Mahindra Finance

MAHINDRA & MAHINDRA FINANCIAL SERVICES LIMITED

About this app

“Mahindra Finance App” is the official customer app of Mahindra Finance.

Through Mahindra Finance App, consumers can view vehicle loan, FD details or apply for pre-approved loans and other customized offers.

Here is what you can do with the new and improved app.

1. Quick Easy one time registration with login via PIN or Fingerprint

2 .Active account information: View and manage your active loans and Fixed deposit investments, make payments and more.

3. Repayment Schedule: Access repayment information, EMIs due, amount paid, and amount remaining and download repayment schedule.

4. Pre-approved offers: View pre-approved offers & details, get product information or request a call back.

5. Payments: Pay your EMIs using your preferred mode - Debit Cards Net Banking, Wallets, UPI.

6. Executive Connect: Connect with your relationship executive for any assistance through our Request a Callback facility.

7. Branch Locator: Branch locator provides an easy navigation to the branches near you.

8. Cash Payment Points: For consumers, who want to pay their EMIs in cash, locate your nearest cash collection centers.

9. Offline Capability : The app provides key user information like account summary, repayment details, executive information etc. even when you’re offline.

10: Easy apply for Mahindra Vehicle Loans & Mahindra Mutual Funds & Insurance.

11: Receive important messages from Mahindra Finance with notification feature.

Minimum tenure : 6 months , maximum tenure : 18 months
Rate of interest : 1% per month
Min loan amount 25k , max amount : 1.75 lakh
AIR : Annual interest Rate : Min: 19% , Max : 25%
Option to have insurance cover (MLS) at an additional small fee which protects the Borrower from any further liability.
Scenario with insurance cover
Finance cost : 1 lakh
Tenure : 12 months
Finance charge (1 % per month) : INR 12,000

Processing charge : INR 2000 ( ACH mode : 2% of loan amount , Cash mode 3% of LA)
* ACH mode has been chosen in this case.

Future receivable : INR 1,12,000 ( 1,00,000 FA +12,000 INT)

Amount to be disbursed after deduction = Finance amount – ( processing fee + MLS ) = 1,00,000 – (2000+337 ) = INR 97663

Monthly EMI is listed in calculator too = Future receivable / tenure. 1,12,000/12 = 9333*11 , 9337*1

Scenario without insurance cover
Finance cost : 1 lakh
Tenure : 12 months

Moratorium : 30 days
Finance charge (1 % per month) : INR 12,000

Processing charge : INR 2000 ( ACH mode : 2% of loan amount , Cash mode 3% of LA)
* ACH mode has been chosen in this case.

Future receivable : INR 1,12,000 ( 1,00,000 FA +12,000 INT)

Amount to be disbursed after deduction = Finance amount - Processing fee = 1,00,000 - 2000 = INR 98,000

Monthly EMI = Future receivable / tenure. = 1,12,000/12 = 9333*11 , 9337*1

Supported for Android OS 7.0 and above