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If you’re reading this, it’s probably because you need a personal loan for unexpected cash requirements or for planned expenditure. Mahindra Finance provides its personal loan only to existing customers and employees for the duration of 3 years.
M&M Financial Services Limited is a rural NBFC which helps in financing rural customers as its offices are spread over 1 in every 3 villages across India. The company offers convenient and acquirable personal loans so that you can enjoy your dream vacation or plan a wedding or pay for your medical emergencies.
Mahindra Financial Personal Loan is available at minimum documentation, maximum flexibility, and less than 48 hours disbursal. With easy EMI options, you will get a loan up to ₹3 Lakh for 12 months to 36 months tenure. However, this loan is available only for existing customers and employees of the Mahindra Group.
Mahindra Finance Personal Loan provides easy loan within 48 hours with interest 11.99% p.a. onwards. Below table gives the complete details of Personal Loan.
| Mahindra Finance Personal Loan | Details |
|---|---|
| Loan Category: | Personal Loan |
| Tagline: | Helping you meet all your aspirations |
| Loans Offering: | Personal Loan, Marriage Loan, Holiday Loan, Medical Loan, Home Renovation Loan, Education Loan |
| Loan Type: | Unsecured personal loan |
| Interest Rate: | 11.99% p.a. onwards |
| Processing Fee: | Upto 2.75% of the loan amount + GST |
| Approval Process: | Both online and offline |
| Minimum Income Requirement: | ₹15,000 |
| Loan Approval Timing: | 48 hours |
| Minimum Loan Amount: | ₹25,000 |
| Maximum Loan Amount: | ₹3 Lakh |
| Minimum Loan Period: | 12 months |
| Maximum Loan Period: | 36 months |
| Type of Interest Rate: | Fixed Interest Rate |
| Interest Charging Method: | Reducing balance method |
There are eligibility criteria set by Mahindra Finance for their personal loan:
| Mahindra Finance Personal Loan | Details |
|---|---|
| Salaried Employees | Yes |
| Salaried Doctors | No |
| Employees of public and private limited companies | No |
| Government sector employees including Public Sector Undertakings, Central and Local bodies | No |
| Loan for Pensioners | No |
| Loan for Existing Customers | Yes |
| Self-Employed | Yes |
| Selected Corporate | Yes |
| Other Criteria | Minimum two years of service with Mahindra Group. |
| Minimum Age | 21 years |
| Maximum Age | 58 years at the time of maturity of the Personal Loan |
| Minimum Income Requirement | ₹15,000 |
Mahindra & Mahindra Financial Services offers the following products and services:
Weddings are once-in-a-lifetime and you want it to be perfect in all ways so that you can make it a dream wedding. You can use the funds of MMFSL personal loan to pay for outfits, makeup artists, wedding invitations, hotel rooms, banquet halls, catering charges, flight tickets for your honeymoon destination, etc.
Holidays rejuvenate our bodies, make our minds stress-free and therefore, every company ask their employees to take break and travel. So, to fulfil the financial needs of your dream vacation, MMFSL Holiday loan pay for your tickets, bookings and all other travel expenses.
Medical emergencies can be extremely frightening, especially when you are unprepared and therefore, MMFSL offers medical loan under personal loan head so that you can meet the unexpected expenses. It covers all your medical expenses such as hospital bills, medicines, etc.
Mahindra Finance Personal Loan offer various services, please find below the list of features offered by the vendor.
| Mahindra Finance Personal Loan | Details |
|---|---|
| Personal Loan | Yes |
| Wedding Loan | Yes |
| Education Loan | Yes |
| Home Renovation Loan | Yes |
| Two Wheeler Loan | No |
| New Car Loan | No |
| Used Car Loan | No |
| Travel Loan | Yes |
| Medical Loan | Yes |
| Top Up Loan | No |
Here is the detail charge list for Mahindra Finance Personal Loan process. We have covered all possible charges for your loan requirements for clear visibility on Mahindra Finance Personal Loan processing.
| Mahindra Finance Personal Loan | Details |
|---|---|
| Co-Applicant Allow | No |
| Income Criteria | Yes |
| Collateral Requirement | No |
| Pre Approved Credit Limit | NA |
| Foreclouser Charges | 4.5% on the outstanding amount |
| Loan Foreclouser Conditions | Permissible only after 6 months and 6 successful EMIs |
| Bounce Charges | ₹600 for every cheque/Payment Instrument Dishonour + GST |
| Bounce Charges Self Employed | ₹600 for every cheque/Payment Instrument Dishonour + GST |
| Late Payment Penalty | 3%+GST |
| Duplicate NOC Charges | ₹550+GST |
| Stamp Duty Charges | As per laws |
| Instrument Swapping Charges | ₹550+GST |
| Loan Cancellation Charges | 2% of loan amount or ₹5,750, whichever is higher + GST |
| Stamp Duty Charges | As per laws |
| Loan Rebooking Charges | ₹1,000+GST |
| Statement Of Account Charges | ₹250+GST (Branch Walk-in) |
| Duplicate Repayment Schedule | ₹550+GST (Branch Walk-in) |
| EMI Payment Mode | Standing Instruction (SI), Electronic Clearing Service, Post-dated cheque |
| Overdue Payment Mode | NA |
| Hidden Charges | NA |
In this section we have listed all important links related to Mahindra Finance Personal Loan.
| Mahindra Finance Personal Loan | Details |
|---|---|
| Banks | NA |
| Charges Information | Link |
| Personal Loan Eligibility Calculator Link | NA |
| Personal Loan EMI Calculator Link | Personal Loan EMI Calculator Link |
| Education Loan EMI Calculator Link | NA |
| Car Loan EMI Calculator Link | NA |
| Product Demo Link | NA |
| Website Link | Website Link |
| Android App Downlaod Link | Android Mobile App Download |
| iOS App Downlaod Link | NA |
For new customers:
For existing customers:
Please find below the list of documents required to avail personal loan. Aadhar, PAN and Income Proof are the most important documents, other documents are optional. The complete list of documents you can keep ready for your loan application.
| Mahindra Finance Personal Loan | Details |
|---|---|
| Age Proof | Copy of Passport/Driving License/Aadhar Card |
| Address Proof | Copy of Passport/Driving License/Aadhar Card/Voter ID/Ration Card |
| Identity Proof | Registered Rent Agreement/Utility Bills last 3 months/Copy of Passport/Copy of Ration card |
| Income Proof for Salaried Emp | Salary slip of last 3-6 months, ITR or Form 16, 6 month bank statement |
| Income Proof for Self Emp | IT returns for the last 2 years along with audited balance sheet, P&L account statement for 2 years |
Last Updated on 2021-03-04T22:41:53+00:00
