All too often, people want to buy a new car but they don’t actually have the money to do so. While people tend to shy away from Mahindra finance car loan noc letter, it doesn’t have to be a difficult process. In fact, many people prefer to finance their cars because of the tax benefits that come with the process. In this blog, we will show you how to finance your new car without getting harassed by the car lender. You can apply for a car loan online, in just a few minutes, and have your money in your pocket before you know it.
Mahindra Finance Car Loan NOC Letter
Mahindra Finance Car Loan No Objection Certificate (NOC) is prepared at our office on the basis of the information furnished by the applicant about the vehicle, its registration number, date of purchase, etc. In case of any discrepancy in the information provided by the customer, then we shall verify the same before issuing the certificate. Please note that the issuance of the certificate may take a long time depending upon the circumstances.
What is a Mahindra Finance Car loan?
The term ‘Car Loan’ refers to the agreement between the borrower and lender for lending money to buy a motor vehicle or buying existing motor vehicles. A car loan is a secured loan where the security offered to the lender is a piece of property known as Collateral Security.
How does a Mahindra Finance work?
A car loan works similarly to other financing options wherein the borrower agrees to pay back the principal amount borrowed along with interest over a period of time. The monthly installments vary according to the tenure chosen by the borrower, i.e., full payment of the loan amount, part payment or installment payment. Interest charged is calculated based on the total cost of borrowing including the capitalization rate and the duration specified. The capitalization rate is the percentage of return earned on the investment made by the lender. The repayment schedule is fixed either annually, semiannually, bi-annually or triennially.
Mahindra finance car loan settlement
If you are looking for financing for Mahindra Finance Car Loan then we have got good news for you. We have got a list of top 10 loan providers in india who offer Mahindra Finance Car Loans at affordable interest rates. If you want to know about the features of these loans and how you can avail them, read this article.
Features Of Mahindra Finance Car Lending
Mahindra Finance Car Loan is a home-based credit scheme offered by Mahindra Financial Services Ltd. (MFSL). The lending company offers several financial products including personal loans, home loans, auto loans, etc. So if you are planning to buy a vehicle this year or plan to buy any other consumer durables, then you should consider taking a Mahindra Finance Car loan.
The process of availing this type of loan is quite simple. You just need to fill out the application form online and submit it along with two bank statements. After that, the company will provide you the details regarding the eligibility criteria, interest rate, annual percentage rate (APR), processing fee, etc.
Mahindra finance customer statement
The eligibility criteria for getting Mahindra Finance Car loans is decided depending upon the age, income, net worth, credit score, etc. The applicant should not have any pending dues, defaults, late payments, foreclosures, CCJs, etc. The borrowers should have been working for 6 months prior to applying for the loan and should be earning minimum Rs. 25,000 per month. In addition, they should be having steady employment history and clear track record of repayment.
Interest Rate On Mahindra Finance Car
Your monthly repayments will depend on the total amount borrowed. However, the loan tenure and the rate of interest vary according to the loan amount. Here is a summary of the interest rates applicable on different loan amounts.
• Fixed Interest Rate: 2% above the Bank rate.
• Flexible Interest Rate: 1% above Bank rate plus Marginal Cost of Funds based Rate (MCLF) + 1.5%.
• Short Term Personal Loan – 5 years: 8.75% APY (Annual Percentage Yield)
• Long Term Personal Loan – 12 years: 8.25% APY
• Home Loan: 7.5% APY
• Education Loan: 6.25% APY.
How To Apply For Mahindra Finance Car?