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Most Important Terms and Conditions for Mahindra Finance Consumer Loan Facility
Fees, Charges and Other Important Terms & Conditions applicable on your Consumer Loan
Account Opening and Maintenance Charges Charges for Availing the Loan & Other Charges Applicable on the Loan
Nature of Fees/Charges Amount (Rs.) Nature of Fees/Charges Amount (Rs.)
Account Activation Charges(1) Rs. 600 plus Tax Loan Processing Fees (non-refundable) As prescribed for/in each Loan Scheme separately. Refer to the Offer Letter.
Account Maintenance Charges(2) Rs. 300 plus Tax Loan Facilitation Charges (non-refundable) Rs. 79
Account Renewal Fees(3) Rs. 600 plus Tax Enhanced Eligibility Charges(6) (if applicable on the loan facility and are non-refundable) Rs. 249
Account blocking Fees Rs. 0 Repayment Mandate Rejection Fees (4) Rs. 300 + Tax
Account unblocking Fees Rs. 400 + Tax EMI Overdue – Additional Interest 2% per month of unpaid EMI amount charged on per day basis

(1) Account Activation Charges are applied upon
opening of the Consumer Loan Account

(2) Account maintenance charges are applied annually, i.e., every 12 months post opening of the Account.

(3) Account Renewal Fees are applied after expiry of the Account Holder membership card i.e., after every 24 months

(4) Repayment Mandate Rejection Fee is applicable in
case(s) of any rejection(s) of instructions for setting up of the repayment mandate, for reasons which are in the control of / attributable to the Account Holder.

(5) EMI Skip Charges are applicable in the event the
Account Holder fails to make payment of its EMI within the due date, for any reasons whatsoever and it will be charged for every EMI/s not paid on the due date.

(6) Enhanced Eligibility Charges will be subject to
adherence to the conditions provided in the ‘Know More’ section of the MMFSL’s App/Weblink.

Please Note:

a) Tax includes GST and any other government tax and
/ or cess, as applicable.

b) The above stipulated Fees and Charges and any
content mentioned herein are subject to revision from time to time by MMFSL and will be updated on the official website of the Company.

c) MMFSL shall have the right, at its sole discretion, to determine whether or not to levy any of the aforesaid fees and charges in part or full on the Account Holder, in relation to Consumer Loan Account or the Loan.

EMI Skip Charges(5) Rs. 450 + Tax
Repayment Instrument Swap Charges Rs 500 + Tax per change request
Loan Cancellation Charges Rs. 500 or 1% of gross loan amount whichever is higher +
Foreclosure Charges

0-60 days from the date of Disbursement of loan: Foreclosure not allowed.

61-120 days from the date of Disbursement of loan: @6% + tax on principal outstanding on the date of foreclosure of the loan.

121 days from the date of Disbursement of loan: @4%+ tax on principal outstanding on the date of foreclosure of the loan.

SOA # – Physical Statement Charges Rs. 10 per page + Tax. Charges for delivering the Physical Statement will be as per actual cost incurred by MMFSL by the courier / postal services. No cost for online download.
Change of EMI due date Rs. 300 + Tax
Collection Charges per visit by MMFSL representative Rs. 250 + Tax

MMFSL – Mahindra and Mahindra Financial Services Limited (hereinafter referred as “Mahindra Finance”)

# SOA – Statement of Account for the loan availed by borrower/customer

Sanction Limit – -Mahindra Finance Consumer Loans Mobile App will show the available eligibility amount that the Customer is eligible for (“Eligibility Amount”). Any request to increase the Eligibility Amount will be considered by Mahindra Finance on the receipt of a request in this regard from the customer and shall be subject to review of documents and information that Mahindra Finance may ask for, as it deems fit. Notwithstanding anything mentioned herein, the Loan Amount eligibility shall be increased or decreased on sole discretion of Mahindra Finance.

Payment – The SOA will indicate the amount due which the customer will be required to pay to Mahindra Finance within the specified time period. The Amount due is payable by the customer on or before the Payment due date appearing in the SOA.

Cashback – Customer can enquire about cashback, if applicable for their loan, through the following methods:

1) By writing to us on support.consumerloan@mahindra.com, Customer should mention their Loan Account Number and Registered Mobile Number when writing to us.

2) By calling us from their registered mobile number on 1800 233 1234.

Condition for credit limit approval – The approval of the facility is subject to a) receipt and assessment of all documents as required by
Mahindra Finance from time to time b) customer agreement to the conditions.

The customer is expected to pay the installments for the loan taken on the due dates as mentioned in the Key Fact Statement. Upon failure in paying the installments on time, Mahindra Finance may transfer your case to collection agencies appointed by the company for collection/recovery of dues.

Furthermore, MMFSL has informed you about the measures it is entitled to take in the event there is any default on your part to repay the loan/EMI/charges applicable for the loan, which includes: (a) consequences of an event of default in the customer account holder agreement; and (b) installation of a locking app and/or activating a blocking/disabling mechanism in mobile and/or other electronic devices, as the case may be, in order to curtail access to certain crucial features of such mobile and/or electronic device upon occurrence of Identified Events (mentioned below) and in accordance with the Escalation Matrix (mentioned below). For the aforesaid purpose, the Company has already taken your consent, in the Customer Application Form, for installation of the locking app for mobile devices/use of blocking/disabling mechanism. You have also agreed that you will not tamper with or uninstall the locking app and/or blocking/disabling mechanism in Electronic Devices (defined below). MMFSL shall not be held responsible in any manner if there is a technical issue/lag in the Product as a result of installation of the Disabling Mechanism. The Identified Events, List of Features which may be disabled as well as the Escalation Matrix in relation to the blocking/disabling mechanism has been set out below:
Identified Events:

i. Failure to pay total outstanding amount / EMI / any other charge(s) (under this arrangement) within the payment due date and a further
default in payment of Total outstanding amount / EMI / Charge(s) within a period of 7 (seven) days from the payment due date.

ii. If the customer/Account Holder uninstalls/removes/disables/tampers with the operations of the blocking/disabling mechanism, at any time,
until the entire repayment of the Loan/ total outstanding amount/ any other charge(s) (under this arrangement) for the Product.

iii. Failure to comply with terms and conditions of the Customer Account Holder Agreement/Privacy Policy/any other document related to the Loan.

iv. Frequent dishonour/rejection of any direct debit/NACH instructions / e-mandate /UPI mandate and/or cancellation of any standing instructions for repayment of Loan/total outstanding amount/ any other charge(s) (under this arrangement).

v. If any information provided by the customer / Account Holder in connection with the Loan/Account is false or misleading.

vi. If there is any material change in the information provided by the customer / Account Holder in connection with the Loan/Account, including phone number and residential address, and the customer / Account Holder fails to intimate MMFSL within a period of 7 (seven) days from the date of such change.

vii. If the customer/Account Holder suffers any material adverse change in his/her financial position.

viii. If there is any litigation (civil or criminal), either pending or initiated against the customer/Account Holder, which adversely affects the
customer/Account Holder’s ability to: (a) comply with the obligations of the customer/Account Holder under Customer Account Holder
Agreement; and/or (b) repay the Loan/total outstanding amount or has or could have a material adverse effect on the customer/Account

ix. If the customer/Account Holder becomes insolvent or unable to pay its debts, payment of all or a material part of its indebtedness.

List of Features:

Mobile applications and other features, which may be blocked in a mobile telecommunication device, includes the following:

(a) Mobile applications: Banking, finance and investment (example- sbi, moneycontrol, Gpay, Mahindra finance, etc.), communication (example-google maps, playstore, whatsapp, etc.), social media (example- snapchat, facebook, instagram,etc.), entertainment (example- youtube, netflix, zee5, etc.), travel (example- makemytrip, cleartrip, etc.), news (example- aaj tak, times now, etc.), internet browsing (example- chrome, safari, etc.), education (example- byjus, school apps, etc.), government (example- Mumbai traffic app, income tax, provident fund, etc.), and other services and features i.e., gallery, text messaging, camera and mic, contacts, phone settings (including access to developer mode/factory reset), bluetooth, accessories and other miscellaneous apps;

(b) Other features: Incoming calling, outgoing calling, mobile data and Wi-Fi; and emergency calling and all other basic features of mobile telecommunication device. [Note: IMEI (International Mobile Equipment Identity) blocking shall be carried out by the OEM of such mobile device, which shall be coordinated by MMFSL.]
For other consumer electronic devices and appliances (including health and wellness products) (“Electronic Device”): All basic use functions of the
Electronic Device, which will render the Electronic Device non-functional and non-usable. [Note: The OEM of such Electronic Device will be authorized to disable the Electronic Device upon occurrence of the Identified Events and in accordance with the Escalation Matrix.]

Escalation Matrix:

(i) Since MMFSL has already informed the customer about the EMI Due Date, MMFSL may send EMI Due Date notification/SMS in advance and 7 (seven) days before every EMI Due Date.

(ii) Notifications on the App/Locking App/Product for repayment of EMI/total outstanding amount as well as the impact of not clearing the EMI, within a period of 5 (five) days from the EMI Due Date.

(iii) Emails / recorded phone calls to the customer/Account Holder for repayment of total outstanding amount/Charge(s), within a period of 5 (five) days from the EMI Due Date.

(iv) Notifications (including forced change in wallpaper of the mobile device)/SMS regarding potential activation of blocking/disabling mechanism/IMEI blocking, within a period of 10 (ten) days from the EMI Due Date.

(v) Applications and outgoing calls will be barred after 10 (ten) days of the EMI Due Date if the Product is a mobile device.

(vi) All other services except incoming calls will be barred after 15 (fifteen) days of the EMI Due Date.

(vii) Incoming calls will be barred after 16 (sixteen) days of the EMI Due Date. Only emergency calls will be permitted.

(viii) In addition to the consequences set out under points (v) to (vii) above, the Product (mobile or any other electronic device) will be unusable after 30 (thirty) days from the EMI Due Date (and no emergency calling will be permitted in a mobile device). The IMEI (in case the Product is a mobile device) may be blocked by the OEM which shall be co-ordinated by MMFSL.

(ix) If the customer/Account Holder clears the total outstanding amount/Charge(s)/EMI, Product will be unlocked within a period of 10 (ten) days of clearance of total outstanding amount/Charge(s)/EMI and post reconciliation (i.e., proof of receipt of monies in MMFSL’s bank records). However, if the reconciliation of account/updation of payment is delayed due to operational/technical reasons, the unlocking of the Product may take more than 10 (ten) days.

Cancellation – The request for cancellation of the loan from borrower/customer shall be accepted by Mahindra Finance with applicable cancellation charges, if any. There shall be no Cancellation charges if the cancellation request is raised by the customer within the cooling off period (as mentioned in the Offer Letter). Terms and conditions will apply. Please refer CUSTOMER ACCOUNT HOLDER AGREEMENT for more details. For any queries, Customer can contact us at 1800-233-1234 from his/her registered mobile number or write us at
support.consumerloan@mahindra.com for initiating cancellation of the loan and any other enquiry related to cancellation.

Non-Repayment of dues – In case of non-repayment of all dues as per schedule by customer, Mahindra Finance may suspend the account at its sole discretion.

Customer Service – Customer can contact us at 1800-233-1234 from his/her registered mobile number or write us at support.consumerloan@mahindra.com for any clarification/ assistance.

Grievance Redressal – For any grievance redressal customer can contact our Grievance Redressal officer whose contact details are mentioned on https://mahindrafinance.com/customer-care

*In case of any inconsistency and conflict between the terms hereof and any terms and condition set forth in Consumer Finance Account
Holder Agreement, executed by account holder, said terms and condition mentioned in the Consumer Finance Account Holder Agreement shall prevail. Please note MITC is subject to change and the latest version can be accessed on https://mahindrafinance.com/consumer-loan/mitc