Mahindra Finance Personal Loan Details

Mahindra Finance Personal Loan is for existing customers and employees of M&M Ltd. and subsidiary companies. You can fund any type of financial requirement with this credit facility. You will receive a quick approval because of minimal documentation and fast verification procedure. You can take up to Rs. 3 lakhs as loan. You can choose from easy repayment options and even choose to prepay the loan.

This post will discuss Mahindra Finance Personal Loan features, eligibility criteria, interest rates, EMI calculation, documents required, and frequently asked questions.

Features of Mahindra Finance Personal Loan

Here are the features:

• You can expect instant approval for the requested credit
• Disbursement takes place usually within 2 days from loan approval
• Get up to Rs. 3 lakhs as funds in your bank account
• Maximum flexibility in tenure, interest rates, and other norms
• Mahindra Finance Personal Loan interest rate is competitive as per the market standards
• Hassle-free documentation and quick verification process
• The maximum length of repayment is 2 to 3 years
• Pay EMIs easily through the organization’s easy EMI options

Mahindra Finance Personal Loan Eligibility Criteria

Here are the eligibility norms:

• The personal loan facility is only permissible for Mahindra Group employees and existing customers of Mahindra Finance
• So, the credit is available for those working (confirmed employees) for M&M Ltd
• Also, the employees of M&M Ltd. subsidiary companies can take the loan
• The employment history with the company has to be for at least two years
• The age limit for the applicant is between 21 years and 58 years
• If you are an existing customer, then to get the credit, you need a good repayment track record

Mahindra Finance Personal Loan Interest Rates

Mahindra Finance Personal Loan Interest Rate depends on the profile of the borrower. It also depends on the repayment record and credit score of the applicant. Also, the relationship of the borrower will influence the final rates on the loan. The loan amount and tenure also may impact the interest rate.

Mahindra Finance Personal Loan EMI Calculation

Loanbaba offers a free-of-cost EMI calculator online to immediately know the exact monthly instalment. You can use this tool to know the total repayment amount (principal + interest) throughout the tenure. Here is an example for your understanding. The formula to calculate the EMI amount is:

E = P x r x (1+r) ^n/ ((1+r) ^n – 1)

• E is the EMI (you have to pay every month)
• P is the Principal amount (loan amount you borrow)
• R is the interest rate (calculated every month)
• N is the loan tenure in months

Please note the mentioned interest rate, tenure, and loan amount is for illustration purpose only. Suppose you borrow Rs. 2 lakhs at 14% interest for 2 years. In this case, the EMI, interest amount, and total repayment will be as follows:

• The monthly instalment is Rs. 9,603
• The total principal amount is Rs. 2 lakhs
• The total interest payable is Rs. 30,462
• The total repayment amount is Rs.230,462

Documents for Personal Loan Mahindra Finance

Here are the documents required for the loan application:

• Duly filled and signed loan application form
• KYC documents (identity proof and address proof) of the borrower and guarantor
• Address Proof (any one of the following): Telephone bill/Passport/Electricity bill/Bank statement with cheque/Post Office issued ID card/any other address proof documentation that the finance firm accepts
• Identity Proof (any one of the following): Passport/Aadhaar Card/Voter ID/Driving Licence, or any other
• Recent passport-size photographs of the guarantor and borrower
• Copy of PAN Card
• Latest 3 months proof of income/profession/bank statements