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.
Here are the features:
Here are the eligibility norms:
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.
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)
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:
Here are the documents required for the loan application:
Here are the frequently asked questions:
You can repay the loan through ECS, PDC, or deduction from salary
It may take up to 48 hours after loan approval for disbursal?
Yes, you can prepay the loan. But, a nominal rate for pre-closure may apply.
You will get the credit directly into your bank account or through a cheque.
You will need an active bank account to receive the funds.
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