Car Loan

Our tailor made Car Loans come with exclusive features such as up to 100% financing, flexible repayment tenure and affordable EMI. Customised Car Loans are available on all the brands like Mahindra, Hyundai, TATA Motors, Maruti Suzuki, Renault, and Nissan amongst others. Our well- trained officials will help you take informed decisions and assist you with the documentation process.

Car Loan - Features & Benefits

Car Loan - Eligibility & Documents

Mahindra Finance offers car loans at attractive interest rates to both salaried and self-employed individuals, including farmers and traders, who meet our age and income eligibility criteria.

Age criteria: 21 to 60 years

Documents Required

Disclaimer: MMFSL reserves the right to approve/disapprove the loan after the submission of documents.

Car Loan - FAQs

We finance most of the passenger and multi-utility vehicles available in the market.
The auto finance amount is based on the vehicle bought and the profile of the customer. Funding is available up to 100% on ex-showroom value.
We do not fund any accessories unless it is a standard fitting.
The interest rates offered are reasonable and are based on the location of the customer, tenure of loan and customer profile.
The auto loans from Mahindra Finance are available for a maximum period of 5 years.
Normally, the approval is given in one working day after all the required documents are submitted. To check the documents required, click here.
No, we do not take collateral security.
Not always; the requirement is dependent on the customer’s financials, which need to meet our credit criteria.
For this, you must send your request through one of our nearest branches. Click here to view a list of our branches.
Yes, you can pay your EMIs in any of our branches. Click here to view the list of our branches. You can also pay your installments online. Click here to know more.
To foreclose your loan, you must visit your nearby branch to put in a request. Upon your specific request, we will present the settlement amount (while will include a foreclosure fee) and once you’ve paid the same, the necessary termination papers will be issued.
On payment of the last installment and any other dues as per the agreement, the termination papers including the RTO related papers would be issued and delivered to your address.
The termination letter
The no-objection letter addressed to the RTO
Insurance endorsement cancellation letter
You can intimate the branch, which you normally deal with. You can also email us at [email protected]
No, comprehensive coverage is required.
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 installments, we can take care of your insurance needs.

Car Loan - EMI Calculator

  • Diverse loan offerings
  • Less documenation
  • Quick processing
Loan Amount
Tenure In Months
Rate of Interest %
Principal: 75 %
Interest Payable: 25 %

For illustration purpose only

Total Amount Payable

50,000

Buying a car is everyone's dream; if you share the same dream, then Mahindra finance car loans are your best option. Today, getting a car loan is easy, and you can even have an idea of your repayment and EMIs with our personalized car loan EMI calculator.

Simply enter your metrics, such as the amount you'd like as a loan, the interest rate you're willing to pay, and the loan's tenure. After you've submitted these details, our EMI calculator for a car loan will churn this data and provide you with the best quote with further information like your EMI amount, total interest to be paid, and the final summation amount for the loan.

Mahindra finance car loans offer exciting offers, and you can expect hassle-free loan processing and disbursal. We try to provide the best rates to fulfil your dreams, and that's the reason behind having meager processing fees and interest rates on car loans. You might have some questions about the process, so let's look at them first.

How is Car Loan EMI calculated?

Car loan EMIs are calculated with a widely used mathematical formula, and here it is for your reference.

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

Where,

P = Principal amount of the loan

R = Rate of interest

N = Number of monthly instalments.

In addition to using our calculator, you can also use this formula to get the answer on paper if you like to double-check the quote.

What factors affect car loan EMI?

The loan amount for your dream car is affected by factors such as interest rates, tenure, credit history, and even the loan amount itself.

Why use a car loan EMI calculator?

Using a car loan EMI calculator, you can quickly understand your loan, EMI, and how interest rates impact your finances. Moreover, it is convenient and saves time, so why not use it.

Calculate car loan EMIs with our calculator and apply now for the best offers on your personalized car loan.

loan process
1 <p>Apply</p>

Apply

2 <p>Select your <br /> product</p>

Select your
product

3 <p>Get <br /> approved</p>

Get
approved

4 <p>Get your loan <br /> sanctioned &amp; <br /> disbursed</p>

Get your loan
sanctioned &
disbursed

Simple loan

application

process

Apply now



Cars are no longer a luxury today; they have become a necessity. But if you are worried about your budget, simply apply for a car loan to make your dream of owning a car come true. Mahindra Finance makes car ownership a reality as you get financing up to the full cost of the vehicle.

Thanks to a simple and quick loan application procedure from Mahindra Finance, you can have your car loan sanctioned in no time and can choose a convenient repayment schedule. This allows you to devote your time and attention to research car brands, models, and loan budget details.

How to apply for a car loan

Mahindra Finance has made its car loan application process easy so that potential car owners can have a hassle-free experience. The loan procedure is available both online and offline, and you can either visit the nearest branch or opt for our time-saving online loan process.

It involves four easy steps:

Step 1: Go to the website

The first step is to start the application process by clicking the ‘Apply Now’ button on the website. You will be directed to a page where you will see different fields to be filled in. As you read further, you will get an idea of the information needed for filling out your car loan application. You can start applying once you are ready with the details.

Step 2: Select your product

  • The application form for a car loan requires you to select an appropriate product from the two given options: ‘Investment’ and ‘Loan’. Choose ‘Loan'. 
  • The next section will require you to ‘Select loan type’. It will show all the types of loans on offer that you can choose from.
  • Depending on the type of purchase (used or new), choose either ‘car loans’ or ‘pre-owned car loans’.  
  • The final section in this step is entering your employment type and other personal details as applicable
  • Once you have done all these, go back and cross-check the details and hit ‘submit’.
  • Step 3: Get your loan approved

    Once you fill in the details and submit the form, you will get a call back from our executive. They will ask you to share the supporting documents for the details mentioned in the car loan application form. This includes KYC documents such as PAN card, Aadhaar card, any government-issued ID, salary slip, Form 16 for eligibility check, and proof of address. These documents are required for verification.

    Step 4: Get your loan sanctioned and disbursed

    The final step of the car loan application is approval and disbursement of your loan amount. After verification, your loan will be sanctioned immediately, and the amount will be credited if the documents are satisfactory. If not, you might be requested to submit additional documents.

    Now, wasn’t that easy and quick? So, stop dreaming about owning a new car and apply for a car loan with Mahindra Finance today!

    Car Loan - mBlogs

    Car Loan - Customer Reviews

    Get in Touch

    Mahindra & Mahindra Financial Services Limited
    4th Floor, Mahindra Towers,
    Dr. G.M. Bhosale Marg,
    P.K. Kurne Chowk, Worli,
    Mumbai 400 018.

    Click here to locate the nearest Mahindra Finance branch around you

    Calculate Your EMI

    • Diverse loan offerings
    • Less documenation
    • Quick processing
    Loan Amount
    Tenure In Months
    Rate of Interest %
    Principal: 75 %
    Interest Payable: 25 %

    For illustration purpose only

    Total Amount Payable

    50000

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