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Home > Consumer loan > mitc vas

MOST IMPORTANT TERMS AND CONDITIONS FOR MAHINDRA FINANCE CONSUMER LOAN – LOAN FOR INSURANCE

Following are the key important terms and conditions (MITC) of the loan availed / sought to be availed by the borrower / account holder (“Account Holder”) from Mahindra and Mahindra Financial Services Limited (“Mahindra Finance” or “us”)

Please refer to the Consumer Finance Account Holder Agreement (“Loan Agreement”) for detailed terms and conditions of the loan.

FEES AND CHARGES

The fees and charges as applicable to the loan are as under:

Account Opening and Maintenance Charges Loan Opening and Maintenance Charges
Nature of Fees/Charges Amount (Rs.) Nature of Fees/Charges Amount (Rs.)
Account Activation Charges Rs. 0 Loan Processing Fees As defined in each Loan Scheme separately
Account Maintenance Charges(1) Rs. 300 plus Tax Repayment Mandate Rejection Fees(2) Rs. 300 + Tax
Account Renewal Fees(1) Rs. 600 plus Tax EMI Overdue – Additional Interest 2% per month of unpaid EMI amount charged on per day basis
Account blocking Fees Rs. 0 Repayment Mandate /Cheque Bounce Charges Rs. 450 + Tax
Account unblocking Fees Rs. 400 + Tax Repayment instrument swap Charges Rs. 500 + Tax per change request

(1) Account maintenance charges and Account Renewal charges are applied annually, i.e. in the 12th month post account opening.

(2) Applicable for rejections which can be controlled by the Account Holder.

Note:

a) Tax includes GST and any other government tax and cess

b) The above stipulated Fees and Charges and any content mentioned herein are subject to revision from time to time by MMFSL and will be updated on the official website of Mahindra Finance.

 Loan Cancellation Charges Rs. 500 or 1% of gross loan amount whichever is higher + Tax
Foreclosure Charges

4% of principal outstanding at the time of loan closure. Foreclosure allowed only after payment of 50% of EMIs and minimum 120 days after issuance of loan
SOA – Physical Statement Print charges Rs. 10 + Tax. No cost for online download
Change of EMI due date Rs. 300 + Tax
Collection charges per visit by MMFSL representative Rs. 250 + Tax

Note: The Account Holder shall be liable to MMFSL for the fees and charges mentioned above, as may be applicable in relation to the Loan for Insurance. MMFSL shall have the right, at its sole discretion, to determine whether or not to levy the aforesaid fees and charges on the Account Holder, in relation to the said loan.

Key Terms And Conditions

MMFSL – Mahindra and Mahindra Financial Services Limited (hereinafter referred as “Mahindra Finance”)

SOA – means the Statement of Account for the loan availed by the Account Holder.

Purpose – For purchase of loan for insurance in accordance with the terms and subject to the conditions stipulated in the Loan Agreement.

Sanctioned Limit – The Mahindra Finance Consumer Loans Mobile App will show the available credit limit that the Account Holder is eligible for. Any request to increase the credit limit will be considered (and accordingly approved / rejected) by Mahindra Finance, at its sole discretion, on the receipt of a request in this regard from the Account Holder and shall be subject to inter alia, review of documents and information that Mahindra Finance may ask for, as it deems fit. Notwithstanding anything mentioned herein, the Loan amount eligibility shall be increased or decreased at the sole discretion of Mahindra Finance.

Payment – The Statement will conspicuously indicate the amount due which the Account Holder will be required to pay to Mahindra Finance within a specified time period, in accordance with the terms of the loan availed by it. The amount due is payable by the Account Holder on or before the payment due date which shall be notified on the Statement.

Conditions for credit limit approval – The approval of this facility is subject to (a) acceptance of this MITC by the Account Holder; (b) review by MMFSL of the Account Holder’s request for loan creation, as per its internal policies; (c) receipt and assessment of all documents as required by Mahindra Finance, from time to time; and (c) execution of the Loan Agreement by the Account Holder.

Cancellation of Policy – In the event of any cancellation of the insurance cover under the Policy, the Account Holder shall be liable to pay the total amount outstanding towards the Loan for Insurance, applicable interest and charges (if any), in accordance with the terms of the Agreement. The Policy shall not be deemed as cancelled / terminated, for any reasons whatsoever, (a) unless the Account Holder has fulfilled the entire process of foreclosure of the Loan for Insurance, in accordance with the terms contained herein; and (b) until issuance of the No Dues Certificate by MMFSL to the insurance provider.

Closure of Loan for Insurance – In the event of the closure / foreclosure of the Loan for Insurance for any reason whatsoever, the insurance cover availed under the Policy shall automatically stand cancelled.

Non-Payment of dues – It shall be the responsibility of the Account Holder to ensure that the amounts due (as stated in the Statement), are regularly paid by the respective due dates. In case of non-payment of all dues by the Account Holder within the due date for payment, as per the Statement, Mahindra Finance may suspend the account at its sole discretion. If the Account Holder does not pay the amount due on or before the relevant due date, the total outstanding amount and all accrued interest, fees and other charges (if applicable), shall become immediately due and payable (in addition to other rights and remedies available to Mahindra Finance under the Loan Agreement). Please refer to the Loan Agreement for all detailed terms on all Events of Default and the consequences of the same under the Loan Agreement.

Modifications – These MITC and the terms of the Loan Agreement may be modified, from time to time. Any such change shall be communicated to the Account Holder by way of any of the Acceptable Means of Communication (as defined in the Loan Agreement). The Account Holder’s continued use of the Account following the posting of changes shall mean that it accepts and agrees to all such changes. If the Account Holder does not agree to / accept any change to this Agreement, the Account Holder shall immediately discontinue further use of the Account, and proceed to foreclose the Account, in accordance with the terms of the Loan Agreement.

Disclosure –

1) The Account Holder authorises Mahindra Finance to provide details of his/her Account and loan to third party agencies for the purpose of availing of support services of any nature by Mahindra Finance.

2) The Account Holder authorises Mahindra Finance to verify information provided by him/ her, make credit investigations and receive and exchange information about him/ her, including requesting reports from third party, banks, or credit information companies (CICs) as authorised by RBI. The Account Holder authorises Mahindra Finance to exchange, share or part with all the information/ data relating to the Account Holder provided by him/ her and/ or the details of the Account, as may be required to enable the Account Holder to avail the benefits under the Account and the Account Holder shall not hold Mahindra Finance liable for using / sharing any such information.

*In case of any inconsistency and conflict between the terms hereof and any terms and conditions set out in the Consumer Finance Account Holder Agreement, the terms and conditions mentioned in the Consumer Finance Account Holder Agreement shall prevail. The MITC is subject to change and the latest version (as may be updated) can be accessed on https://mahindrafinance.com/consumer-loan/mitc-vas.

Cashback – The Account Holder may enquire about cashback, if applicable for his/her loan, through the following methods:

1) Writing to us at support.consumerloan@mahindra.com. The Account Holder shall mention his / her loan account number and registered mobile number when writing to us;

2) Calling us from his/her registered mobile number on 1800 233 1234.

Customer Service – The Account Holder may contact us at 1800 233 1234 from his/her registered mobile number or write to us at support.consumerloan@mahindra.com, for any clarification / assistance.

Grievance Redressal – For any grievance redressal, the Account Holder may contact our Nodal Officer, whose contact details are mentioned on https://mahindrafinance.com/customer-care.

The Account Holder hereby declares that he / she has read and understood the terms of this MITC carefully, and hereby agrees and confirms to comply with the same.