Mahindra Finance Loan Statement – Complete Guide to Check Loan Details

Suppose you have availed a car loan of ₹5,00,000 from Mahindra Finance at an interest of 9% per annum with a tenor of 5 years. Your EMI is ₹10,500, and you have been paying it without fail. But you are unsure of how much is outstanding or if there are any additional charges. That's where your Mahindra Finance loan statement will be useful. It will depict:

• Loan Summary: You took a loan of ₹5,00,000 at 9% interest for 5 years.
• EMI Details: ₹10,500 per month.
• Outstanding Balance: Perhaps ₹3,00,000 after one year of payments.
• Charges: It will reflect any additional fees, such as late payment charges.

Isn't it fascinating how this statement keeps you in line? By reviewing it, you can track your progress and keep your finances in order!

What is a Mahindra Finance loan Statement?

A Mahindra Finance loan statement is a document that displays all the information regarding your loan, including payment due dates, EMI amount, interest paid, and outstanding balance. It enables you to monitor your costs and loan status. The statement also mentions any extra charges or fees. Regularly checking it will help you stay on track with your payments and keep a clear understanding of your loan position.

Components of the Mahindra Finance Loan Statement:

A Mahindra Finance loan statement provides you with a complete overview of your loan account, with major information on payments, charges, and the status of your loan. Below is what you can look forward to:

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Loan Account Details:

• Loan Account Number: A unique number to identify your loan.
• Borrower's Name: Your name as stated in the loan agreement.
• Branch Details: The Mahindra Finance branch is linked to your loan.
• Loan Type: Specifies the loan type (e.g., home loan, car loan).
• Loan Date: The date when the loan was disbursed.
• Loan Amount: The total amount borrowed.
• Loan Term: The period or the repayment tenure of the loan.
• Outstanding Balance: The balance that you still owe on the loan.

Payment Summary:

• EMI (Equated Monthly Installment): The fixed amount that you pay each month.
• Interest Rate: The interest rate that is levied on your loan.
• Principal and Interest Breakup: What proportion of your monthly payment goes towards the loan principal and the interest?
• Total EMIs Paid: How many EMIs have you paid so far?
• Total Interest Paid: Total interest paid by you so far.

Transaction History:

• Payment Dates: The dates when each payment was made.
• Payment Amounts: The amount paid each time.
• Payment Methods: How you made the payments (e.g., cheque, online transfer).
• Charges or Fees: Any other fees, such as late payment fees or pre-closure fees.

Other Relevant Information:

• Maturity Date: The date when the loan term ends and the loan is paid in full.
• Contact Information: Mahindra Finance's contact details for any questions or complaints.
• Statement Period: The specific period for which the statement has been made (e.g., monthly, quarterly).
• Loan Settlement Information: Information on prepaying your loan with any associated penalties or charges.

This statement keeps you up to date with your loan's status and helps you keep your repayments in check.

Charges on Mahindra Finance Loan Statement:

Here’s a breakdown of the potential charges on a Mahindra Finance loan statement in a table format:

Key Points:

• All the charges will be subject to taxes.
• Refer to your loan agreement and the Mahindra Finance website to know about any charges specific to your loan.
• You may request a statement by contacting the Customer Contact Centre, but there is a ₹250 + GST charge for this facility.
• After paying the charges, it will take a day to obtain your statement.

How to get a Mahindra Finance Loan Statement?

Contact Customer Service:

• Email: You can mail them at MMFSL.SHARE@mahindra.com or SERVICE@mahindrafinance.com. Simply mention your loan account number and registered mobile number.
  
  
• Toll-Free Number: Dial their toll-free number at 1800 233 1234.

• WhatsApp: You can also contact them on WhatsApp for a more convenient experience.

• Visit Branch: You can visit your local Mahindra Finance branch for assistance.

How to read your Mahindra Finance Loan Statement?

Here’s your Mahindra Finance loan statement information rewritten in a table format with explanations:

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Common Issues and Troubleshooting related to Mahindra Finance Loan Statement:

Here’s a table summarising the common issues with Mahindra Finance loan statements, along with their explanations and solutions:

Conclusion:

The Mahindra Finance loan statement is your guide to the world of your loan. It assists you in monitoring vital information such as your loan amount, EMI, interest rate, outstanding balance, and any additional charges. Regularly reviewing your statement will help you keep a tab on your payments and not be surprised by anything. 

Whether it's checking your loan summary, viewing the payment breakdown, or making sure there are no hidden charges, this statement has you in the driver's seat when it comes to your finances. And if you ever have a problem accessing it, customer service is just a call, email, or WhatsApp message away! 

So monitor your statement, stay in the know, and keep your loan under control. Isn't it simple and useful? Maintain your financial journey with Mahindra Finance!

FAQs related to the Mahindra Finance Loan Statement:

Q1: What is the Mahindra Loan Settlement?

Mahindra loan settlement is an agreement allowing you to pay a reduced amount to clear your outstanding balance. It helps resolve overdue payments, offering relief if you're facing financial difficulties.

Q2: What is the maximum tenure for a Mahindra Finance loan?

Mahindra Finance offers car loans with flexible tenures, ranging from a minimum of 12 months to a maximum of 60 months (5 years), allowing you to choose an EMI option that suits your needs.

Q3: What services does Mahindra Finance provide?

Mahindra Finance, a non-banking financial company (NBFC), offers vehicle financing, SME loans, housing finance, insurance broking, and mutual fund distribution, primarily focusing on rural and semi-urban markets.