Mahindra Finance is your one-stop solution if you are looking for a car loan. Mahindra Finance began as Maxi Motors financial services in 1991. This finance company has been a major player in the loan market for a long time and has gained popularity as a Non-Banking Financial Company in rural India.
In 2022, the Economic Times awarded Mahindra Finance as the best BSFI bank. Mahindra provides car loans for both old and new cars. Today Mahindra's loans have been exclusively designed in a manner that would fulfil all your diverse needs.
Mahindra Finance provides attractive opportunities for its customers, such as:
100% financing options
Flexible repayment tenure
Customized car loans are available for car brands like Mahindra, Hyundai, TATA Motors, Maruti Suzuki, Renault, and Nissan
Trained officers will guide you through the process of documentation
Quick loan approval and processing time
Flexible repayment option
Loans are available to farmers and traders
Mahindra Finance car loans are also available in areas where such loans are not readily available
Online EMI facility available
Multiple factors determine the rate of car loans. Some of the factors are:
Your credit score: Your credit score will be taken into account when you buy a car. You can also bargain for a better deal if you have a good credit score.
Income level: Having a stable income is a good sign. This means that the lender will know you won't have problems paying the EMI. This also reduces the probability of car loan defaulting.
The amount of downpayment: It is always better to pay a higher downpayment if you can afford it. The more you pay for the downpayment, the less you would owe to the bank. This reduces the liability on the part of the bank. Hence this will increase your chance of getting a car loan approved. Along with this, you might also get the benefit of a lower interest rate.
Step 1: Download the Mahindra Finance app or visit their website.
Step 2: Go to the top bar where "Loans" is mentioned, and click on the "Car Loan" option.
Step 3: As soon as you click on the "Car Loan" section, you will see sections like Features and Benefits, Eligibility and Documentation, and FAQ. If you want to know about these, click on your chosen option.
Step 4: Next, click on "Apply Now" and select the type of loan you need.
Step 5: Then, fill in your details and your employment type.
Step 6: Click on "Submit", and you are good to go. Now the representative from Mahindra Finance will call you and ask for further information.
If you do not have an online facility, head over to your nearest branch of Mahindra Finance and submit your documents. You will be provided a personal representative to guide you through the process.
You must be a salaried or self-employed individual (farmers and traders are also eligible to apply for a car loan ).
Your age must be between 21-60 years
You must meet Mahindra Finance's eligibility criteria
KYC documents such as Adhaar card, Passport, and Driving License
Identity proof: PAN Card, Voter ID, Driving Licence, and Passport
Address proof: Voter ID card, Aadhaar card, and Passport
Income proof: Salary Slip, Income Tax Return Certificate, Form 16 or Bank Statements.
Purchasing a car without any down payment: Although down payments can save you from higher interest rates, car loans allow you to purchase your dream car without paying any money upfront.
Improvement in credit history: As long as you can pay your EMI on time, car loans can allow you to improve your credit score. This will be helpful if you want to take any other loans in the future.
Rate of interest: After adding the interest rates, the final amount that you will be paying can often exceed the actual amount of the car.
Your lender is the owner of your car: Until you clear that last bit of your payment, your lender has full ownership over your car. If you fail to make your payments, the lender has the right to repossess your car and sell it off even without your consent.
Mahindra Finance allows loans for passenger and multi-utility vehicles available in the market.
Car loan interest in Mahindra Finance depends upon the customers profile, tenure of the loan and eligibility criteria.
Mahindra Finance offers car loans for a maximum period of 5 years.
Yes, Mahindra Finance has branches expanding all over the country. You can check out your nearest branch on their website.
Yes, Mahindra Finance is safe and well-known in the car loan market.
Yes, Mahindra Finance will issue you the following documents on loan termination. The termination letter, the no-objection letter addressed to the RTO, and the insurance endorsement cancellation letter will be sent to your home address.
Visit your nearest branch and put in a request. A foreclosure fee and other documents will be issued.
Usually, Mahindra Finance takes up to verify the necessary documents and approve/ disapprove the car loan.
No, Mahindra Finance does not take any collateral security for car loans.
Yes, you can pay your car loan EMI easily from Mahindra Finance app or website. This option is available in their Quick Pay category.