Sit back. Initializing magnetic field for maximum savings on personal loan
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 19 Oct 2019
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 applied for HDFC Bank personal loan through Online .I have not availed this loan since the rate of interest was very high .I have not submitted any of my documents and agent gave all the information about the loan process .I am not satisfied with the service .
Because I'm having a salary account with HDFC, i had chosen the Personal loan from them. They gave me a interest rate of 12.55% for the loan amount of Rs. 70000. I am paying the EMI of Rs. 3330. I have chosen the duration of 2 years. It took 8 to 10 days to sanctioned the loan.
When i inquired online, Fullerton people called me and the approach was good. I had applied the loan amount of Rs. 70000 for that they given me a convenient interest rate. I had selected the tenure period of 2 years. Since i had applied the loan with bank, i have refused to process this loan.
There is no specific for choosing the personal loan from TATA Capital. I bought the loan 1st loan 1 year back and this is my second loan. They have sanctioned the loan in 2 to 3 days. The documentation process was good. Offered interest rate of 11% is good for me.
I have applied for Fullerton personal loan through Online .I have got the loan amount on time .The loan amount was sufficient as well.I have got a clear picture about the loan process through the agent ,While submitting the documents there was no difficulties ,There was proper callback and follow up from bank end as well .I am comfortable with the service until i have got the loan .
Once I applied for a personal loan with HDFC BANK through an online. The verification process was done on smooth but They told to open an account with them. The amount was sufficient for the tenure period of three years. Rate of interest was not aware.
I applied for a personal loan with FULLERTON on a last month. I have received call from their end on time for further process. The amount which was offered was okay for the tenure period of 5 years. The rate of interest was okay. Due to personal reason I have closed the loan from my end.
I have availed HDFC Bank personal loan through Online I have got this loan on delay basis it took 10 to 12 days .The agent gave all the required details about the loan process through the agent ,There was proper callback and follow up from bank end .The rate of interest and the processing fee was nominal .I am satisfied with the service so far .
Incred personal loan where it got disbursed in my account in 6 days post providing my documents, rate of interest is little high compare to other Banks, Incred team customer service is good, documentation process was paperless, tenure was good of 24 months.
I have applied for Incred personal loan through Online .I have got a clear picture about this loan through the agent .I have got the loan amount on exact time frame .I have not faced any difficulties on submitting the documents .There was no issues with rate of interest and the processing fee .
I had applied for Kotak personal loan which was been disbursed in 4 weeks which is very long, rate of interest is nominal as per the market, documentation process took bunch of documents and time, customer service of the kotak team was good.
I applied personal loan from HDFC Bank. I had submitted my documents online. I received the loan on time and it's sufficient. Their rate of interest is little high in comparison to other banks. HDFC Bank's customer service is very good and responsive.
I did not have much issue with the HDFC personal loan. I had a two option to select for my personal loan but HDFC is one of the oldest bank which i have used earlier so i had selected them. They have said i will get a loan within 7 days but it took almost 1 month to receive a loan.
I have taken a personal loan with INCRED on few months before which was applied through an on line. On time I received a call from their end. The loan amount was sufficient for the tenure period of 2 years. The rate of interest was high of 26%. Within 5 days they have sanctioned my loan.
HDFC Bank offered me lower interest rates for my personal loan. I have been using the HDFC banking services for last 13 years so i selected the HDFC bank. Its a hassle free rather than doing a multiple calls and i submitted my documents and verification done. When i compared to other banks, its a easy process. I have got the loan at correct time.
I have availed Incred Personal loan through Online .I have got the loan amount on time ,While submitting the documents there was no issues ,The rate of interest and the processing fee was very high and there was no difficulties faced until i have received the loan.I have got all the details about this loan process very clearly through the agent .
My experience is good with Incred. They were very quick in disbursing the loan amount and the response was fine. Actually I have started searching the loan through online and according to my eligibility have processed the loan with Incred. The documentation process was simpler. The duration of loan re-payment is 4years.
I have taken a personal loan with INCRED on a month before. They have disbursed the loan amount of 1 lakh. But the rate of interest was high of 26%. At an initial they have not send the welcome kit later few days before only I have received it. The customer service is no proper response for the query. Monthly EMI for 5387 rupees but they have not detect with principal amount.
I have applied for Incred personal loan through Online .I have got all the details about the loan process very clearly through the agent ,I have got the loan amount on time ,There was proper callback and follow up from Incred ,While submitting the documents I did not face any difficulty.
I have taken a personal loan with INCRED few months before. They have detected some amount for processing fee charges are high of 9 thousands . They have sanctioned a loan by 10 days with low amount of 1 lalkh 31 thousands. Rate of interest was high of 24%.