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Frequently Asked Questions (FAQs)

Get all the answers to your Pre-Owned Car Loans FAQs with Mahindra Finance

How do I approach Mahindra Finance for a pre-owned car loan?

Contact or visit your nearest Mahindra Finance branch. You can even apply online and we’ll get in touch with you shortly.

What are the eligibility criteria for availing a pre-owned car loan?

Eligibility for a pre-owned car loan from Mahindra Finance depends on the individual appraisal and the product, and all loans are given at the sole discretion of the company.

What are the minimum and maximum loan amounts given?

It depends on the age and condition of the vehicle and repayment capability of an individual.

What are the tenure options under pre-owned car loans?

Minimum 1 year and maximum 5 years, depending on the age and condition of the vehicle.

How much time will it take for a pre-owned car loan to be approved?

Our extensive network of branches at over 1386 Locations have speedy and simple documentation processes and with the capability of our executives to make quick, smart decisions, the process of obtaining a used car loan is a quick and smooth one.

What is the processing fee for a used car loan?

At Mahindra Finance, our processing fee for used car loans is competitive. The exact amount may vary depending on the specific loan details. We encourage you to contact us or visit your nearest branch for a personalized quote.

What does bounce charge mean?

bounce charge is a fee levied by your financial institution if a scheduled loan payment cannot be processed due to insufficient funds in your account. To avoid bounce charges and potential late payment penalties, ensure you have sufficient funds available before your EMI payment is due.

How do you calculate a used car loan interest rate?

Several factors influence your used car loan interest rate at Mahindra Finance, including:

  • Your credit score: A higher credit score typically qualifies you for a lower interest rate.
  • Loan amount and term: Longer loan terms or larger loan amounts may result in a slightly higher interest rate.
  • Car age and condition: The age and overall condition of the used car can also impact the interest rate offered.

Get Affordable Financing for Pre-Owned Cars now!