Car Loan FAQs

Frequently Asked Questions (FAQs)

Get all the answers to your top Car Loans FAQs with Mahindra Finance

Do you give loans for all makes of cars?

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

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.

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

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

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.

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

We quote on a flat rate basis.

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.

How much time does loan sanctioning take?

Normally, the approval is given in few working days subject to the submission of the required documents. To check the documents required, click here.

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

Yes, a copy of the agreements will be provided.

Do you need any collateral security?

No, we do not take collateral security.

Will you always require a guarantee?

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

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.

Can I pay the monthly instalments 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 instalments online. Click here to know more.

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.

What should I do when my contract tenure gets over?

On payment of the last instalment and any other dues as per the agreement, the termination papers including the RTO related papers would be issued and delivered to your address.

What papers do I have to collect on termination?

The termination letter.

The no-objection letter addressed to the RTO.

Insurance endorsement cancellation letter

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

You can intimate the branch, which you normally deal with. You can also email us at service.mmfsl@mahindra.com.

Is a third party insurance cover enough?

No, comprehensive coverage is required.

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 instalments, we can take care of your insurance needs.