Multiple banks. Different interest rates. Call it a "conflict of interest".
Multiple banks. Different interest rates. Call it a "conflict of interest".
  • loading

    We found 32 Mumbai Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 16.99% Fixed
    Up to 0.5%
    30L Max
    1-5 Years
    Response Time : Within 30 minutes
    Rs.2,000 Amazon Voucher free Ad
    What you'll love
    Documents
    Perks
    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.2,000 Amazon Voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 14.49% Fixed
    0 to ₹1,180
    30L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.2,000 Amazon Voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 20.70% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.5% - 13.5% Fixed
    1% + applicable tax One time fee
    2L - 25L
    1-5 Years
    Response Time : Within 30 minutes
    Rs.2,000 Amazon Voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    12.99% - 12.99% Fixed
    Up to 2% One time fee
    20L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.2,000 Amazon Voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    13.49% - 19.99% Fixed
    Up to 2%
    Upto 25L
    1-5 years
    Response Time : Within 30 minutes
    Rs.2,000 Amazon Voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    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.2,000 Amazon Voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12% - 19% Fixed
    Up to 3% One time fee
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.2,000 Amazon Voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    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
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 17.99% Fixed
    Up to 2.5%
    15L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.2,000 Amazon Voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.00% - 13.75% Fixed
    1% One time fee
    30L Max
    1-5 Years
    Response Time : Within 30 minutes
    Rs.2,000 Amazon Voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
     Loading your search... Loading your search...
  • Mumbai Personal Loan is Rated as "Great!" by 7309 Users
    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 18 Jan 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 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 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

    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      The bank bazaar service is good and they have helped me to get in touch with the bank partner time. I know bank bazaar for more than a month,. The customer support is prompt with the bank bazaar team and they gave me immediate response in regards to my personal loan application.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 17, 2018
    • Standard Chartered Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The documentation process just took a day time and the Standard charted has disbursed the loan amount within 3days of time. The customer support service is good with the Standard charted bank. The required loan amount has been disbursed on time and I am very much satisfied with it.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 17, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with bankbazaar, i know bankbazaar.com from last 1 year and i came to know about bankbazaar through google. The services provided by bankbazaar is good when compared to all other banking websites. Customer service was good and their response was prompt. The website of bankbazaar is easy to navigate and is user friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 17, 2018
    • HDB Financial Services Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have my personal loan application approved with HDB Financial Services and the experience was quite good. The process was very fast and i received my loan amount within 3-4 days. The loan amount i expected is Rs 5 lakhs but they gave only Rs 4 lakhs which is sufficient and the rate of interest is 14% which is high when compared to other sources. Customer service was good and they responded on time. There was no processing fees charged and the tenure of this loan is 5 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 17, 2018
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Great service from bank bazaar so far.I am long time user for past one year,the service is excellent compared to other financial website.They give prompt response to the customer with care and support. The website is too easy to understand and navigate.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 16, 2018
    • Standard Chartered Bank Personal Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with Standard chartered bank.The loan amount is 2.4 lakhs,rate of interest is low as compared to others.I have no processing fees,They had collected documents door step and processed within the TAT.Net banking is very user friendly to make payments.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 16, 2018
    • Bank Bazaar Personal Loan
      "One stop solution"
      0.5 5.0/5 "Blown Away!"
      Bank bazaar is a good platform for all the financial products. The customer service and responses was up to the mark. The website's option was amazing .The web portal's accuracy and speed is good. My overall experience was very good and this site is very much recommendable.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 12, 2018
    • Citibank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan with CITI bank . The Interest rate was 12.75% which was low than other banks In the market. The customer service and responses was up to the mark. The tenure period was 1 year and the loan process was very good. The processing fee was nominal here. My overall experience was excellent.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 12, 2018
    • Standard Chartered Bank Personal Loan
      "Average"
      0.5 1.0/5 "Really Bad"
      The rate of interest was better with Standard Chartered Bank. I am little bit disappointed with the documentation process. I had to do quite bit followup. They took 2 weeks to disburse the loan. I had taken a 3L with duration of 5years. I am paying monthly around 5k - 6k through ECS.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 12, 2018
    • HDFC Bank Personal Loan
      "Processing time was too long and the interest was high"
      0.5 2.0/5 "Expected more"
      I have taken a personal Loan from HDFC bank.The approved loan amount was 2.95 lakhs . The given rate of interest was 10.99%. The monthly EMI comes around 6540. the total tenure is for 4 years. There was some processing fees. To process the loan it took very long time and the interest rate was also very high.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 10, 2018
    • Bank Bazaar Personal Loan
      "Helpful website"
      0.5 4.0/5 "Great!"
      Its really a very helpful service. For all the financial assistance we can search upon bankbazaar and the response from there end is quick . I applied for a personal loan through bankbazaar and the service which I had received on my application is also really good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 10, 2018
    • HDFC Bank Personal Loan
      "Personal loan with HDFC"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal Loan from HDFC bank.The approved loan amount was 2.5 lakhs . The given rate of interest was 12%. The monthly EMI comes around 6760. the total tenure is for4 years. There was some processing fees.The customer service and response is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 10, 2018
    • Bank Bazaar Personal Loan
      "Considerable application"
      0.5 5.0/5 "Blown Away!"
      The response from bankbazaar team was very quick.The follow up call was also good. The website is very much helpful in finding the best deal after doing a comparision with various banks. I got the personal loan approved through bankbazaar. I can consider this site for my future needs.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 10, 2018
    • Bank Bazaar Personal Loan
      "One stop solution"
      0.5 5.0/5 "Blown Away!"
      I had a good experience with bank bazaar for my personal loan. I have been using this website for one year. It is easy to check the multiple bank offers. The customer service and response was pretty good. The website was easy to access and user friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 10, 2018
    • Aditya Birla Finance Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with Aditya Birla Finance. The rate of interest and the processing fee was nominal. I have taken 2,00,000 as a personal loan. It is a tenure of 5 years. The documents are collected by the executive at doorstep. The part payment and pre closure options are good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 10, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Bank bazaar is good platform for all the financial products,. The customer service and responses was up-to the mark. The web portal's accuracy and speed is good . The website's option was amazing and its user friendly also . My overall experience was good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 10, 2018
    • Standard Chartered Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan with STANDARD CHARTER bank . The customer service and responses was up to the mark. The loan amount was 2 lakhs and the Interest rate was 11.49%which was bit high than other banks in the market. Here the loan process was quick and smooth . There is no processing fee here.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 10, 2018
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      Bank bazaar is a good platform for all the financial products.The customer service and responses was up to the mark. I have not faced any issues with the service . The website was user friendly . The web portal's accuracy and speed is good and to conclude I would say I am very much happy with their service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 10, 2018
    • Aditya Birla Finance Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I have my personal loan with ADITYA BIRLA .I have taken 12 lakhs loan amount and the Interest rate was 11.99% which was average in the market. The tenure period was 5 years. The loan process was good and the processing fee was nominal. My overall experience was very good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 10, 2018
    • Bajaj Finserv Personal Loan
      "Need to improve"
      0.5 1.0/5 "Really Bad"
      I have taken the personal loan with the Bajaj Finserv and their customer service is not really responsiveness at any medium. Rate of interest was around 17% for the personal loan with them. Everything is good one with the Bajaj Finserv.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 10, 2018
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.