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

Name: Car Loan
Brand: Mahindra Finance

Easy loan application process

Minimal documentation

Quick and easy loan procedures and disbursement

Attractive interest rates

Up to 100% ex-showroom funding with reasonable interest rates

Diverse loan options based on the requirement

Varied repayment options

All segments of customers covered including personal and commercial application with or without income proof

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

KYC documents

Salary slip / Form 16 / IT returns / Bank statements (optional)

Identity and address proof

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

Car Loan - FAQs

Q1. Do you give loans for all makes of cars?

We finance most of the passenger and multi-utility vehicles available in the market.

Q2. What is the maximum amount of car loan available?

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.

Q3. Do you finance just the cars or the accessories as well?

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

Q4. What is the car loan interest rate?

The interest rates offered are reasonable and are based on the location of the customer, tenure of loan and customer profile.

Q5. Is your quote on a flat rate basis or on a diminishing balance basis?

We quote on a flat rate basis.

Q6. What is the maximum repayment period for an auto loan?

The auto loans from Mahindra Finance are available for a maximum period of 5 years.

Q7.How much time does loan sanctioning take?

Normally, the approval is given in one working day after all the required documents are submitted. To check the documents required, click here.

Q8. Will you give me a copy of the agreement duly filled in for my records?

Yes, a copy of the agreements will be provided.

Q9. Do you need any collateral security?

No, we do not take collateral security.

Q10.Will you always require a guarantee?

Not always; the requirement is dependent on the customer’s financials, which need to meet our credit criteria.

Q11.What should I do in case I wish to replace my post-dated cheques?

For this, you must send your request through one of our nearest branches. Click here to view a list of our branches.

Q12. Can I pay the monthly installments in any branch?

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.

Q13. What is the procedure in case I wish to foreclose my account?

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.

Q14.What should I do when my contract tenure gets over?

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.

Q15. What papers do I have to collect on termination?

The termination letter
The no-objection letter addressed to the RTO
Insurance endorsement cancellation letter

Q16.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. You can also email us at [email protected]

Q17. Is a third party insurance cover enough?

No, comprehensive coverage is required.

Q18.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 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 %

EMI Amount 2,000

Principal: 75 %

Interest Payable: 25 %

For illustration purpose only

Total Amount Payable

50,000

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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

I used to be a driver with monthly salary and minimal earning. I had always dreamt of owning a vehicle and that dream came true with the support of Mahindra Finance. I was able to buy a Hyundai Eon and start my life as an owner cum driver and my income has improved now. I was prompt in repaying my installments and closed the contract with good reputation I am also eligible for a pre-approved loan on my vehicle which makes me feel secured.

Ramesh

I was a taxi driver cum owner in Naduvannur until 2014. I bought Chevrolet Tavera with the loan offered by Mahindra Finance. Being the elder sibling of the family I had the responsibility to get the sisters married. While I was looking for money from across the sources none helped that’s when Mahindra finance offered a loan on my vehicle. I was able organize my sister’s engagement in a good way.

Sulaiman

I stay in Vadodara and work as a maintenance manager in a company. In 2017, I took a loan from Mahindra Finance. The loan was disbursed very fast and with ease. In case of any issue during the loan tenure, easy and fast solution is provided by the staff.

Balwantsingh Raulji

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. But I couldn't bear to see the disappointment in their eyes.

So, I enquired about cars at Maruti, and if they could guide me with a car loan scheme. But I always had this fear that my income and the available documents would never be sufficient to fetch me a loan. However, the dealer introduced me to Mahindra Finance. MMFSL not only gave me a loan, but also provided it for a longer tenure of five years with an option to pay in cash.

I decided to go for the loan and bought a Maruti 800. Since then, I've been going out with my family on holidays and taking our car to social events like marriages, Diwali celebrations, etc.

Today, I am very happy because my family is happy. After all, we can now enjoy the pleasure of having a car, just like others – all thanks to Mahindra Finance for helping me fulfil my family's wishes!