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.