Mahindra Finance 2.6.0

The "Mahindra Finance App" is the official customer app of Mahindra Finance. It offers a range of features and functionalities to enhance the customer experience.

With the Mahindra Finance App, users can easily view their vehicle loan and fixed deposit details, as well as apply for pre-approved loans and access customized offers.

Here are some key features of the new and improved app:

1. Quick and easy one-time registration with login via PIN or Fingerprint.
2. Access to account information: Users can view and manage their active loans and fixed deposit investments, make payments, and perform other related actions.
3. Repayment Schedule: Users can easily access repayment information, including EMIs due, amount paid, amount remaining, and even download the repayment schedule.
4. Pre-approved offers: Users can view and get details about pre-approved offers, as well as request a call back or obtain product information.
5. Multiple payment options: Users can conveniently pay their EMIs using their preferred mode of payment, including debit cards, net banking, wallets, or UPI.
6. Executive Connect: Users have the option to connect with their relationship executive for any assistance through the app's "Request a Callback" feature.
7. Branch Locator: The app includes a branch locator feature that provides easy navigation to the nearest branches.
8. Cash Payment Points: For users who prefer to pay their EMIs in cash, the app helps locate nearby cash collection centers.
9. Offline Capability: Even when offline, the app provides key user information such as account summary, repayment details, and executive contact information.
10. Seamless application for Mahindra Vehicle Loans, Mahindra Mutual Funds, and Insurance.
11. Receive important notifications and messages from Mahindra Finance for timely updates and reminders.

Here are some important details regarding the loan options:

• Minimum tenure: 6 months
• Maximum tenure: 18 months
• Rate of interest: 1% per month
• Minimum loan amount: INR 25,000
• Maximum loan amount: INR 1.75 lakh
• AIR (Annual Interest Rate): Minimum - 19%, Maximum - 25%
• Option to obtain insurance cover (MLS) at an additional fee, which protects the borrower from further liability.

To better illustrate the loan calculation, here are two scenarios:

Scenario with insurance cover:

• Finance cost: INR 1 lakh
• Tenure: 12 months
• Finance charge (1% per month): INR 12,000
• Processing charge: INR 2,000 (ACH mode: 2% of loan amount)

The future receivable amount is calculated as INR 1,12,000 (INR 1,00,000 FA + INR 12,000 INT). After deducting the processing fee and MLS (insurance cover), the disbursed amount will be INR 97,663. The monthly EMI will be calculated as INR 9,333*11 + INR 9,337*1.

Scenario without insurance cover:

• Finance cost: INR 1 lakh
• Tenure: 12 months
• Moratorium: 30 days
• Finance charge (1% per month): INR 12,000
• Processing charge: INR 2,000 (ACH mode: 2% of loan amount)

Similarly, in this scenario, the future receivable amount is INR 1,12,000. After deducting the processing fee, the disbursed amount will be INR 98,000. The monthly EMI calculation remains the same as in the previous scenario.

Please note that the Mahindra Finance App is supported for Android OS 7.0 and above.