How Can Mahindra Finance Personal Loan Help Fulfill Your Wishes?
Mahindra
Finance is one of the most diversified non-banking financial
companies (NBFCs) around with wide-ranging businesses such as
personal loans. These loans serve as an ideal tool for many seeking
to achieve their financial goals over time. While some might want
funds to ensure their wards get the best education, others would want
money to ensure a lavish wedding. All that can be fulfilled by virtue
of Mahindra Finance Personal Loan. You can apply for the loan either
online or offline and hope the lender nods to your application.
However, it would be worth paying attention to interest rates,
eligibility, and other aspects before applying for a loan.
How
Is Mahindra Finance Personal Loan Interest Rate Decided?
The
leading NBFC offers personal loans at interest rates based on the
income, repayment potential, credit history, workplace, existing
liabilities, if any. All these factors go on to decide the rates at
which you would service the personal loan. You should try to fetch a
low interest rate deal to ease the repayment burden that can be more
if the rates are high. Getting a low Mahindra Finance Personal LoanInterest Rate deal is possible on earning substantially good, working
in a top organization, having a sound repayment potential, as well as
maintaining a good credit history.
How
Does Mahindra Finance Personal Loan Interest Rate Impact Your
Repayment?
The
effect of the interest rate is direct on the Equated Monthly
Installment (EMI), a combination of both interest and principal.
Greater the rate, higher would be the EMI and vice-versa. You can
thus use the interest rate, as well as principal loan amount and
tenure to calculate the EMI. Since the EMI constitutes a portion of
interest, you can even get to know the total interest to be paid over
the course of a loan.
How
Would Loan Amount and Tenure Impact Mahindra Finance Repayment
Schedule?
Mahindra
Finance can disburse as much as 3 lakhs of personal loans for a
tenure ranging up to 3 years. Interestingly, the loan can be approved
instantly and disbursed in 2 days.
Eligibility
-
The loan is available to the existing Mahindra Finance customers and the employees of Mahindra Group
-
The NBFC would check the repayment track of existing Mahindra Finance customers before approving the case.
-
Confirmed employees having served a minimum of 2 years in any of the subsidiaries can apply
-
These employees must be aged between 21 and 58 years
Documents
Required to Avail Mahindra Finance Personal Loan
Keep
with yourself the following documents ready while applying for a
loan.
Identity
Proof
-
Any of PAN Card, Voter ID, Driving License, Passport, Aadhaar Card
Residence
Proof
-
Any of Voter ID, Driving License, Passport, Aadhaar Card, Electricity
Bill, Telephone Bill
Income
Proof
-
Salary slips, ITR
Bank
statement for the last 3 months
Photographs
of borrower and guarantor
Mahindra
Finance Loan Application Form
You
can either fill the personal loan application form online or at the
nearest branch of the lender. The most convenient of the two would be
online as the application can be made in a matter of a few minutes
using the internet mode.
-
Log on to mahindra finance.com
-
Go to ‘Personal Loan’
-
Click on ‘Apply Online’
-
A new page will open with a lot of open fields
-
Enter the relevant details corresponding to the fields
-
The details would include your name, date of birth, residence address, as well as job-related information.
As
soon as you are done with the details, click on the ‘Submit’
button to get the application processed. The lender would check the
details thoroughly by matching the same with documents submitted.
Subsequent to a successful verification, Mahindra Finance would most
likely approve the loan.
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