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Personal Loan Fees and Charges

Note: Details of Fees and Charges for pre-approved Personal Loans extended to current customers of Mahindra Finance can be accessed here. Mentioned below are fees and charges applicable to other personal loans offered by the Company.

Schedule of Fees and Charges for Personal Loan

Sr. No. Nature of Charges Charges
1 SOA Charges/ Duplicate statement issuance charges Rs. 250
2 Pre-Closure Charges / Pre closure working (per statement)
  • Within 6 months from date of disbursement: 4% on Principal Outstanding + Tax
  • After first 6 months from date of disbursement: NIL
3 Part-payment charges (system to be built)
  • Within 6 months from date of disbursement: 4% on Principal Outstanding + Tax
  • After first 6 months from date of disbursement: NIL
4 Documentation charges
  • NIL
5 Processing Fee
  • 2% of loan amount or Rs. 5000, whichever is lesser + Tax
6 Stamping Charges incl GST Rs. 50 /-
7 Legal, Repossession & Incidental charges
  1. Legal charges – Rs. 25,000 or actual whichever is higher + Tax
  2. Notice charges – Rs. 125 + Tax
8 Stamp Duty At actual as per applicable state law
9 Payment Collection Charges (FVC) Rs. 200 Per Transaction + Tax
10 Duplicate statement for principal & interest breakup in addition to repayment schedule Rs. 100/- per statement + Tax
11 Cheque/ACH/NACH/ECS/Direct Debit Bounce Charges Rs. 450 + tax per returned instrument per instance
12 Penal Charges (Late payment penalty) 3% per month of unpaid EMI amount charged on per day basis + Tax
  • Fees and Charges are exclusive of GST and other applicable Taxes, which shall be additionally chargeable as applicable.