Mahindra and Mahindra Limited employee or an existing Mahindra Finance customer.
2. The candidate should have an optimum repayment record or credit score.
3. The applicant should be a minimum of 21 years old and a maximum of 58 years old.
4. 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

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

Check Your Credit Score for FREE

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score

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.

• How can I check the status of my Mahindra Finance personal loan?

  Visit our Mahindra finance bank personal loan status page for more details.

• How do I get in touch with Mahindra Finance personal loan customer care?

  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.