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
    11.49% - 15.99% Fixed
    0.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    Fees & Charges
    Good to Know
    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
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    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
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19.50% 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
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    13.99% - 16.99% Fixed
    1% - 2% 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
    11.00% - 17.99% Fixed
    2.25% (min. ₹1149) 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
    10.85% - 11.85% 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
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    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 19.8% Fixed
    Up to 2.5% 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
    11.99% - 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
    17.25% - 37% 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
    11.49% - 20.15% Fixed
    Up to 2%
    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
    11.5% - 13.25% Fixed
    0 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

    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The level of service offered by HDFC bank is really great. My personal loan got approved within 10 minutes of time, after approving the loan got disbursed within 2 minutes. I would say it was a pre-approved personal loan on my salaried account with HDFC bank. I have never submitted any kind of document with respect to my personal loan. I am happy about the loan amount. The rate of interest was nominal with HDFC bank. I am very much satisfied with HDFC bank service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      The bank bazaar is doing a very good service . It is easy to compare and choose the financial products with the help of bank bazaar web site. The web site of bank bazaar is very much easy to use and user friendly. I came to know about bank bazaar through advertisement. I am with bank bazaar for past 1 year and I am very much happy with bankbazaar service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • HDB Financial Services Personal Loan
      "Good response"
      0.5 4.0/5 "Great!"
      The required documents were missing , that was the reason I can't proceed with the HDB financial service on my personal loan application. The response and the customer service with HDB is average. The rate of interest is nominal with HDB financial service. I would say I got good service with HDB financial service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      I know about bank bazaar when I was searching online for my personal loan. I am aware of bank bazaar for past 1 month. The bank bazaar helps the customers to choose the best financial product with the better interest rates in the market. I have used bank bazaar web site to apply for the personal loan, which is easy to use and user friendly. The Customer support with bank bazaar has satisfied me with their service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2017
    • Fullerton Personal Loan
      "Need to reduce the interest rate"
      0.5 1.0/5 "Really Bad"
      The Fullerton India is charging very high interest rates they are offering the Personal loans for almost 24% interest rate , which is double than normal banks interest rate, so that was the reason I haven't proceed with Fullerton India personal loan. The customer service and the response was good with Fullerton. I would like to say that Fullerton can reduce the interest rates in future.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2017
    • Bank Bazaar Customer Support
      "Wonderful "
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is pretty much helpful, also I can explore more and more option. The application is quite advanced and the documents upload feature is really good. Customer service is quite helpful like Bankbazaar.com is also providing end to end help.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2017
    • Tata capital Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      Rate of interest was around 11.99% for the personal loan with the Tata capital limited and the response was pretty quick one, also the support was really prompt. The loan amount got disbursed to my account within twelve days of time from the time , I have made the inquiry.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2017
    • HDFC Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I got personal loan with HDFC bank around 3 months ago. The HDFC bank took 6 months to disburse my personal loan. I got the loan amount of Rs.2lakhs. The rate of interest which was offered by HDFC was 14%, which is high, when compared with others. Other banks are providing 11.99% interest rates. I would say the HDFC bank gave average service in concern to my personal loan application.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2017
    • Bank Bazaar Customer Support
      "Excellent service"
      0.5 4.0/5 "Great!"
      Bank bazaar provides exemplary service to its customer. I am with bank bazaar for the past 1 year. I got to know about bank bazaar through one of my friend reference. Bank bazaar web site is easy to use and user friendly. The customer service is really good and they gave very prompt service with respect to my personal loan application.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2017
    • Citibank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The Citibank executives gave a call and spoke about my personal loan application. The customer service with Citibank was good. The rate of interest is nominal with CITIBANK. My personal loan didn't got approved from the Citibank because the additional documents were needed to proceed with the loan so that was the reason I haven't proceeded with the Citibank personal loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2017
    • Bank Bazaar Customer Support
      "Its Good"
      0.5 3.5/5 "Pretty good"
      I do got good service from Bank Bazaar, they kept sending the confirmation about the loan process through mail or message. The website is easy to use, I just used it Bank Bazaar site for first time for the personal loan product, its good they helped on it.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2017
    • HDFC Bank Personal Loan
      "Service part has to be improved"
      0.5 3.0/5 "Satisfactory"
      I managed the funds using my own source, hence there is no need to take loan from HDFC. I didn't have a word with them, I just applied the loan through online channel. I didn't any response through call or message from the bank. It would be great if they improve their service even more.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2017
    • Bank Bazaar Customer Support
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar service is very good, because they were regularly in touch with me and regularly consulting with me about the personal loan product. Bank Bazaar kept checking whether my loan is under process and the bank have contacted me with regards to the loan process.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2017
    • IndusInd Bank Personal Loan
      "Interest rate should be reduced"
      0.5 3.0/5 "Satisfactory"
      I changed my mind hence I didn't take loan from Indusind. I don't have any issues with them, but I felt their interest rate is too high, they was offering me 16 to 17% of interest and with high processing fee around Rs. 19,000 for 4 lakhs of loan amount.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2017
    • Citibank Personal Loan
      "Professional services"
      0.5 5.0/5 "Blown Away!"
      I have a personal loan with Citibank and the process was excellent. I got the funds without delay and the documentation is also simple. The after loan services is also perfect and this is one of the best bank to bank with because they are professional in the services.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2017
    • Bank Bazaar Customer Support
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      The services at Bankbazaar has been good and the overall experience was perfect. The initial response was also instant as soon as I applied and the process was also quick. The follow up calls was constant and in all I am happy to have taken my loan through them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2017
    • Tata capital Personal Loan
      "Good deal on the ROI"
      0.5 4.0/5 "Great!"
      The services that I received from Tata capital was really good as they processed my details immediately and I did not see a delay in the process. I had taken my personal loan from Tata Capital and the interest rate was an excellent deal, it was around 11% change and it was with zero processing fee.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2017
    • Bank Bazaar Customer Support
      "One stop solution and very userfriendly"
      0.5 5.0/5 "Blown Away!"
      I don't want to take any initiative on my personal loan follow up, therefore I approached Bank Bazaar. Bankbazaar took the complete intiative and kept me updated. Response time is also good, I didn't put in any effort to get my loan disbursement. The entire service is fantastic, Bank Bazaar application is on finger tip to apply for any banking product..
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2017
    • Tata capital Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      TATA Capital experience is good, they gave door step service, I have taken the loan amount 4.70 lakhs with the interest rate of 13% it is bit high compared to other banks. But processing fee is zero its great. It would be better if they reduce the interest rate as per the market.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2017
    • Tata capital Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was a fair experience with TATA Capital for the personal loan, they gave door step service, I had taken the loan amount 4.70 lakhs with an interest rate of 13% it is bit high compared to other banks. But processing fee is zero its great. It would be better if they reduce the interest rate and it should be in line with the market rate.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2017
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    Mumbai Personal Loan is Rated as "Great!" by 6210 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    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 22 Jun 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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