Terms & Conditions

Official Regulatory Terms

The following 20 official terms and conditions from our corporate brochure govern all loan applications and disbursements processed at Mahindra General Finance Ltd:

Chapter I: Financial & Tenure Parameters

1. Loan Amount Range

Loans are sanctioned starting from a minimum of ₹1,00,000 up to a maximum limit of ₹5,00,00,000 depending on applicant profile and parameters.

2. Flat Interest Rate

A flat annual interest rate of 5% per annum is applicable on the sanctioned loan amount throughout the tenure.

3. Repayment Tenure

Flexible repayment options are provided with a tenure range from a minimum of 1 year up to a maximum of 20 years.

4. Repayment via EMI

Loans are structured to be repaid through equal monthly instalments (EMIs) comprising principal and flat interest components.

Chapter II: Eligibility & Purpose Standards

5. Eligibility Standards

Lending is open to all salaried employees and self-employed professionals residing and working within India.

6. Government Employee Eligibility

Central and State Government department employees are eligible, except for personnel actively serving in the Defence Department.

7. Purpose Restrictions

Loans cannot be used for weddings, marriage events, medical emergencies, or any illegal activities; applications under these purposes will be rejected with no refunds.

Chapter III: Vetting, Fees & Setup Policies

8. On-Time Repayment Benefit

Borrowers maintaining clean on-time EMI repayments may be eligible for significant waiver benefits on outstanding interest.

9. Setup & Processing Charges

Applicants must bear all applicable charges including file charges, document verification fees, guarantor deed, and legal paperwork fees.

10. Compliance-Led Approval

Loan approval is strictly subject to complete documentation, successful internal and third-party verification, and alignment with company policies.

11. Disbursement Window

Following the completion of all verification checks and paperwork, loan amounts are disbursed via RTGS or cheque within 3–5 working days.

12. Dedicated Agent Role

Relationship Managers / Agents are responsible for coordinating, submitting complete files (including KYC, guarantor papers), and helping until disbursement.

13. Documentation Failure Slabs

Delays in paperwork, misrepresentation, forging, or withdrawal of consent will lead to immediate file cancellation with forfeiture of all fees paid.

Chapter IV: Guarantor, Foreclosure & Legal Mandates

14. Guarantor Requirements

Written consent from all adult family members of the guarantor is mandatory. The guarantor's property valuation must be at least twice the loan amount.

15. Code of Conduct

Any abusive behavior or harassment toward company representatives will cause instant loan rejection and forfeiture of all deposits.

16. Legal Jurisdiction

All statutory legal processes, terms, and disputes fall strictly under the exclusive jurisdiction of Civil Courts in Chennai.

17. Minimum Foreclosure Window

Loan foreclosure or early closure is permitted only after 180 consecutive days of regular, on-time EMI repayments are completed.

18. EMI Bounce Regulations

An EMI bounce will attract late penalty fees, bank bounce charges, and mandatory advance recovery of the next EMI under company rules.

19. Top-Up Facility

Eligible customers with excellent repayment records can apply for a top-up loan up to twice the amount of their current outstanding loan.

20. Capacity Mandate

Every applicant must possess the financial capacity to clear the required file charge and processing fee prior to disbursement.