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    Mumbai 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.
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    We found 33 Mumbai Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.75% - 18.00% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
    Response Time : Within 30 minutes
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    10.99% - 17.99% Fixed
    0
    30L Max
    1-5 Years
    Response Time : Within 30 minutes
    Accelerated Approval
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    20% - 22%  Fixed
    2.50%
    2L Max
    1-3 Years
    Response Time : Within 30 minutes
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    23% Fixed
    2% + Taxes
    10L Max
    1 - 2 Years
    Response Time : Within 30 minutes
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    11.25% - 21.50% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Response Time : Within 30 minutes
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    11.00% - 16.75% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    Response Time : Within 30 minutes
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    11.25% - 19.99% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    Response Time : Within 30 minutes
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    16.5%-20% Fixed
    Up to 2% or minimum ₹2,000 (whichever is Max) One time fee
    15L Max
    1-5 Years
    Response Time : Within 30 minutes
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    16% - 28% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    Response Time : Within 30 minutes
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    11.25% - 22.00% Fixed
    From .75% (min. ₹999 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time : Within 30 minutes
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    14.99% - 14.99% Fixed
    Up to 2% One time fee
    20L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    Perks
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    11.5% - 13.5% Fixed
    1% + applicable tax One time fee
    2L - 25L
    1-5 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    Mumbai Personal Loan is Rated as "Great!" by 8723 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    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 21 May 2019

    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.

    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.

        

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    Mumbai Personal Loan Reviews

    • SBI Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan with the STATE BANK OF INDIA where the documentation process was done quickly and i got the loan on time also the loan amount was nominal provided with this bank. The customer support and responsiveness is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 17, 2019
    • Bajaj Finserv Personal Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I had taken a Personal loan from Bajaj Finserv almost six to seven months and the process in getting this loan has been pretty much good. The loan amount has been sufficient and the interest rate with them had been nominal. But their customer support team response has not been that great.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 16, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      This is a pre -approved loan which i have taken through HDFC Bank ,1lakh for the tenure f 2years ,still the loan on process ,it was paperless approval ,The rate of interest and processing fee was little bit high ,since had requirement taken the loan ,the agent gave ll the information ,loan amount got on time ,it was sufficient ,got the loan within 24 hours.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 16, 2019
    • HDFC Bank Personal Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      I had taken my Personal loan from HDFC Bank a while back and it has not been a great experience. The loan amount was fine but the interest rate with the loan was quite high when compared with the market rate. The charges which they had made as processing fee has also been high.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 15, 2019
    • ICICI Bank Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I am happy with ICICI bank services as my request was addressed and was taken care by them. To my surprise , there was no trouble and the process of getting approval was easy. It took few days thats it.I got this loan offline and the documentation part was very easy .
      Was this review helpful? 0
      , mumbai
      Reviewed on May 15, 2019
    • HSBC Bank Personal Loan
      "Fast service"
      0.5 4.5/5 "Excellent!"
      The personal loan process was quick and smooth with HSBC, the interest rate is little less than others I think 0.5% is lower. I took Rs. 3 lakhs for the duration of 4 years. They do have balance transfer, there was some processing fee it was minimal.
      Was this review helpful? 3
      , mumbai
      Reviewed on May 15, 2019
    • HDFC Bank Personal Loan
      "Interest rate should come down"
      0.5 5.0/5 "Blown Away!"
      I took personal loan from HDFC before one year, at the time I done offline documentation. The process was so simple to avail the loan but in terms of interest its higher side. I took the loan amount of Rs.9 lakhs for the duration of 4 years for that they charged 11.9% of interest, it can be reduced.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 15, 2019
    • HDFC Bank Personal Loan
      "BETTER"
      0.5 3.0/5 "Satisfactory"
      I have applied for the personal loan with the HDFC BANK where the loan amount was good and also the process of getting the loan is satisfactory but there is no documentation process, the rate of interest was higher with this loan, the customer service is good.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 14, 2019
    • Axis Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took a Personal loan from the AXIS BANK . The Application process was very easy and I got the loan amount from this bank and it is satisfactory with in few days i got the loan . Overall the agent took care of all the application and documentation it was a hassle free loan experience.
      Was this review helpful? 2
      , mumbai
      Reviewed on May 14, 2019
    • Axis Bank Personal Loan
      "Avearge service"
      0.5 3.0/5 "Satisfactory"
      I got personal through AXIS BANK . The rate of interest is very high it is 28% . The loan amount is 73000 which i got but i am not happy with this i was hoping for 150000 . I got my loan on time , i am happy with the services even customer services is good .
      Was this review helpful? 1
      , mumbai
      Reviewed on May 13, 2019
    • Kotak Personal Loan
      "Best Service"
      0.5 4.0/5 "Great!"
      I have applied for Kotak Mahindra Bank Personal Loan through Online .The rate of interest and the processing fee was nominal ,since applied for personal loan bank agent told compulsory need to take life insurance .I have applied for the loan amount of 1.5lakhs for the tenure of 5years ,There was no issues faced while document submission .The loan amount was sufficient ,and got the loan amount on time ,The Bank executive gave all information about the loan process.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 13, 2019
    • Bajaj Finserv Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have directly applied with Bajaj Fnserv for personal Loan.The rate of interest and the processing fee was nominal.I have applied for the loan amount of 3lakhs for the tenure of 4 years .The agent gave all the details about the loan ,I have got the loan amount on time and it was sufficient as well .This was a paperless approval .
      Was this review helpful? 2
      , mumbai
      Reviewed on May 13, 2019
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my personal loan with KOTAK MAHINDRA BANK, the loan amount they have charged me is sufficient and the rate of interest they have charged me was nominal and the processing fee they have charge me was nominal, still this loan is running so far i did not face any issue.
      Was this review helpful? 2
      , mumbai
      Reviewed on May 13, 2019
    • Capital First Personal Loan
      "Average service"
      0.5 3.5/5 "Pretty good"
      I have been taken my personal loan with CAPITAL FIRST previously, the loan amount which they have given to me was good, they have given me up to 30,000 which was nominal, i got loan sanctioned within 24 hours, there was no issue in documents part, but i felt the rate of interest was very high they have charged me up to 25% which was very high, now i have successfully got this loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 13, 2019
    • Bank Bazaar Personal Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I am using the services of Bank Bazaar for the last three years and the services which they had provided so far has been pretty good. I came to know about the services of them through some advertisements and their mobile application has been convenient in using. I use it for checking my credit score and also with loans.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 09, 2019
    • Kotak Personal Loan
      "Normal Service"
      0.5 3.0/5 "Satisfactory"
      The process in getting my Personal loan from KOTAK MAHINDRA BANK has been good where they had approved it immediately and the disbursement of the loan happened on the promised time. The loan amount was fine but the interest rate with them has been quite high and the charges where also on the higher end.
      Was this review helpful? 3
      , mumbai
      Reviewed on May 09, 2019
    • HDFC Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      The customer support and responsiveness is good with the HDFC BANK personal loan that i have taken with this bank. The documentation process was good and simple to get the loan. The loan amount was good and the rate of interest was nominal.
      Was this review helpful? 2
      , mumbai
      Reviewed on May 08, 2019
    • Bank Bazaar Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I am getting too much of calls which they need to reduce the call flow and other thing is good. When I applied my personal loan from Bankbazaar.com, they have informed me paperless but bank has requested for documents again which needs to be improved. This is my first time experience.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 08, 2019
    • Tata capital Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      The response time was not quick, Tata Capital needs to improve the customer service. When I applied my personal through online channel, they have informed me 10.17% but later it was 12.75%. There was no processing fee. The loan was delivered on the committed time. The loan duration is 4 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 08, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The time when i was looking for a personal loan i had applied with HDFC and my application was taken care. There was a proper follow up and my application was processed on time. Interest rates are it nominal with HDFC. The tenure period is fine .
      Was this review helpful? 1
      , mumbai
      Reviewed on May 06, 2019
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