Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 33 Mumbai Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 16.49% Fixed
    0 Bankbazaar Exclusive
    30L Max
    1-5 Years
    Response Time : Within 30 minutes
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    11.50% - 17.25% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon Voucher 100% PAPERLESS APPROVAL
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    Customer Reviews
    14.99% - 14.99% Fixed
    Up to 2% One time fee
    20L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon Voucher 100% PAPERLESS APPROVAL
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    Eligibility Criteria
    16% - 28% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    10.99% - 21.25% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    Customer Reviews
    11.5% - 13.5% Fixed
    1% + applicable tax One time fee
    2L - 25L
    1-5 Years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon Voucher 100% PAPERLESS APPROVAL
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    11% - 16% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.49% - 18.25% Fixed
    2.25% (min. ₹1,499 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon Voucher 100% PAPERLESS APPROVAL
    What you'll love
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    Perks
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    Customer Reviews
    10.99% - 18.15% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon Voucher 100% PAPERLESS APPROVAL
    What you'll love
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    Customer Reviews
    12.49% - 33% Fixed
    6.0% One time fee
    15L Max
    1-4 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    Perks
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    10.99% - 14.49% Fixed
    0%
    30L Max
    1-5 years
    Response Time : Within 30 minutes
    What you'll love
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    Perks
    Fees & Charges
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    Customer Reviews
    13.49% - 19.99% Fixed
    Up to 2%
    Upto 25L
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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  • Mumbai Personal Loan is Rated as "Great!" by 7603 Users

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    Promised Interest Rate

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    Personal Loan BYTES FROM OUR KITCHEN

    Mumbai Personal Loan

    Apply for Personal Loan

    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.


    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 16 Jul 2018

    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 Lenders in Mumbai

    A few of the top lenders that offer personal loans in the city of Mumbai include:

    • UCO Bank
    • Bank of Punjab
    • Standard Chartered Bank
    • IndusInd Bank
    • Dena Bank
    • Deutsche Bank
    • Tata Capital
    • Kotak Mahindra Bank
    • Fullerton India
    • Oriental Bank of Commerce
    • Citibank
    • Andhra Bank
    • IDBI Bank
    • Indian Overseas Bank
    • State Bank of India (SBI)
    • Aditya Birla
    • Vijaya Bank
    • ICICI Bank
    • Axis Bank
    • Bank of Maharashtra
    • ING Vysya Bank
    • The Bank of Rajasthan
    • HDFC Bank
    • Syndicate Bank
    • Punjab National Bank
    • Corporation 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.

    Personal Loan Interest Rates in Mumbai 2018

    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 2018

    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

    Mumbai Personal Loan Reviews

    • Citibank Personal Loan
      "Very Good Service"
      0.5 3.5/5 "Pretty good"
      I had taken this loan almost a year back and it had been a very good experience with them. The loan amount which they where providing had been satisfactory and the interest rate with them has been okay and it was not that high. There has not been any issues faced with the services of them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 12, 2018
    • Bank of India Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience i had with them and the loan amount which they had provided had been satisfactory and the interest rate with them also had been good as well. The services from the staff and their customer support also had been well and good.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jul 12, 2018
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting the loan had been smooth and easy and there has not been any processing fee charged by them. The loan amount which they had provided had been satisfactory and the interest rate with them had been nominal and it was around 99 paisa. There has not been any hassles faced with them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 12, 2018
    • Citibank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with CITI bank and my loan experience was good, the loan amount was for Rs 1.5 lakhs with nominal interest rate when compared to other banks. Customer service was good and the tenure for this loan is 4 years. No preclosure is allowed for first 6 months.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 11, 2018
    • Bank Bazaar Personal Loan
      "Great people trying to help other people"
      0.5 3.5/5 "Pretty good"
      The bankbazaar people kept calling me and keep on updating me. I would appreciate if bank and bankbazaar is on the same page, to avoid the communication gap. I came to know bankbazaar through television advertisements. I had visited the website which is very good. I am yet to download the mobile app.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 10, 2018
    • Kotak Personal Loan
      "They should connect with the customers"
      0.5 1.0/5 "Really Bad"
      It is okay to loan get rejected. There should be some problem in my side. For that they did not given any call from Kotak. I did not received the message like loan application number and details of the loan. I'm still looking for the loan of 2 lakhs. It was applied the amount of 4 lakhs. Somebody came to my place to collect the documents. They have offered me nothing and i don't know any details about the loan
      Was this review helpful? 1
      , mumbai
      Reviewed on Jul 10, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      This is my first time with BANK BAZAAR . The customer service and responses was good. The website is every user friendly and its easy navigate . The web portal's accuracy and speed is also good.My overall experience was good so its recommendable.,
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 06, 2018
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had a plan to taken my personal loan with HDFC bank. I was expecting 4 lakhs loan amount but the can only approve 1,5 lakhs loan amount according to my eligibility which disappointed me so i have canceled the request . The customer service and responses was good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 06, 2018
    • Citibank Personal Loan
      "Very nice experience"
      0.5 5.0/5 "Blown Away!"
      I have applied the personal loan of 1.20 lakhs and they have sanctioned the same amount. They have offered me a interest rate of 22% per annum. Their is no processing fee for this loan. I have done the online documentation process. They have sanctioned the loan on time. Everything fine with the CITI personal loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 06, 2018
    • Bank Bazaar Personal Loan
      "Very nice website"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar has given a very good response their is no doubt in that. My friend recommend me about bankbazaar after that i have received a mail from the bankbazaar's people. When i applied for a long the customer care people contacted me and they were very much helpful to me. I have downloaded the mobile application and it is useful too.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 06, 2018
    • ICICI Bank Personal Loan
      "Documentation process very bad"
      0.5 5.0/5 "Blown Away!"
      I have applied a personal loan of 4 lakhs but it got rejected due to the salary structure. They were looking for a salary around 40 K. They have provided me a interest rate of 9.2% to 10%. They told me that about the normal processing fee which is 1700. I have applied the loan 2 months before. The documentation i have done through online. I never called the customer care service of ICICI. They have not intimated about the eligibility salary amount before collecting the documents.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 06, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I had a good experience with BANK BAZAAR . The customer service and responses was really satisfactory . The website is very user friendly and easy to navigate . The web portal's accuracy and speed is good so I would like to recommend to others.,
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 04, 2018
    • HDFC Bank Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have approached HDFC bank for a personal loan but later i have taken with AXIS BANK so i have canceled my request here . The loan amount was 3 lakhs and the interest rate was 10.9% which is satisfactory . The customer service and responses was good.My overall experience was good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 04, 2018
    • YES Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from Yes bank and my loan experience was good, the loan amount was for Rs 3.25 lakhs with nominal interest rate when compared to other banks. 2% charges are applicable for preclosure of the loan. Customer service was fine and the tenure for this loan is 3.5 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 03, 2018
    • Bajaj Finserv Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have take personal loan from the Bajaj fin serve which they approved instantly ,its instant approval process. As am not satisfied with the rate of interest which is quiet high. They provided the tenure period of 5 year and i make the payment monthly though ECS also there are no processing fees too.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 03, 2018
    • HDFC Bank Personal Loan
      "Good "
      0.5 4.0/5 "Great!"
      I have taken the personal loan from Hdfc bank, the process took more time than expected. My over all experience was not too good, as I was not getting any updates about the status of my application. I personally had to follow up with the bank to get the status and then things gone done quickly. The rate of interest they have charged is fine, so I am happy with it.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 29, 2018
    • Fullerton Personal Loan
      "Fullerton Review"
      0.5 0.5/5 "Unacceptable"
      Worst Staff. Not at all Co-operative. Faced issues during loan closure. Rude as well as uncooperative staff. Lack of courtesy and knowledge in staff . I had a worst experience with the staff member of fullerton mumbai. Please train your staff to be co-operative
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 29, 2018
    • Bank Bazaar Personal Loan
      "Needs to improve on customer service"
      0.5 4.0/5 "Great!"
      This was a first time experience with bankbazaar and it was good, i came to know about bankbazaar through one of my friend. The website of bankbazaar is user friendly to use and it is easy to navigate. Customer service was average with bankbazaar and their response was on time.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 28, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with HDFC bank and my loan experience was good, the process was smooth and the loan amount was disbursed within 10-15 days. The loan amount was for Rs 8 lakhs with nominal interest rate. Customer service was good and they followed up on time.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 28, 2018
    • HSBC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken personal loan from the hdfc bank , Am satisfied with the rate of interest as it promising one . Where there is no processing fees They took 5 to 10 days for approval . They provided 3 year of tenure period and making the payment through ecs . As its instant loan process am satisfied with their customer service and response.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 28, 2018
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