Mahindra range and what it means for your loan
Mahindra's line-up is almost all SUVs, which means larger loan amounts than a hatchback buyer would take. Check how much of the on-road price the lender will fund, as some cap funding on higher-priced variants.
| Popular model | Type |
|---|---|
| Scorpio N | SUV |
| Thar ROXX | SUV |
| XUV 3XO | SUV |
| XUV 7XO | SUV |
| Bolero Neo | SUV |
| XEV 9e | EV (SUV) |
No. 3 in August 2026 domestic PV sales (59,257 units); No. 2 EV maker in H1 2026 (34,131 units). Source: Autocar India: https.
EMI on a Mahindra car
Worked examples at an example rate of 9.5% a year over 5 years, with 20% paid upfront. Prices are ex-showroom; the on-road price adds registration, insurance and road tax, so your actual loan may be a little higher.
| Ex-showroom price | Down payment (20%) | Loan | Monthly EMI | Total interest |
|---|---|---|---|---|
| ₹7.79 lakh (entry) | ₹1.56 lakh | ₹6.23 lakh | ₹13,088 | ₹1,62,102 |
| ₹15.6 lakh (mid) | ₹3.12 lakh | ₹12.48 lakh | ₹26,210 | ₹3,24,619 |
| ₹31.25 lakh (top) | ₹6.25 lakh | ₹25 lakh | ₹52,505 | ₹6,50,279 |
Change the price, rate and tenure in the Car Loan EMI calculator.
Who finances Mahindra cars
Mahindra Finance (Mahindra & Mahindra Financial Services Ltd). Mahindra group NBFC; car loan page advertises up to 100% financing incl. insurance and accessories. Not exclusive to Mahindra vehicles.
Dealer finance or your own bank? Dealer or brand finance is convenient and sometimes comes with offers, but the rate is not always the lowest. A bank where you already have an account may offer a pre-approved loan. Ask both for the Key Fact Statement and compare the APR and total repayable amount, not just the EMI.
Electric Mahindra models
Mahindra sells electric models including XEV 9e, XEV 9S, XUV400 EV, XUV 3XO EV. Several banks publish a separate green or EV car loan at a lower rate than petrol cars, so ask for the EV rate specifically. Compare the EMI plus charging cost against the EMI plus fuel cost of a petrol or diesel model.
Lenders for a Mahindra car
Any of these lenders can finance a Mahindra, whether or not it is the brand's partner. Rates as published on each lender's website.
| Lender | Published rate | Max tenure |
|---|---|---|
| Canara Bank | 7.50% - 10.70% | 84 months |
| HDFC Bank | 7.60% - 14.00% | Up to 7 years |
| Punjab National Bank | From 7.60% | 84 months |
| Bank of Baroda | Floating 7.60% - 11.30%; fixed 8.50% - 11.20% | 84 months |
| Union Bank of India | 7.60% - 10.00% | — |
| Federal Bank | 7.90% - 9.00% | 84 months |
| Mahindra Finance | 8% - 25% p.a. | 5 years |
| SBI | 8.40% - 9.35% | 7 years |
| ICICI Bank | From 8.40% | Up to 84 months |
| Axis Bank | 8.90% - 11.70% | Up to 8 years |
| IDFC FIRST Bank | From 8.99% | 10 years |
| Hero FinCorp | 9% - 18% p.a. | 120 months |
Tips before you finance a Mahindra
- Banks fund up to 80% to 100% of the on-road price; a 15% to 20% down payment keeps the EMI and interest down and stops you owing more than the car is worth.
- Most car loans are fixed-rate, so check pre-closure charges if you might repay early.
- Keep the car EMI to about 15% to 20% of take-home pay, and all EMIs within 40% to 50%.
- Insurance bought through the dealer can be added to the loan. You can buy it elsewhere if it is cheaper.
Mahindra Car Loan in your city
Pick your city to see the Mahindra EMI with local on-road costs in mind, the documents lenders ask for there and nearby cities in the same state.
Other brands and guides
Sources
Prices and line-up checked on 4 October 2026 from: cardekho.com, mahindrafinance.com, autocarindia.com. Prices change often; confirm the on-road price with your dealer.
Frequently asked questions
What is the EMI on the cheapest Mahindra?
At about ₹7,79,000 ex-showroom, with 20% down and 9.5% over 5 years, the EMI is about ₹13,088. Your rate and on-road price will change this.
Does Mahindra have its own finance company?
Finance is offered through Mahindra Finance (Mahindra & Mahindra Financial Services Ltd). You can also take a loan from any bank or NBFC.
How much down payment do I need for a Mahindra?
Many lenders fund 80% to 100% of the on-road price, but a 15% to 20% down payment lowers the EMI and total interest. Check the funding limit with your lender.
Is dealer finance cheaper than a bank loan for a Mahindra?
Not always. Dealer schemes can be convenient and sometimes discounted, but compare the APR and total repayable amount in the Key Fact Statement with a bank's offer.
Which lender is best for a Mahindra?
There is no single best lender; it depends on your credit score, income and the model. Public sector banks often publish the lowest starting rates, while NBFCs may approve profiles banks decline.
KhatuLoans is not a lender and is not paid by the lenders or brands named here to rank them. Rates, fees and prices change; always confirm with the lender and dealer. Read our editorial policy and how we make money.