Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 32 Mumbai Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    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 Ad Paperless approval available
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    Fees & Charges
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    Eligibility Criteria
    Customer Reviews
    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    Paperless approval available
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    Customer Reviews
    13.99% - 16.99% Fixed
    Up to 2% One time fee
    20L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval available
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    Eligibility Criteria
    10.99% - 17.99% 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 free Paperless approval available
    What you'll love
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    Perks
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    Good to Know
    Eligibility Criteria
    Customer Reviews
    13.49% - 19.99% Fixed
    Up to 2%
    Upto 25L
    1-5 years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval available
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    Eligibility Criteria
    10.65% - 11.65% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time : Within 30 minutes
    Guarantor Required Paperless approval available
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    14% - 33% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time : Within 30 minutes
    Paperless approval available
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 15.99% Fixed
    Up to 0.5%
    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
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    Customer Reviews
    10.99% - 17.99% 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
    12% - 19% Fixed
    Up to 3% One time fee
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
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    Perks
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  • Mumbai Personal Loan is Rated as "Great!" by 6860 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Mumbai Personal Loan

    Apply for Personal Loan

    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 20 Oct 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

    Mumbai Personal Loan Reviews

    • Bank Bazaar Personal Loan
      "Good services"
      0.5 3.5/5 "Pretty good"
      Th initial response was on time from Bankbazaar and the customer services was good. They processed it to the banks. After which I received a call or two. I was supposed to get a follow up done but finally I got no calls. It would have been better if there was a follow up done.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • ICICI Bank Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      ICICI Bank contacted me for the personal loan and they asked me for couple of documents as I was talking to the executive about the same. My call was disconnected. It was not a very good experience with the bank. They need to be more professional.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Bank Bazaar Personal Loan
      "Satisfactory services"
      0.5 4.0/5 "Great!"
      The services from Bankbazaar is good. I received a proper response and the team was very much good in the follow up calls. The website is good as well, it helped me navigate with ease and register my information and also compare the rates of banks.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Kotak Personal Loan
      "Not satisfied"
      0.5 2.5/5 "Just OK"
      It was not a good experience with Kotak Mahindra Bank for the personal loan. They collected my documents and after which they did not respond back. I did not get the status of my application as well. Not sure on the rate of interest rate and processing charges.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Tata capital Personal Loan
      "Overall good"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from Tata Capital and the customer services are good. The communication is also proper and I had no issues about it. The interest rate was around 14.5% and the processing charges are average.They have a part payment facility and the process is online.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Bank Bazaar Personal Loan
      "Process is good & swift"
      0.5 5.0/5 "Blown Away!"
      The services are good at Bankbazaar and the experience is perfect. The team contacted me on time and informed me the details. I got a lot of guidance about the options of banks and their deals. There were follow up calls and the website is also perfect.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Kotak Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have not taken the personal loan from Kotak Mahindra Bank because I got a better deal from another bank. The customer service was good and they contacted me on time. The rate of interest was of 13.99% and the processing charges was also normal. There were no options for part payment.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Bank Bazaar Personal Loan
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      I am very much happy with the service of Banbazaar.com . I would give more than 5 star rating to bank bazaar because it gave me a very good service . Customer service is very good from Bankbazaar.com even the Bankbazaar.com website is user friendly and easy to navigate ,the service of Banbazaar.com is excellent.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • ICICI Bank Personal Loan
      "excellent service"
      0.5 4.5/5 "Excellent!"
      I have got a personal loan from ICICI I am very much happy with their service before the time I applied for the loan the rate of interest was high with them but once I applied for a loan their branch manger have reduced the rate of interest rate and already I have uploaded the documents in the website so they have not asked for my documents during the process ,service from ICICI for my personal loan was excellent.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • HDFC Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      The HDFC was good with their customer service as i took a personal loan from them . The rate of interest they provided was 10.5% and with zero processing fee they gave me a option of pre closure without any penalty charges that is one thing i liked about them . I took the loan this year 2017 i would say its a good experience .
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Citibank Personal Loan
      "Hassle free"
      0.5 5.0/5 "Blown Away!"
      I had personal loan with CITI bank, I like their processing and paper less documentation process. CITI interest rate was nominal, I took the amount of Rs.5 lakhs for the tenure of three years. They gave me pre closure and part payment without any charges.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Bank Bazaar Personal Loan
      "Good overall"
      0.5 4.0/5 "Great!"
      The services at Bankbazaar is good and there are no hassles. It was a smooth experience because I was contacted on time and the whole process was timely. The website is also good and easy to use and understand. It is very much informative and useful.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Tata capital Personal Loan
      "Average experience"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan from Tata capital. It was a neutral experience and I had requested for three lakhs and I finally got only two lakhs due to the credit norms. The documentation and process was on time and the rate of interest was of 12% and the processing charges was also average.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Bank Bazaar Personal Loan
      "Good "
      0.5 4.5/5 "Excellent!"
      My first experience with bank bazaar was fine. The website was accurate and speed to access. The customer service is up to the mark. The response was good and fast. It is a hassle free service. I have checked my Credit Score without any charges.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 4.5/5 "Excellent!"
      I have approached Kotak Mahindra on my personal loan. They offered me interest rate as 14.99 which is expensive, where HDFC offers 12.99. It was a paperless approval, satisfied with the customer service, The EMI period for my personal loan is 4 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Bank Bazaar Personal Loan
      "Good financial advisor"
      0.5 5.0/5 "Blown Away!"
      Bank bazaar is the best financial portal compared to others. If I need any financial products will get it done with bank bazaar. I have been using the website for more than three months in a short span of time I liked the service so much and get multiple follow ups alerts and mails.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • ICICI Bank Personal Loan
      "Best service "
      0.5 5.0/5 "Blown Away!"
      I had taken a personal loan from ICICI bank for an amount of one lakh at low interest rate they had taken a minimum amount of processing fees from my principle amount.They took almost 5-7 days to credit the amount. It was a much quick process as compared to other banks in the market.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Bank Bazaar Personal Loan
      "Good financial advisor"
      0.5 4.0/5 "Great!"
      Bank bazaar is the best financial portal compared to others. If I need any financial products wil get it done with bank bazaar.I have been using the website for more than a month in a short span of time I liked the service so much and get multiple follow ups,alerts and mails.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • HDFC Bank Personal Loan
      "Best banking"
      0.5 5.0/5 "Blown Away!"
      I had applied for a personal loan with HDFC bank for an amount of 1.50lakhs with an interest rate of 12.99%.They took nearly7 days to process my application request.bank responded on time without much delay.My only concern about the interest rate is very high as compared tom other banks.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Bank Bazaar Personal Loan
      "Awesome Service"
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar followed up with me till my personal loan was disbursed to my account. Bank Bazaar called on the same day around 10-15 minutes after I submitted my personal loan application via their website which is a very quick service. Their website is useful and easy to use but their mobile application is bit confusing to use.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
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