Home » Tractors » Mahindra Finance Credit Score Requirements (2022)

Mahindra Finance Credit Score Requirements (2022)

What are the Mahindra Finance Credit Score Requirements for 2022?

Mahindra is an Indian tractor that ranks among the three best tractor brands in the world. As a reputable tractor brand, Mahindra offers financing opportunities for the public but is limited to only the Indians.

Mahindra pays attention to calculating credit scores before approving financing.

What’s the Minimum Credit Score For Mahindra Financing?

Mahindra financing works in partnership with 40 OEM brands to cover buyers’ credit spectrum. Even though Mahindra financing is of different types, the minimum credit score of all the finance types is 550 FICO and there is coverage for individuals with little or no credit history.

Mahindra financing is of two classes:

  • Prime financing – has the lowest interest rate, and is available for individuals with FICO scores of 660 and above
  • Non-prime credit financing – which offers higher interest rates and is available for individuals with a FICO score of 550+

 Also, Mahindra Financing offers instant personal loans which comes with competitive rates of interest and is limited to only the employees and existing customer of Mahindra. This instant personal loan is disbursed within 48 hours and has flexible repayment options and requires less documentation.

Related:  What Is The Toughest Tractor Ever Made? (2022)

The instant loan amount can be up to $3912 with a repayment duration of 3 years.

Documents required for Mahindra Financing

  • Properly filled out the personal loan application form.
  • Proof of age, such as Birth Certificate, Voter ID card, Passport, etc.
  • Passport size photo of the applicant and the guarantor.
  • Proof of Address such as Driving License, Voter ID card, Aadhaar card
  • Proof of income such as bank statements of the last 3 months.
  • Proof of profession such as payslips, joining letter, etc.
  • Proof of identification, hat includes Passport, Voter ID card, Aadhaar card, etc.

Requirements To Apply

  • You must be a Mahindra existing customer or a Mahindra Limited employee.
  • You must possess the optimum credit score or repayment record.
  • You should be a minimum of 21 years old and a maximum of 58 years old.
  • For the Mahindra employee, you must have completed 2 years of employment with Mahindra and Mahindra Limited.
  • You must be a citizen of India.

Why is Mahindra Finance a Good Option?

  • Free and quick documentation process.
  • Quick disbursement – loan approval is within 48 hours after submitting your filled form and relevant documents.
  • Available choices to make the EMI (Equated monthly installments) payments – cash, cheque, ECS, mobile transfer, etc.
  • The interest rate is based on the terms and conditions of Mahindra finance
  • The processing fee is based on the terms and conditions  of Mahindra finance

How to Apply for Mahindra Finance Loans

  1. Firstly, head over to Mahindra Finance website.
  2. Tap on the ‘Apply Now’ button. You will be redirected to a different page.
  3. Input in your details accurately, such as name, mobile number, city, state, email ID, and other asked personal information.
  4. Click on the type of employment.
  5. Tap the button “I am not a robot’.
  6. Click on ‘Submit’.
Related:  What Size Tractor Do I Need For 1-40 Acres Of Land?

How Long Does Mahindra Finance Take to Approve Loans?

It takes Mahindra Finance 48 hours to approve and disburse a personal loan amount directly to your bank account. You can get it via cheque – it is dependent on the choice of the individual.

Can You Close the Loan Before the Repayment Duration?

in Mahindra Finance, you can pre-close your loans, however, the company demands that you pay for the foreclosure charges. The foreclosure charges are included in the terms and conditions of Mahindra Finance that you agreed to.

Must You Have A Personal Bank Account To Receive Your Mahindra Financing?

Yes, you will need to have a bank account to receive your Mahindra financing. There are only two ways to receive Mahindra financing – it is either through direct transfer to your bank account or via cheque.

Can I Receive My Mahindra Financing Via Cash

Absolutely no! Mahindra Finance does not have a cash option. So you have to get a bank account.

Is Everyone Eligible for the Maximum Loan Amount?

Not everybody is eligible for the maximum loan amount of Rs. 3 lakhs. As stated by the Mahindra terms and conditions, your net monthly salary will be taken into consideration to decide the maximum loan amount that you are eligible for.

How is Mahindra Loan Interest Rates Calculated?

The credit score isn’t the only thing Mahindra considers while preparing your finance. The tractor you purchase, your chosen loan term, and the availability of prime rate promotions is also put into consideration.  

The prime financing program demand that you have a minimum FICO score of 660 while the non-prime credit program’s minimum FICO score is 550.  

Related:  Can Tractors Be Stored Outside? (Explained)

What’s the Best Mahindra Loan Term?

You should understand that when if the repayment period is longer, the monthly payment is lower. Also, every loan terms have its unique rate.

The best Mahindra loan term is the one that balances up perfectly with time, rate, and budget for you. The most popular Mahindra loan term is between 36 and 72 months.

How Can You Check Your Loan Status on Mahindra Finance?

To check your loan status, do visit the Mahindra finance bank personal loan status page.

How Can You Contact the Mahindra Finance personal loan customer care?

If you have any questions, or queries to make on a personal loan, you can contact the company customer care by calling the toll-free number 1800 233 1234 which is available during working hours from 08:00 a.m. to 08:00 p.m. every Monday to Saturday.

Mark Lockett

Leave a Comment

Share via
Copy link
Powered by Social Snap