How to Apply For a Mahindra Finance Car Loan?

If you are looking for a secure and reliable financial partner, then look no further than Mahindra Finance Car Loan. The finance arm of India’s largest automotive manufacturer, Mahindra Finance offers an array of loan products to suit your different needs. These range from personal loans and home loans to car loans and even farm loans. However, before you start applying for a loan, you need to know the procedure first. Keep reading to learn more

What is Mahindra Finance Car Loan?

Mahindra Finance Car Loan is a pan-India financial services company that is affiliated with Mahindra Group. The company offers a wide range of products, including home loans, car loans, and financing for agriculture, infrastructure, and other commercial activities. Mahindra Finance offers loans in varying amounts, with repayment period ranging anywhere between 1 and 60 months. Loans offered by Mahindra Finance can be applied for either online or over the phone. The online application process is simple and easy, but it does require a little bit of information about you to be filled in. The application form is available here. Mahindra Finance has tie-ups with a number of banks, which enables them to provide loans to customers who have bad credit history. Mahindra Finance offers a variety of loan products and loan schemes, which makes it easy to find the right loan amount and repayment term.

How to Apply for a Loan with Mahindra Finance?

To apply for a Mahindra Finance loan, all you have to do is visit the company’s website and fill in the online application form. If you are looking for a loan to buy a new car, you can simply select the loan type that suits your need and the amount. Once you fill in the details, select the “Apply” button to get the loan process started. After completing the application, it is important to regularly check your application status and update the details accordingly. Once your application is approved, Mahindra Finance will initiate the process for processing the loan. After processing your application, Mahindra Finance will initiate the credit check. This credit check can take a few days, depending on your credit history. Once the credit check is done, the loan amount and the interest rate will be displayed on your credit card. You can then pay the loan amount to the authorized credit card company.

Eligibility Criteria for Mahindra Finance Car Loan

Before you apply for a loan through Mahindra Finance Car loan, you have to ensure that you meet all the eligibility criteria. These criteria vary slightly between the different loan types. To get a loan with Mahindra Finance, you need to have a minimum income of ₹5 lakh. For car loans, you also need to have a minimum annual turnover of ₹5 lakh. To avail car loans, you must have an annual income of at least ₹2 lakh. For farm loans, you need to be a member of either a cooperatives or a stock co-operative society. It is important to note that you can’t have a defaulted loan with Mahindra Finance. If you have a loan in default, you will not be able to avail any more loans for a specific period of time.

Repayment Duration and Interest Rate Options for Mahindra Finance Car Loans

When you apply for a Mahindra Finance Car loan, you will be offered a variety of repayment options. However, the repayment period will depend on your loan amount, your creditworthiness, and your annual income. For example, if you have a loan amount of ₹25 lakh, repayment period will be 30 months, and interest rate will be 14.99%. However, if you have an income of less than ₹5 lakh, repayment period will be 12 months, while interest rate will be 12.99%. On the other hand, if your annual income is ₹5 lakh or more, repayment period will be 24 months, while interest rate will be 10.99%. For car loans, you will be offered a choice between 36 and 60 months repayment period, with interest rates of 13.99% and 12.99%, respectively. For home loans, the loan amount and interest rate will depend on your repayment period. You can choose between a one-time settlement and regular repayment options.

Conclusion

If you are looking for a secure and reliable financial partner, then look no further than Mahindra Finance. The finance arm of India’s largest automotive manufacturer, Mahindra Finance offers an array of loan products to suit your different needs. However, before you start applying for a loan, you need to know the procedure first. Keep reading to learn more about how to apply for a loan with Mahindra finance and get approved in no time!