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
    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
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    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
    13.99% - 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
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    Perks
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    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
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    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
    11% - 16.49% 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

    • Kotak Personal Loan
      "Instant Loan"
      0.5 5.0/5 "Blown Away!"
      The Kotak Mahindra bank disbursed my personal loan within 10 to 20 minutes of time. The customer service and the response is really good with Kotak mahindr. They do gives the call to the customers on time . They had a offer when I have approached for my personal loan, so I have got the loan amount within 20 minutes of time. The rate of interest is 14.0% which is nominal with Kotak .
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • review Personal Loan
      "Super fast process & a good deal"
      0.5 5.0/5 "Blown Away!"
      The process at IDFC Bank was super fast. I have taken a personal loan and I got the funds on the third day after me applying with them. The rate of interest was the same as other bank, but they had a part payment facility from the third month and the processing charges was less and there was no much of fees for the foreclosure as well.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 23, 2017
    • Bank Bazaar Customer Support
      "Nice experience"
      0.5 4.0/5 "Great!"
      The services at Bankbazaar has been good and the overall experience is satisfactory. The response has been up to the mark because they were instant in contacting me and informing me the details. The website is also created well and simple to understand.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 23, 2017
    • Standard Chartered Bank Personal Loan
      "Uncomfortable with the Terms & conditions"
      0.5 3.0/5 "Satisfactory"
      I did not go ahead with Standard Chartered Bank for the personal loan because I was not comfortable with the terms and conditions. They were high on the processing charges of 2% and they had no part payment option. There was also a preclosure fee. The rate of interest was of 11,99%.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 23, 2017
    • Bank Bazaar Customer Support
      "Satisfactory services"
      0.5 4.5/5 "Excellent!"
      My experience with Bankbazaar has been great. They were pretty much fast and as soon as I placed my request, I was contacted and I got the details of all the bank options available. The website is good and overall it was a very nice smooth process.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 23, 2017
    • IndusInd Bank Personal Loan
      "Average"
      0.5 2.5/5 "Just OK"
      Indusind Bank confirmed that they were unable to give the personal loan because of my credit score and it was not matching the bank norms. The response was on time to give me these details. The interest rate and charges were very much normal. But the bank is recommended only if it is flexible,.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 23, 2017
    • Bank Bazaar Customer Support
      "Best of Services bankbazaar.com"
      0.5 5.0/5 "Blown Away!"
      I am happy to use this site because here, I get quick service online and calling also. I am using this every month for searching for all products like cards, loan offers etc. I am very much thankful to you bankbazaar also easy to use their online services.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jul 23, 2017
    • Bank Bazaar Customer Support
      "Very convenient services"
      0.5 5.0/5 "Blown Away!"
      The experience at Bankbazaar is good. I have no issues. The team has been on time to contact me and inform me the details and the process was also quick and smooth. The website is helpful and user friendly. In all it was nice to get connected to the banks without much of hassles.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 23, 2017
    • Citibank Personal Loan
      "Overall a good experience"
      0.5 5.0/5 "Blown Away!"
      I could not go ahead with Citibank for the personal loan because they contacted me only once and after which there was no follow up. I would still give them five stars because they are overall good, I am an existing customer. The interest rate and charges were very much normal.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 23, 2017
    • HDB Financial Services Personal Loan
      "Shares wrong information with customer"
      0.5 0.5/5 "Unacceptable"
      Their employees just call personal loan seekers to complete their monthly target even if they don't meet their loan criteria. No courtesy to meet the one whom they have called. After waiting for some time they say your loan won't be approved. Strange thing is even before clearing everything like why others banks are not approving my loan they will assure on call yes yes you fit in our criteria, so you can walk in to our office. And one day before your walk in they will say we cant assure you but chances are your loan will be approved as we do provide insecure loan, so don't submit your paper with other bank employees as they will just collect papers, even after knowing that your loan will be rejected and this will in return will affect your CIBIL score. Before commenting on others first see what you guys do. In near future won't suggest this bank to anyone for loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 18, 2017
    • Bank Bazaar Customer Support
      "Easy to navigate and good financial advisor"
      0.5 5.0/5 "Blown Away!"
      I got good response on time from Bank Bazaar, when I approached them for the personal loan. Representative of Bank Bazaar are very supportive and helpful to connect with the bank for the loan product. Site is also easy to use and convenient to check the details.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2017
    • Bank Bazaar Customer Support
      "Easy to navigate and good financial advisor"
      0.5 5.0/5 "Blown Away!"
      I got good response on time from Bank Bazaar, when I approached them for the personal loan. Representative of Bank Bazaar are very supportive and helpful to connect with the bank for the loan product. Site is also easy to use and convenient to check the details.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2017
    • Tata capital Personal Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      TATA Capital service is good even they ready the process the requested amount from my end with good interest rate with good processing fee. Because I denied to process the personal reason is because of the personal reason, other than that there are no issues with them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2017
    • Tata capital Personal Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      TATA Capital service is good even they ready the process the requested amount from my end with good interest rate with good processing fee. Because I denied to process the personal reason is because of the personal reason, other than that there are no issues with them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2017
    • Bank Bazaar Customer Support
      "Good Response"
      0.5 4.5/5 "Excellent!"
      Bankbazaar provided a good service for my personal loan requirement. I submitted my loan application on bankbazaar website and I got good response from them. Their website is easy to handle but it would be more good if they call me at my convenient time.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2017
    • ICICI Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I had received Good response from ICICI bank when I applied for the personal loan. Actually I approached ICICI bank through online source. But I do not have any requirement for the loan at that time so I just dropped my plan in taking the personal loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2017
    • Bank Bazaar Customer Support
      "Immediate Response"
      0.5 4.5/5 "Excellent!"
      Actually when I approached the bank directly for the loan, I got response after 3-4 days but when I approached the bank through bankbazaar, I had received an immediate response from the bank. Bankbazaar provided fast and good service for my loan application.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 12, 2017
    • Standard Chartered Bank Personal Loan
      "Good Process"
      0.5 3.5/5 "Pretty good"
      I had taken the personal loan from Standard Chartered bank. Actually I approached SCB through online source. I had received good response from the bank towards my loan application and the interest rate is good. I had no issues with the bank during the loan process.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 12, 2017
    • Citibank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      When I applied for the personal loan, customer executive from CITI bank did not call me on time I am not happy with their service, because they are not transparent in loan process the loan amount I had applied for 3.5 lakhs. I am not sure when they had called me, over all from my perspective it was not okay.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 12, 2017
    • Bank Bazaar Customer Support
      "Better Response"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar delivered a good service. I had applied for the loan on their website and I got a good response from them. They provided a proper followup calls and I do not have any issues with bankbazaar. Their website is kind too simple and it is very much easy to navigate.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 12, 2017
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    Mumbai Personal Loan is Rated as "Great!" by 6315 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 28 Jul 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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