About Mahindra Scorpio

Mahindra Scorpio in India was launched on June 20, 2022. It consists of 3 diesel engines with manual and automatic transmissions. Based on the variant and fuel type, it gives a mileage of 16.36 kmpl.

Different banks offer loans for Mahindra Scorpio, and the list is given below.

Bank Name	Car Loan Interest Rates
Bank of Baroda Car Loan	8.85%
Canara Bank Car Loan	Starts from 7.30%
HDFC Bank	7.95% to 8.30%
SBI Car loan	7.75% to 8.45%
Axis Bank	7.35% per annum

Mahindra Scorpio Car Loan: Features & Benefits

Different banks offer different sets of features and benefits, which makes their car loan unique. Below is a general overview of the car loan features and benefits.

1. You can avail of a new car without even having all the necessary funds and availing of the car loan.

2. Some car loans cover the entire vehicle cost so that there would not be any down payment.

3. You can get a loan amount of up to 3 times the annual salary for salaried persons and 6 times the annual income for self-employed.

4. Individuals with lower credit ratings also can avail of a car loan, which also varies from bank to bank.

5. Moreover, a good credit score will earn you a better loan as many lenders base their interest rates on your credit score.

6. Fixed interest rates that are popular in India help you to know how much you need to pay and when it has to be paid.

7. You can even apply for a loan online and the funds are disbursed quickly. Within 6 hours of approval of documentation, the loan amounts will be credited into the accounts.

8. Loans offered by banks are mostly safe and secure in India, so you can avail of car loans with a clear and confident mindset.

Mahindra Scorpio Car Loan Eligibility Criteria

For the car loan benefit, the eligibility criteria vary between different banks. Once the criteria are met then the individual can avail of the car loan.

Bank Names	Eligibility Criteria for Salaried Individuals	Eligibility Criteria for Self-employed Individuals	Eligibility Criteria for Self-Employed Non-Individuals (Company/Partnership)
Bank Of Baroda	Age � 21-60 Net Monthly Income � Minimum of ? 15,000 Employment Duration � Minimum 1 year Income Eligibility � Depends on Form 16 and Salary Slip	Age � 21-65 Minimum ITR � Rs. 4 lakhs, Rs. 18 lakhs (for selected car models) Employment Duration � Minimum 3 years Income Eligibility � Depends on the latest Income Tax Returns.	Minimum ITR � Rs. 4 lakhs, Rs. 18 lakhs (for selected car models) Employment Duration � Minimum 3 years The applicant has to present IT returns and audited financials of 2 years with calculated income.
Canara Bank	Age � 21-60 Net Monthly Income � Minimum ? 25,000 Employment Duration � Minimum 1 year Income Eligibility � Depends on Form 16 and Salary Slip	Age � 21-65 Minimum ITR � Rs. 4 lakhs, Rs. 18 lakhs (for selected car models) Employment Duration � Minimum 3 years Income Eligibility � Depends on the latest Income Tax Returns	Minimum ITR � Rs. 4 lakhs, Rs. 18 lakhs (for selected car models) Employment Duration � Minimum 3 years The applicant has to present IT returns and audited financials of 2 years with calculated income.
SBI Bank	Age � 21-65 years of age Net Monthly Income � Should be a minimum of ? 25,000 Employment Duration � Minimum 1 year Income Eligibility � Depends on Form 16 and Salary Slip	Age � 21-65 years of age Minimum ITR � Rs. 4 lakhs Rs. 18 lakhs (for selected car models) Employment Duration � Minimum 3 years Income Eligibility � Depends on the latest Income Tax Returns	Minimum ITR � Rs. 4 lakhs, Rs. 18 lakhs (for selected car models) Employment Duration � Minimum 3 years The applicant has to present IT returns and audited financials of 2 years with calculated income.
HDFC Bank	Age � 21-60 years of age Net Monthly Income � should be a minimum of ? 25,000 Employment Duration � Minimum 1 year Income Eligibility � Depends on Form 16 and Salary Slip	Age � 21-65 years of age Minimum ITR � Rs. 3 lakh Employment Duration � Minimum 2 year Income Eligibility � Depends on the latest Income Tax Returns	Minimum ITR � Rs. 3 lakhs The applicant has to present the latest year's IT returns and audited financials.
Axis Bank	Age � 21-60 years of age Net Monthly Income � should be a minimum of ? 15,000 Employment Duration � Minimum 1-year Income Eligibility � Depends on Form 16 and Salary Slip	Age � 21-65 years of age Minimum ITR � Rs. 4 lakhs, Rs. 18 lakhs (for selected car models) Employment Duration � Minimum 3 years Income Eligibility � Depends on the latest Income Tax Returns	Minimum ITR � Rs. 4 lakhs, Rs. 18 lakhs (for selected car models) Employment Duration � Minimum 3 years The applicant has to present IT returns and audited financials of 2 years with calculated income.

Documents Required for Mahindra Scorpio Car Loan

For availing of the loan for Mahindra Scorpio, you need to provide specific documents for identity and address proof which include the following:

1. Valid passport

2. Voter's ID card

3. Permanent driving licence

4. Pan card

5. Utility bills

6. Ration card

7. Salary slip ( if you are salaried )

8. Latest income tax returns ( ITR ) as income proof

9. Bank statement for the previous 6 months

Mahindra Scorpio Car Loan EMI Calculator

The amount of Equated Monthly Instalments ( EMI )�s you pay depends upon

1. The borrowed amount

2. The rate of interest for the loan product

3. Loan duration and

4. Fees for processing the loan.

EMI = Principal amount + Interest paid on the car loan.

EMI is fixed for the entire tenure of your loan and it is to be repaid over the tenure of the loan every month.

EMI = [ P R ( 1 + R ) ^ N ] / ( 1 + R ) ^ N -1 ]

P = Principal amount of the loan.

R = Rate of interest.

N = Number of monthly instalments.

Mahindra Scorpio Car Loan Interest Rate, Fees and Charges

Different interest rates offered by the banks are listed below with the calculated EMI and their processing fees.

Bank Names	Interest Rates	EMI per Rs 1 lakh for 7 Years	Processing Fees
Bank Of Baroda Car Loan	8.70% � 12.15%	Rs. 1,593� Rs. 1,773	0.50% of the loan amount up to a maximum of Rs.10,000 plus GST
Canara Bank Car Loan	9.15% � 11.95%	Rs. 1,616 � Rs. 1,762	0.25% of the loan amount, subject to a minimum of Rs.1,000 and a maximum of Rs.5,000
HDFC Bank Car Loan	7.95% � 8.30%	Rs. 1,556 � Rs. 1,573	0.5% of Loan Amount subject to a minimum of Rs.3,500 and a maximum of Rs.8,000
Axis Bank Car Loan	8.95% � 13.80%	Rs. 1,606 � Rs. 1,862	Minimum of Rs.3,500 and a maximum of Rs.5,500
SBI Car Loan	8.55% � 9.35%	Rs. 1,586 � Rs. 1,626	Rs.1,000 plus GST onwards

Down Payment Required for Mahindra Scorpio Car Loan

You need to pay a minimum of 10% of the car value as a down payment. Down payment for different models of Mahindra Scorpio is listed below:

Mahindra Scorpio Models

Down Payment

Mahindra Scorpio Classic S 11

Rs.2.10 Lakh

Mahindra Scorpio Classic S

Rs.1.64 Lakh

Mahindra Scorpio N Z2 E

Rs.1.55 Lakh

Mahindra Scorpio N Z2 Diesel E

Rs.1.69 Lakh

Mahindra Scorpio N Z4 E

Rs.1.72 Lakh

Mahindra Scorpio N Z4 Diesel E

Rs.1.83 Lakh

Mahindra Scorpio N Z4 Diesel E 4x4

Rs.2.11 Lakh

How to Get Mahindra Scorpio Car Loan?

Basically, to avail of the car loan you need to submit all the required documents such as an Aadhaar card, voter ID, passport, PAN card, salary slip and bank statement (last 6 months).

1. You can compare the car loan offered by different banks on online sites and choose the one which provides the best interest rate for the loan amount you require.

2. Before applying for a loan, select the specific car and know its price.

3. Try to know about the special offers and hidden charges available for that car.

4. Check for the car's insurance policies too.

5. Finally, keep track of your credit report, a higher credit score offers you a cheaper interest rate.

6. You can apply for a loan both online and offline.

Park+ app can be a one-stop solution for all your car loan requirements Park+ allows users to compare the various loan schemes available and choose the best. Park+ has a very simple interface with no hidden charges, provides users with special offers from time to time as applicable, and also covers insurance.