Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 31 Mumbai Personal Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 15.99% Fixed
    Up to 2%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    Fees & Charges
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    Eligibility Criteria
    Customer Reviews
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 19.8% Fixed
    Up to 2% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.49% - 21.00% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12.99% - 16.99% Fixed
    0 One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 17.99% Fixed
    2.25% (min. ₹1499 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free INSTANT DECISION
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.70% - 11.70% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    14% - 33% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 17.99% Fixed
    Up to 2.5%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.75% - 13.75% Fixed
    1% One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
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  • Mumbai Personal Loan Reviews

    • Bank Bazaar Customer Support
      "Hassles free service"
      0.5 5.0/5 "Blown Away!"
      Responses are pretty much good from Bankbazaar.com. Everything was on line and I did not struggle to get my loan. Bankbazaar provided a good support for my loan application and I got the loan from the bank easily with the help of bankbazaar..
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 17, 2017
    • HDFC Bank Personal Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I got an excellent loan service from HDFC bank. Nothing less with the bank during my loan process because they done the process in a good manner. Everything was satisfactory like their customer service, interest rate and the rest of the process.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 17, 2017
    • Bank Bazaar Customer Support
      "Satisfactory Service"
      0.5 5.0/5 "Blown Away!"
      The loan comparison facility is pretty good and useful. But I feel it will be too good if they provide more contact numbers of the bankers. Apart from that, the web portal is good to use and I got a satisfactory service from bankbazaar for my loan process.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 17, 2017
    • Standard Chartered Bank Personal Loan
      "Good Process"
      0.5 4.0/5 "Great!"
      Customer service of Standard Chartered Bank was good during the personal loan process. But I face small problem with them on EMI payments. I done with ECS mandate for the EMI payments but still they did not charge. And I am struggling with them. SCB offered a good interest rate for my personal loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 17, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      Bank bazaar responded within 30minutes from the time my requirement was given on their website. The bank bazaar website is very useful to check the Financial products and it helps us to apply for any kind of product in their portal. Their portal is useful and user friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 17, 2017
    • Citibank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The Citibank has told that my area pin code is considered under negative area to approve the loan, So that was the reason I can't proceed with the Citibank personal loan. The customer service with Citibank was average . The rate of interest is nominal with Citibank. I would say I got the Average service from Citibank.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 17, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar has a nice mobile application and it is very friendly to use. I could place a request for the loan and also track on the same. The customer service rendered was good and they were very quick to process my details. The website is perfect and this is my first experience. It was an excellent one.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 17, 2017
    • ICICI Bank Personal Loan
      "Services are good"
      0.5 4.0/5 "Great!"
      ICICI Bank was good in the personal loan process and it was quickly done and it just took three to four days. At one go the documents was collected. The loan letter was sent to me on time. The whole process was a transparent deal and the bank was reasonable on the interest rate and charges.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 17, 2017
    • Bank Bazaar Customer Support
      "EXCELLENT SERVICES "
      0.5 5.0/5 "Blown Away!"
      BANKBAZAAR IS A VERY GOOD AND IT IS AN EXCELLENT SITE. I AM VERY MUCH IMPRESSED WITH THIS BANK BAZAR WEBSITE. I WOULD DEFINITELY RECOMMEND MY FRIEND & RELATIVE TO THIS BANK BAZAR WEBSITE. I AM FULLY HAPPY WITH THE SERVICE OFFERED BY BANKBAZAAR.COM.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 16, 2017
    • HDB Financial Services Personal Loan
      "Its recommendable"
      0.5 3.0/5 "Satisfactory"
      Interest rate is way too high with HDB financial services when compared with others. Otherwise the process was pretty smooth and I am very much happy with them . I had received the loan sanction and loan agreement form on time. ECS date falls on 7th of every month and I am pretty much comfortable with that too.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 16, 2017
    • Bank Bazaar Customer Support
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      The bank bazaar gives a prompt response and the regular follow to their customers The customer service and the response was good. The bank bazaar web site is easy to use and user friendly there were no issues in applying and it was a hassle free experience in all.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 16, 2017
    • Standard Chartered Bank Personal Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I got an immediate response in concern to my personal loan with Standard Charted bank. They have disbursed my personal loan aftre 3 weeks of time there a delay in the documentation part. The rate of interest offered by them was 11%, when compared with the others tis is fine. The expected loan amount I have got a tenure of 5 years and EMI is around 6000 rupees approximately.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 16, 2017
    • Bank Bazaar Customer Support
      "Good Website"
      0.5 4.0/5 "Great!"
      I am very much fine with Bank Bazaar service, whenever I reached them, they immediately respond. Their executive also very professional and prompt in servicing. I am very glad to use Bank Bazaar site all my financial needs and also I will approach the site for any queries.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 16, 2017
    • HDFC Bank Personal Loan
      "Response part should be improved"
      0.5 1.0/5 "Really Bad"
      I was looking for personal loan but so far I didn't get response from HDFC, even no body turned up to collect the documents. I was expecting the call within turn around time but it doesn't work out. So before I approach some other bank, if HDFC contacts me soon that would be great.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 16, 2017
    • Bajaj Finserv Personal Loan
      "Add on service from bajaj"
      0.5 5.0/5 "Blown Away!"
      I got the Bajaj Finserv card with the help Bajaj finserv personal loan, I can use this card like a credit card, whenever I wanna buy any kind of Household Items I can get it without any interest rate , Bajaj has again given me very good option rather this is an add on service I would say.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 16, 2017
    • Bajaj Finserv Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      The process was very quick with Bajaj Finserv. They have offered me a loan with very low interest rate as well the options which is present in personal loan is really good and we cannot find them anywhere. The customer service is very good with Bajaj finserv. They have disbursed my loan within 3 days of time. I am satisfied with the loan amount. They have also offered me a Bajaj Finserv consumer durable loan card.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 16, 2017
    • Bank Bazaar Customer Support
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      Whenever I apply for any product in bank bazaar I get immediate response as per my requirement. The response part is very good with bank bazaar. The website of bank bazaar is easy to use and user friendly. The service which was given by bank bazaar was good and I am satisfied with it.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 16, 2017
    • HDFC Bank Personal Loan
      "Average Service"
      0.5 5.0/5 "Blown Away!"
      The HDFC bank takes too of much time, they are taking longer than normal time,to process the personal loan application, so that was the reason I haven't got the loan from HDFC bank. The rate of interest which was about to offer by HDFC bank was high.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 16, 2017
    • Standard Chartered Bank Personal Loan
      "Fair service"
      0.5 5.0/5 "Blown Away!"
      There is nothing to say wrong about Standard Chartered Bank. Because they are the one sanctioned my personal loan without any hassles. Overall service is excellent. Especially they provided a good customer service and supported a lot for the loan process.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 16, 2017
    • Bank Bazaar Customer Support
      "Happy service"
      0.5 5.0/5 "Blown Away!"
      The bankbazaar website is quite good to navigate. But I found some difficulties while filtering a particular product. But then, the website is useful in order to apply for the loan and informative. During the loan process. I had received a regular follow ups from bankbazaar. So I do not have any suggestions for bankbazaar.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 16, 2017
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    Mumbai Personal Loan is Rated as "Great!" by 6402 Users

    Fees & Charges

    Promised Interest Rate

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    Personal Loan BYTES FROM OUR KITCHEN
    Apply for Personal Loan

    Mumbai a cosmopolitan metropolis, earlier known as Bombay, is the largest city in India and the capital of Maharashtra state. Mumbai was originally a conglomeration of seven islands on the Konkan coastline which over time were joined to form the island city of Bombay.Mumbai is undoubtedly the commercial capital of India and is one of the predominant port cities in the country.

    A personal loan is a kind of unsecured loan which can be used for any purpose that the borrower deems necessary. An unsecured loan is an umbrella term used for loans which do not require collateral. Banks, credit unions, and other financial institutions offer personal loans on an ongoing basis.


    You’re probably eligible for an Mumbai Personal Loan if you are

    01
    02
    03
    04
    Mumbai Personal Loan Minimum Age

    At least 21 years old

    Mumbai Personal Loan Maximum Age

    Less than 65 years old

    Mumbai Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Mumbai Personal Loan Minimum Income

    Earn more than the minimum
    income required


    Your Mumbai Personal Loan amount eligibility is based on these factors

    01
    02
    03
    Mumbai Personal Loan Minimum Salary

    Minimum income required
    Rs.17,500 per month

    Mumbai Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs. 50K to Rs. 30 lakhs

    Mumbai Personal Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Mumbai Personal Loan amount by these steps

    01
    02
    Mumbai Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    “Mumbai

    Choose longer tenure loan up to 5 years


    Documentation needed to apply for an Mumbai Personal Loan

    • 1. Photo ID and age proof
    • 2. Signed application form with photograph
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Mumbai Personal Loan Interest RatesUpdated on 18 Aug 2017

    Mumbai Personal Loan Details
    Interest Rate (Monthly reducing balance) 13.49% - 34%
    Processing Fees 0.5-2.5%
    Loan Tenure 1 year to 5 years
    Pre-closure Charges 2% - 5%
    Guarantor Requirement No guarantor required

    Personal Loans in Mumbai

    A personal loan is the amount borrowed by an individual from a lender to use for personal expenses. The borrowed amount must be repaid in Equated Monthly Installments (EMIs). The lender will charge an interest rate on the amount borrowed. Almost everyone faces financial crisis at one point or another in life. Instead of spending all their savings or borrowing from unreliable lenders, many banks and financial institutions offer personal loans with attractive features.

    Personal Loans offered by various banks in Mumbai

    Mumbai has many banks and lending institutions. Some of the leading banks and financial institutions that offer personal loans in Mumbai are:

    • Kotak Bank
    • Allahabad Bank
    • Bank of Baroda
    • Bank of India
    • Dena Bank
    • Central Bank
    • IDBI Bank
    • Vijaya Bank
    • Standard Chartered Bank
    • Capital First
    • Tata Capital
    • HDBFS
    • Citibank
    • Kotak Mahindra
    • Aditya Birla
    • ICICI Bank
    • Oriental Bank
    • HDFC Bank
    • IndusInd
    • Fullerton
    • Yes Bank

    How do I get a personal loan with the lowest interest rate in Mumbai?

    The interest rate on a personal loan is decided by the lender after considering several factors. The market condition, banking trends, and the interest rates offered by the competitor are some of the deciding factors in fixing personal loan interest rates. However, borrowers can also take a few steps to make sure they get the lowest interest rate. Some of the steps they can take are:

    • Clearing existing debts: You may want to clear off your existing debts before applying for a personal loan. Having less debt improves your creditworthiness and portrays you as a responsible borrower in the lender’s eyes.
    • Clear your credit card bill: A high credit card bill can negatively affect the personal loan process. Consider paying off the outstanding amount on your credit card. If you are unable to pay in full, try to make a partial payment.
    • Get a co-signer: Your monthly income plays a crucial role in deciding the interest rate on your personal loan. Consider adding your spouse or a family member as a co-signer on your personal loan. This will increase the income and your repayment capacity and will, in turn, could get you a low interest rate.

    Personal Loan Interest Rates in Mumbai 2017

    Bank Interest Rate Range Type of interest rate Processing Fee Range Loan Amount Tenure
    Citibank 10.99% to 15.99% Fixed 1% to 25% Up to Rs.30 lakhs Up to 5 years
    Standard Chartered Bank 11.25% to 14.49% Fixed Nil Up to Rs.30 lakhs Up to 5 years
    Capital First 12% to 18% Fixed Up to 15% Up to Rs.15 lakhs Up to 5 years
    Tata Capital 11.99% to 19.50% Fixed Nil Up to Rs.20 lakhs Up to 6 years
    HDBFS 13.99% to 16.99% Fixed 1% to 2% Rs.1 lakh to Rs.5 lakhs Up to 5 years
    ICICI Bank 11.59% to 18.49% Fixed 2.25% (min of Rs.1,149) Up to Rs.20 lakhs Up to 5 years
    Oriental Bank 10.85% to 11.85% Floating 0.5% Rs.50,000 to Rs.10 lakh Up to 5 years
    HDFC Bank 11.49% to 19.8% Fixed Up to 2.5% Up to Rs.25 lakhs Up to 5 years
    IndusInd 11.99% to 19% Fixed Up to Rs.3,000 Up to Rs.25 lakhs Up to 5 years
    Fullerton 17.25% to 37% Fixed 1.5% to 6% Up to Rs.15 lakhs Up to 4 years
    Kotak Mahindra Bank 11.49% to 20.15% Fixed Up to 2% Up to Rs.15 lakhs Up to 5 years
    Aditya Birla 11.5% to 13.25% Fixed Up to 2% Up to Rs.15 lakhs Up to 5 years
    Allahabad Bank 13.10% Fixed Up to 1.22% (Min of Rs.1,228) From Rs.50,000 to Rs.7.5 lakhs Up to 5 years
    Bank of Baroda 11.35% to 14.35% Fixed Rs.1,000 to Rs.10,000 Rs.20,000 to Rs.2 lakhs Up to 4 years
    Bank of India 13% to 14% Fixed Rs.1,000 to Rs.10,000 Rs.10,000 to Rs.5 lakhs Up to 3 years

    Salary requirements to avail Personal Loans in Mumbai

    When you apply for a personal loan in Mumbai, the salary requirements will be different from one bank to another. Generally, the salary criteria are as follows:

    • For salaried individuals - Most of the banks have a minimum salary requirement between Rs.7,500 and Rs.50,000 for salaried individuals.
    • Self-employed individuals - Those having their own business should provide proof of income and most banks have an income requirement of Rs.1 lakh to Rs.2 lakh (profit) annually.

    FAQs for Personal Loans in Mumbai

    1. How much can I borrow when I apply for a personal loan?

      The loan amount will be sanctioned by the bank based on your eligibility. Generally, the loan amount ranges from Rs.50,000 to Rs.15,00,000, depending on your repayment capacity and income.

    2. Can I make a partial payment on my personal loan?

      You will have to check with your lender if they allow part payments. It differs from one bank to another.

    3. Is it mandatory to have a guarantor?

      Most banks do not ask for a guarantor to process a personal loan. If they do, they will let you about it when you are applying for a personal loan.

    4. How will I get the loan amount?

      The disbursed amount will be credited to the bank account mentioned in your personal loan application form.

    5. Can I pre-close my personal loan?

      Most banks allow their personal loan customers to pre-close their loan post 6 months from the date of disbursement. Please check with your lender if you can pre-close your loan.


    How do I get a Personal Loan with the lowest interest rate in Mumbai?

    Interest rate of personal loans is based mainly on the person’s monthly income and it does vary at times depending of the applicant’s place of residence. Most of the mainstream lenders offer loans at a higher rate in metropolitan cities when compared to other places in the country. The unsecured loans given in Mumbai range from Rs.50,000 to Rs.40,00,000 and it subject to certain conditions. Credit score too plays a key role in determining your eligibility criteria when it comes to applying for a personal loan in the nation’s financial capital. Most of the leading banks such as Bank of India, Central Bank of India, SBI, IDBI, etc., have their headquarters in Mumbai. Given below are the interest rates and other minimum requirements to avail personal loans in Mumbai.

    Personal Loan Interest rates in Mumbai 2017

    Name of the Bank Rate of Interest
    HDFC Bank 11.5% to 20%
    ICICI Bank 11.6% to 18%
    Bajaj Finserv 11.5%
    Fullerton India 21% to 32%
    Kotak Mahindra 11.5% to 20%
    Indusind Bank 13% to 17%
    Standard Chartered 12% to 15%

    Salary requirements to avail Personal Loans in Mumbai

    Bank Name Minimum Salary of the Applicant
    HDFC Bank Rs.12,000 per month
    ICICI Bank Rs.25,000 per month
    Bajaj Finserv Rs.40,000 per month
    Fullerton India Rs.25,000 per month
    Kotak Mahindra Rs.25,000 per month
    IndusIand Bank Rs.25,000 per month
    Standard Chartered Rs.25,000 per month

    Apart from the above mentioned conditions, most of the banks sanction loans only if you have resided in the city for a minimum duration of 1 year. Also, make sure that you maintain a decent credit score while applying for personal loans. Though, interest rates may vary for most of the banks, other prerequisites remain same most of the times. 

    Check For Latest: Gold Rate in Mumbai Or Silver Rate in Mumbai
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