FAQs
What are the advantages of choosing Mahindra Finance?

Flexibility:
There is flexible documentation, hence the paperwork is processed faster. You also enjoy a flexible payback period.

Reach:
You have access to a strong network of branches in rural and semi-urban India.

Speed:
Enjoy faster disbursements of your loan on approval.

Personal touch:
You deal with intelligent and efficient executives, which means your loan is disbursed within 2 days.

Does Mahindra Finance offer loans for non-Mahindra products?

Yes. We do offer loans for non-competing, non-Mahindra products like cars, two-wheelers, commercial vehicles, construction equipment, etc.

How do I approach Mahindra Finance for a loan?

Simply contact or visit your nearest Mahindra Finance branch. You can even apply online, and we'll get in touch with you shortly.

What is the eligibility criterion for availing of a loan from Mahindra Finance?

Eligibility for a loan from Mahindra Finance depends on the individual and product, and all loans are given at the sole discretion of the company.

What are the minimum and maximum loan amounts?

Loan amounts can vary depending upon the specific vehicle, requirement and the credit of the loan applicant. We extend funding up to 100% based on the requirement and assessment of the individual and the policies of each product.

What are the loan tenure options?

Our innovative and flexible repayment tenures are designed on a case-to-case basis and suit the need of every borrower, with convenient and comfortable schedules. We offer monthly, quarterly and half-yearly repayment schedules dependent on the product type.

What are the lending rates?

At Mahindra Finance, we believe in customising loans to suit every need so that we continue to offer only the best and most competitive interest rates.

Various factors like loan amounts, land holding/property owned, viability of the proposition and the underlying documentation provided, determine the rate of interest offered on a loan.

What documents do I need to submit to avail of a loan from Mahindra Finance?

Our documentation process is transparent, hassle-free and flexible. Though documents required are largely product-specific, there are some basic documents that you will need to provide.

What are the stages involved in acquiring a loan?

Obtaining a loan involves the following, five basic stages:

  • Application for the loan
  • Approval of the loan
  • Collection of initial payment and documents
  • Issuing of a 'Delivery Order'
  • Delivery of the vehicle
How much time will it take for my loan to be approved?

Our extensive network of branches at over 1000 locations, speedy and simple documentation processes and the capability of our executives to take quick, smart decisions make sure that the process of obtaining a loan is a quick and smooth one. In fact, the entire process is completed in just 2 days*!

*Conditions apply

How do I repay my loan?

Our innovative and flexible repayment schedule is designed on a case-to-case basis and suits the need of every borrower, with convenient and comfortable repayment methods. You can repay via post-dated cheques, demand drafts or cash.

What is an EMI or monthly instalment?

A loan is normally repaid with a monthly instalment. Usually, the monthly instalment is an EMI (Equated Monthly Instalment), an equal amount that, if paid every month over the tenure of the loan, results in fully paying off the loan taken.

What is down payment?

Down payment is a portion of available money given at the outset of a loan to demonstrate commitment to the purchase.

I have already taken a consumer/auto/home/personal loan from Mahindra Finance. Can I still take a loan now?

Definitely. Simply provide us with the loan number(s) of your existing Mahindra Finance Loan(s), and we will consider them. What's more, since you are a privileged Mahindra Finance customer, the processing of your loan will be faster and simpler with minimum documentation.

Will Mahindra Finance help me in exchanging my old vehicle?

Yes, through the dealer. Our executive will be happy to introduce you to a dealer for second-hand vehicles.

What is the difference between a 'Non cumulative deposit' and a 'Cumulative deposit'?

Non cumulative scheme - The interest is payable on a half-yearly basis. The scheme will be convenient for pensioners who require a periodical interest payment.

Cumulative deposit scheme - The interest is payable at the time of maturity along with the principal. This scheme is suitable for people who do not require periodical interest payments and this can be thought of as a money-multiplier scheme.

What is the minimum deposit amount for the 'Cumulative deposit' and the 'Non cumulative deposit' schemes?

The minimum amount under the 'Cumulative deposit scheme' is Rs. 10,000/- and under the 'Non cumulative scheme', it is Rs. 25,000/- half-yearly and Rs. 50,000/- quarterly.

Do you offer monthly interest on one- or two-year deposits?

No. The interest is payable only on a quarterly and half-yearly basis.

What are the modes by which the interest is paid?

The interest is directly credited to the bank account via ECS.

Will you allow a loan on the deposit?

As per RBI's directives, we are allowed to a grant a loan up to 75% of the deposit amount after 3 months from the date of deposit.

What is the rate of interest chargeable for loans?

A 2% over and above the contracted rate of interest can be charged for loans.

What type of houses is financed by home loans?

Independent houses and flats/apartments of a permanent nature having a valid title with building approvals from civic authorities and also house properties which may be under construction or completed and ready to occupy.

What is the security required for home loans?

The security required for a loan would be an equitable or simple registered mortgage of the house being financed. The type of mortgage to be created will depend on the documents of title (ownership) being submitted/made available. After a preliminary examination of the papers submitted by an applicant, our legal officers will advise the type of mortgage that would be required.

What are the 'rate of interest' options for home loans?
Fixed for all customers other than salaried, semi-urban class customers The rates will be fixed during the tenure of the loan and applicable as prevalent on the date of 1st disbursement subject to revision every 3 years depending on the money market conditions.
Variable for salaried, semi-urban and urban class customers The rates will fluctuate as per the money market conditions and will be notified from time to time.
How do I repay the home loan?

Based on your repayment capacity, the loan can be repaid in monthly, quarterly or half-yearly equated instalments by way of EMI/ EQI/ EHI comprising of principal and interest.

Repayment of the loan can be made by cash / cheque / demand draft at any of MRHFLs offices. Repayment can also be made at collection centres approved by MRHFL.

Can I prepay the home loan ahead of schedule?

The loan can be paid ahead of schedule and MRHFL will not levy early redemption charges.