At a time when other NBFCs are struggling to make profits and are slowly recovering from the tremors of massive NPA (Non-Performing Assets) accounts, Mahindra Finance has stood out in terms of loan growth and recovery from past bad loans. It has made exponential profits in the last quarter. The immense growth is attributed to geographical diversification and penetration. Mahindra Finance is touching those areas which are untouched by the rest of the Non Banking Financial Companies (NBFCs) – the rural and semi-urban markets. In order to facilitate them with the best personal loan, Mahindra Finance is offering really low interest rates. Let’s check out the Mahindra Finance Personal Loan Interest Rates and how you can bag the lowest interest rate.
What Interest Rate Does Mahindra Finance Offer on Personal Loans?
Whether you want to throw the best wedding party, renovate your home or travel to your favourite destination, Mahindra Finance Personal Loan should be your go-to option because of its low interest rates. It’s interest rates are customisable, meaning based on your income, credit score, property details or other factors, Mahindra will determine the interest rates. But there have been instances, where Mahindra has offered Personal Loan at interest rate as low as 11%. However, the interest rate that you will get depends on your repayment ability. If Mahindra perceives you as a low risk applicant, chances are you will get low interest rate, otherwise, you can also get very high rates, if you’re a high risk customer. Let’s see some of the ways in which you can demand for a low rate of interest.
Some Tips To Get Lowest Mahindra Finance Personal Loan Interest Rate:
Build a Good Credit Score: I know the term ‘credit score’ is over-emphasized but its relevance and importance still stands still in the case of personal loans. A score of 750 and above is seen as a good credit score. Maintaining a good credit score bestows you with bargaining power. This means that it puts you in a position where you can negotiate with Mahindra Finance to give you the lowest interest rate based on your credit score.
Previous Relationship With Mahindra Finance: If you have a healthy relationship with Mahindra Finance in the past, like, an old loan, can help you bag low interest rates. The reason being that Mahindra Finance has confidence in you or trusts you with the loan based on your earlier loan repayment track record. So, if you have an existing relationship with Mahindra Finance, more importantly, a good one, then you get the lowest Mahindra Finance Personal Loan Interest Rate.
Personal Income: Your net monthly income can help you bag low interest rates from Mahindra Finance. If you’ve a decent and consistent monthly income flowing into your account, chances are Mahindra Finance will give you the lowest interest rate, which is 11%. Important thing to note is that more than the amount of the monthly income, emphasis is on the regularity of the monthly income. Irregular income puts in a high risk factor zone, whereas regular income reflects that your repayment ability is high. Thus, people with regular income have chance of getting lowest Mahindra Finance Personal Loan Interest Rate.