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Car Loans and Auto Financing

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Car Loans

Mahindra Finance fueled my dream of driving my own car.

I live in the slum area of Surat and have my own scrap business. I have been associated with Mahindra Finance since the last nine years. In 2004, when I needed a loan I approached many banks and financiers but no one was ready to provide me a loan due to lack of documents....   Read More

- Mr. Shanuddin Sheikh, Surat

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Car Loans

Now I take my family out in my own car, thanks to Mahindra Finance.

My wife and kids always used to complain to me that other relatives have a car, and we don't. However, being an ordinary petrol attendant with a modest income, I had to admit that buying a car was next to impossible...  Read More
- Mr. Ram Prajapat, Sanganer

 

*Images are for reference only. Actual customer images may vary.
  • Overview
  • Features & Benefits
  • Eligibility & Documentation
  • FAQs

The decision to own a car should be well researched but not a difficult one to make as it is an asset that relieves you of your transport woes. With the numerous car options available in the market, it's quite easy to be an owner of the vehicle of your dreams. Our car loans give you the flexibility to select an ideal car through our hassle-free, swift auto finance options.

When in doubt about an ideal way to finance your car, choose from our attractive finance options to enable an easier decision-making process.

Don't hesitate to go for the best car that suits your purposes with our stable and timely financing options by your side. Make your dream of owning a car come true with the preferred payment options provided for loans on new cars.

We also provide loans for used cars. Our attractive interest rates let you plan your finances comfortably. Here are a few salient features of our car loan offering:

  • Hassle-free loan application process
  • Quick and easy loan procedures and disbursement
  • Diverse loan options based on individual requirement
  • Varied repayment options
  • Minimum documentation to ensure a hassle-free process
  • Quick car loan approval
  • Up to 100% ex-showroom funding with competitive interest rates on auto loans
  • Multiple repayment options

Eligibility:

A car loan from Mahindra Finance can be taken by all salaried and self-employed persons, including farmers and traders as well.

Documents required:

  • KYC Documents
  • Identity and address proof
  • Salary slip/Form 16/IT returns/bank statements

FAQs:

Car Loans

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Do you finance all makes of cars?

We finance most of the passenger and multiutility vehicles available in the market.

What is the maximum amount of car finance available?

The finance amount is based on the vehicle bought and the profile of the customer. Avail funding upto 100%* on ex-showroom value

Do you finance the vehicles alone or the accessories as well?

We do not fund any accessory unless it is a standard fitting.

What is the interest rate for car loans?

The interest rates on car loans offered are comparable with the best in the industry and are determined by the location of the customer, tenure of loan and customer profile.

Do you quote on a flat rate basis or on a diminishing balance basis?

We quote on a flat rate basis.

What is the maximum repayment period for an auto loan?

TThe auto loans from Mahindra Finance are available for a maximum period of five years.

How much time do you take to sanction a loan?

Normally, the approval is accorded in one working day on submission of all the required documents. To check the documents required, click here. List of documents is wrong/incomplete

Will you give me a copy of the agreement duly filled in for my records?

Yes, a copy of the agreements will be provided.

Do you need any collateral security?

No. We do not take collateral security

Will you always require a guarantee?

Not always, the requirement is dependent on the customer financials, required to meet our credit criteria.

What should I do in case I wish to replace my PDCs?

For this, you must send your request through one of our nearest branches. Please see'Our Network' to view a list of our branches.

Can I remit the instalments in any branch?

Yes. You can remit your instalments in any of our branches. Click here to view the a list of our branches. You can aso pay your instalments online. Pls visit 203.123.140.70/mmfsl/Mahindra_Customer_Login_New/Login.asp for further details.

What is the procedure in case I wish to foreclose my account?

Under the finance agreement, foreclosure is not contemplated. However, upon your specific request, we may advise the settlement amount to you and on remittance of the same, the necessary termination papers would be issued.

What should I do when my contract tenure gets over?

On payment of the last instalment and any other dues as per the agreement, the termination papers including the RTO-related papers would be issued and delivered to your address as per records

What papers do I have to collect on termination?

The following has to be submitted:

  • The Termination letter
  • The No-Objection letter addressed to the RTO
  • Insurance Endorsement Cancellation letter
What should I do in the case of an address change? Whom should I intimate?

You can intimate the branch, which you normally deal with. Else, send us an email by clicking here.

Is a third party insurance cover alone sufficient?

No it is not. Comprehensive coverage is required.

Do you insist that insurance has to be done only through your agent? Can I take responsibility for insurance on my own?

We do not insist on this, but please take care to arrange for comprehensive insurance and produce the policy copy with our endorsement in time. However, if you pay the premium along with monthly instalments, we can take care of your insurance needs.

© 2014 Mahindra Finance

CIN - L65921MH1991PLC059642

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