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Mumbai is home to a large number of banks and financial institutions that offer personal loans for attractive interest rates and flexible repayment tenures.Formerly known as Bombay, Mumbai is the most populated city in the country and is also home to a variety of banks that offer personal loans and other financial services. With interest rates starting from 10.99% and repayment tenures extending to 5 years, finding the right loan for you is as easy as it gets.
Mumbai is a leading cosmopolitan metropolis city, which is the capital of the state of Maharashtra. It is the most densely populated city in the country. The population of the city is around 12.4 million. Mumbai is famous for being the most prominent financial centre of the country. This city is also the main locale for the Bollywood film industry. One can enjoy visiting intriguing historical places and relish on delicious street food in Mumbai.
The cost of living in this city is estimated to be pretty high. If you are in need of any kind of financial assistance for your personal purposes such as wedding planning, higher education, home renovation, etc. you could take a personal loan. Personal loans are available in the city of Mumbai at incredible interest rates.
You can apply for a personal loan on your lender’s official website or on a third-party financial website. When you apply online, you can check out multiple rates of interest and other loan features, and then pick a loan that suits your specific requirements.
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 25 Feb 2020
Mumbai Personal Loan Details
Interest Rate (Monthly reducing balance)
13.49% - 34%
1 year to 5 years
2% - 5%
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 Lenders in Mumbai
A few of the top lenders that offer personal loans in the city of Mumbai include:
Bank of Punjab
Standard Chartered Bank
Kotak Mahindra Bank
Oriental Bank of Commerce
Indian Overseas Bank
State Bank of India (SBI)
Bank of Maharashtra
ING Vysya Bank
The Bank of Rajasthan
Punjab National Bank
Karur Vysya 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.
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
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.
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.
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.
How will I get the loan amount?
The disbursed amount will be credited to the bank account mentioned in your personal loan application form.
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.
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I have taken a personal loan directly through Home credit India finance private limited .The rate of interest was very high since have requirement at that time I have taken this loan.There is no extra charges if pay the premium on delay basis.There was proper acknowledgement and response.
Regarding the medical expenses, i have taken a personal loan from Fullerton. I applied the loan amount of Rs. 1.10 lakhs. They have sanctioned the loan in seven working days. They have offered me a interest rate of 16%. They have deducted the processing fee directly at the time of loan disbursement anyway its normal. I have selected the duration of 5 years in that 3 years already completed.
I had a requirement of Rs. 2 lakhs and HDFC is the only bank were ready to provide this much amount for me based on my eligibility. It was around 16.5% interest rate, but due to the low credit score my loan got rejected from the bank hence i didn't provide any documents otherwise they are good.
I have applied a personal loan from INDUSIND Bank through online. I request to close this application, because the rate of interest was very high 10.79%. I have given all my documents and their customer service and responsiveness was good. Only the interest rate to be reduced.
I have taken Bajaj finance personal loan and the loan amount was Rs. 1L. The rate of interest was normal with the tenure period of 2 years and i am paying emi of Rs.4420. Pre closure charges is there but i am not sure. They didn't asked many documents, based on my CREDIT score i got this offer.
I have applied a personal loan from CITI Bank through online. The rate of interest was high 12.99% so i informed them to close my application. Other banks are offering less rate of interest and i have not given any documents. Customer service was fine.
I have approached HDFC Bank for my personal loan through online .I have not availed this loan since don't have current address proof. The rate of interest and the processing fee was not an issue. I have not submitted any of my documents. There was proper notification from bank end.
I have taken personal loan from Incred directly through online .The rate of interest and the processing fee was very high which am unhappy .This loan was sanctioned on time but rate of interest was not clearly informed and there was some variation . I would suggest them to provide proper update and the rates to be lesser.
I have taken a personal loan from INDUSIND Bank through online and the loan amount was Rs. 1L. Documentation was very easy process and i upload through online and i received this loan within a week. Customer service was good and i am paying EMI 2263 with the tenure of 5 years.
I have taken a personal loan from INCRED through online. They have sanctioned the loan within one week. The loan amount was sufficient of 70k with tenure period of 18months. The rate of interest is floating type 28% and the processing fee was 3, 800 rupees. Pre closure is applicable only after 6 months with nominal charges. EMI need to pay of 4,800 rupees.
The best from INDUSIND is there is no processing fee for a personal loan hence have approached them through online. The process was done on time.They took around 10-12 days to sanction the loan. The documentation process was bit complicated from my end so it was delayed few days to complete the process. The amount is sufficient and Interest rate of 11.10% was least when compare to other bank. I get remainder call from them intimated to maintain sufficient balance for EMI payment. There is locking period of one year for pre closure with charge of 4%. Only the drawback is charge is high for pre closure option
I was working in a private partnership firm so no bank is ready to provide the loan hence i don't have any other option so i took the personal loan from Home credit. They took only 2 days to provide this loan. They offered me a interest rate of 25% per annum. I chosen the tenure period of 36 months.
I have taken a personal loan from TATA CAPITAL through online. The rate of interest is too high that is the only drawback. I received a call on time so the process was done on smooth. They have sanctioned the loan within 10-12 days for the loan mount of 2.8L with tenure period of 3 years. EMI use to pay of 10,200 rupees and I get remainder message on time. There is no option of pre closure for this loan.
I have taken personal loan directly through HDFC Bank .This was availed for my personal use only .The rate of interest and the processing fee was very low and this loan was sanctioned on time .There was frequently callback from bank end .I have submitted the documents through the agent .
I have availed personal loan through TATA Capital Ltd.The only issue is rate of interest which was very high and the agent shared all the relevant details about the loan process. Since I am in need of amount for an emergency purpose I have taken this loan on high rate of interest.
I got the pre-approved loan with less documentation facility and quick disbursal these are the main reason for choosing the personal loan from TATA Capital. They have offered me a interest rate of 17.5% and i have asked them some reduction but they haven't done. Processing fee was around Rs. 5000.
I have taken personal loan through Home credit India Finance private Limited .The rate of interest and the processing fee was very high.There was proper acknowledgement and I have taken this loan for my brother marriage. If rate of interest and the processing fee is reduced, it will be good this is my suggestion.
I have taken personal loan through ICICI Bank .The rate of interest was ok and this loan was sanctioned on proper time frame without any hassles .Customer service is also ok and getting good response if contact for any query.I have taken this loan for personal use .I am satisfied with the service so far.
I have taken personal loan directly through HDB Financial services .The rate of interest and the processing fee was very high .I have taken this loan since have requirement .This loan is still active and it was processed on time .I am paying the premium on EMI basis .According to my experience the service was average .
INCRED has offered a personal loan through online. So I had applied on a month before. Once I applied got a call from their end on delay basis of 2-3 days later and the process was okay. The tenure period of 2 years. Main drawback interest rate was high so due to this reason closed the loan process.