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Interest and Charges

Attractive Interest Rates based on your eligibility*

Interest Rates

Charged based on product-specific, document, and stamp fees based on the prevailing rates set by the statutory authority and the location of the contract execution.


Frequently Asked Questions (FAQs)

Get all the answers to your top Tractor Loan FAQs

Do you provide commercial vehicle finance and construction equipment finance?

Yes, we provide loans on commercial vehicles and construction equipment of all major manufacturers.

Do you finance the body construction as well?

The finance for body construction is extended for certain customer profiles as defined by product policy.

What is the maximum amount of finance given?

The maximum amount of finance depends on the customer profile and the product.

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

We work on a monthly reducing interest rates.

Are there any additional service charges or document charges?

We levy product specific, document and stamp charges on actual basis as levied by the statutory authority and also depending on the place of execution of the contract.

How much time does loan sanctioning take?

Normally, the loan is sanctioned within few working days after all the required documents are submitted.

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

Yes, a copy of the agreement will be provided to the applicant.

Do you always require a guarantee?

We require a guarantor or co-applicant depending on the profile of the customer and product.

Do you need any collateral security?

No collateral security required.

Do you have a tie-up with leading automobile manufacturers/dealers?

Yes, special promotions and tie-ups with several manufacturers/dealers will be running at various locations and at various points of time.

Can I change dealers at any point of time?

Yes, you can. However, it is always preferred to select the dealer who is nearer to your business or residential location for better after-sales service.

Can I make bulk part payments to reduce the finance amount and also have a revised repayment structure?

We accept bulk part payments. However, the excess amount will be parked in a suspense account and will not result in the reduction of the loan outstanding or reduction in IRR.

Can I pay the monthly instalments in any branch?

Yes, you can pay your EMIs in any of our branches.

Can I issue cheques drawn on banks where you do not have branches?

Yes. However, a charge will be levied for the collection of such cheques.

When will you send me the statement of accounts?

Statement of accounts would be sent after we receive a request from you.

What should I do in the case of an address change? Who should I intimate?

You can intimate the branch, which you normally deal with.

Is a third party insurance cover alone enough?

A comprehensive policy is mandatory as per the rules laid down by the concerned authority.

Is it necessary that the insurance must be done only through your agent? Can I take the responsibility on my own?

We have in-house Mahindra Insurance Broker Limited which can take care of all your insurance needs and can give you the best deal.

How do I obtain commercial vehicle finance?

Our field executive would inform you about the documents & vehicle quotation required from your end and visit you at your residence/office to collect the same and forward the same to our credit team for appraising. On approval of the loan, our field executive will visit you to have the loan agreement & PDC/ACH signed, post the same, we will release the Delivery Order to the concerned dealer.

Start or expand your business with our affordable Commercial Vehicle Loans!