Unlike other loans, Personal loans are the type of loans wherein an individual can get funds without providing any collateral or security. Having said that, there are also lenders who provide secured personal loans as well.
Talking about Mahindra personal loan scheme, the finance company has no terms and conditions when it comes to the usage of the money. The higher loan amount facility along with the low-interest rates make this scheme one of the best deals in its category. So, if you are also looking for a loan that can help you get out any financial crisis without making a hole in your pocket, Mahindra Finance is here.
Mahindra finance company gives you the opportunity to make your dreams come true like want to gift a car to your wife but falling short of money, apply for a personal loan and continue. Or if you want to pay the dues or make the prepayment of your existing loan, get a personal loan from Mahindra Finance.
It is also important to note that the loan applications are accepted by keeping in mind the eligibility criteria which is subject to change from one applicant to another. In addition to this, the eligibility of the customer is also dependent on some factors. So, here are the factors on the basis of which the personal loan eligibility is decided.
Factors Affecting Mahindra Finance Personal Loan Eligibility
Monthly Income: A regular and good source of income if one of the most important factors in deciding if you are capable of getting the maximum loan amount or a lower rate of interest.
Age: To get a personal loan from Mahindra Finance, the borrower must meet the age criteria which is between 21-58 years.
Monthly Expenses: The monthly expenses like investments and other responsibilities of the borrower are considered while calculating the maximum disbursed amount.
Any Other Loan: Mahindra lends money to the borrower’s who have less financial responsibilities on their shoulders. Since the repayment capacity is higher if he/she is free from any other loan.
Credit History: The credit history of the applicant is also taken care of as it decided the payment history of the borrower and hence maintaining a higher CIBIL score is very helpful to get more fund.
Job Stability: A good job stability is another important factor is deciding the eligibility and those who have been a stable employee can get a hassle-free loan.
Relationship with the Bank: If you have a good relationship with this finance company or you are an existing loan borrower and have done smoother payment, there are chances that the borrower can get the higher loan amount at low-interest rates.
Category of Your Employer: If you are working in an MNC or your employer comes under fortune 100 companies, the eligibility to get maximum loan amount also increases.
The personal loan is available for existing Mahindra Finance customers and Mahindra Group employees only.
For existing Mahindra Finance customers-
- A good repayment track record is mandatory
For Mahindra Group employees-
- All confirmed employees of M&M Ltd., or any of its subsidiary companies
- Should have completed at least two years of service with the organization
- Should be between 21 to 58 years of age
The documentation required for a personal loan from Mahindra Finance are as follows:
- Photographs of the borrower and guarantor
- KYC Documents
- PAN card copy
- Income proof/proof of profession/bank statements of three months
How to Apply-
You can apply for Mahindra Finance personal loan through a variety of channels and they are as follows:
- Visit the nearest Mahindra Finance branch
- Call on 022- 6652 6000
- SMS ‘MFLOAN’ to 56363
- Apply Online
Mahindra Finance Personal Loan Online Application Form-
The candidates applying online need to fill online application form available on the Mahindra Finance official website. You cannot submit the form until the details in the essential fields are entered. Information in the below- mentioned sections are to be necessarily filled:
- Personal Details
- Full Name
- Date of Birth
- Contact Details
- Email ID
- Mobile Number
- Phone number (if available)
- Employment Details
- Type of employment
- Net Salary
- Loan amount required
Mahindra Finance Personal Loan Customer Care-
For any query related to your personal loan application, all you have to do is dial Mahindra Finance Personal Loan contact number which is: 022-6652 6000.