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Personal Loan Frequently Asked Questions (FAQs)

Get all the answers to your Personal Loans FAQs with Mahindra Finance

How long will it take for me to receive my personal loan?

Few hours for our digital loans for customers, and within a day for our employees.

Do I need a bank account in order to receive my personal loan?


Where can I get a personal loan from?

You can get your pre-approved personal loan from here for our mature customers. Our current customers can reach out to the nearest branch or click here

What is the minimum and maximum amount that can be issued as a personal loan?

The loan amount will be based on the eligibility of the applicant.

What is the maximum loan repayment period possible?

36 months for our mature customers, and 18 months for the current customers.

How can I repay a personal loan?

The personal loan can be repaid by E-Nach mandate.

How will the personal loan amount be given to me?

The amount shall be disbursed into the bank account where ECS is set up.

Can I prepay my personal loan?

Yes, you can prepay your personal loan at a nominal pre-closure rate.

What can I use a personal loan for?

A personal loan offers a versatile solution for a wide range of expenses, from major purchases like appliances or home renovations to unexpected needs like medical bills or car repairs. It can even help you consolidate debt, invest in your business, or make a down payment on a new home.

How is the maximum loan amount decided?

While the maximum personal loan amount varies, lenders typically consider two key factors: your income and existing debts.

To ensure comfortable repayments, they often won’t approve loans where the monthly payment (EMI) exceeds 30% of your salary, especially for salaried employees. Additionally, they factor in your existing EMIs from other loans to assess your overall debt burden and ability to repay the new personal loan.

What are the advantages of applying for a personal loan online?

Ditch the long queues and paperwork! Applying for a personal loan online allows you to conveniently submit your application from the comfort of your own home, saving you valuable time and effort.

Get financial support for any milestone or emergency in your life! Apply for a Mahindra Finance Personal Loan now.