Multiple banks. Different interest rates. Call it a "conflict of interest".
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    Mumbai Personal Loan

    Formerly called Bombay, Mumbai is the capital of Maharashtra and the most populous city in the country. It is also the commercial, entertainment, and financial capital of India and is an easy city to avail personal loans at great terms.

    We found 33 Mumbai Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 17.99% Fixed
    0
    30L Max
    1-5 Years
    Response Time : Within 30 minutes
    Accelerated Approval
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    11.49% - 18.25% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
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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.750 Amazon Voucher 100% PAPERLESS APPROVAL
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    Fees & Charges
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    Eligibility Criteria
    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
    Rs.750 Amazon Voucher
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    Eligibility Criteria
    10.99% - 17.99% Fixed
    From .75% (min. ₹999 + applicable tax) One time fee
    20L 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
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    Customer Reviews
    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
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11% - 16% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
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    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 18.15% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
    What you'll love
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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.750 Amazon Voucher 100% PAPERLESS APPROVAL
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    16% - 28% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    12.00% - 17.00% Fixed
    1%
    30L Max
    1-5 years
    Response Time : Within 30 minutes
    What you'll love
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    Perks
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    Good to Know
    Eligibility Criteria
    Customer Reviews
    12.49% - 33% Fixed
    6.0% One time fee
    15L Max
    1-4 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
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    Mumbai Personal Loan is Rated as "Great!" by 8123 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 19 Jan 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.

    Mumbai Personal Loan Reviews

    • HSBC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my personal loan with HSBC bank, ,they have given me sufficient loan amount was sufficient for me, and the rate of interest is very nominal compare to other in the market . There are no hidden charges they have charged me apart from EMI.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 18, 2019
    • Bank Bazaar Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I am fine with bank bazaar and am using the site for last 3 years. I like the transparency and it was easy to compare. At one platform am able to get a proper solution about the financial products without visiting the banks. The website is user friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 18, 2019
    • IndusInd Bank Personal Loan
      "Need proper response"
      0.5 3.0/5 "Satisfactory"
      I have taken my personal loan from Induslnd Bank through online channel. The rate of interest and charges are nominal. The reason for giving average mark is I need to followup many times and mails has been sent but there was no communication. The documents are submitted to the executive.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Good in the whole process"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from HDFC Bank a year ago. It has been good till date and I have not faced any inconvenience. The process to get the loan was good and the customer services and response is good too. The rate of interest and processing charges is minimal.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 18, 2019
    • Bank Bazaar Personal Loan
      "Good overall"
      0.5 4.0/5 "Great!"
      When I logged on to Bankbazaar, the response was prompt and they informed me the details and processed it to the banks. There were follow up calls too. I use the mobile application and it is user friendly. It would be better if the call volume is reduced as I applied for one bank but I received calls form multiple banks.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 18, 2019
    • Tata capital Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      The experience is good at Tata capital and they were very quick to respond as well. The documents was taken on time. The personal loan was not disbursed on the said date only because of the holiday that came in between. The rate of interest is of 11.49% and the processing fee is zero.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 18, 2019
    • ICICI Bank Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      I had taken this loan almost three years back and the process in getting this loan has been quite good. The loan amount has been fine and the interest rate with them has also been nominal. There has not been any sort of charges which they had made so far.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I had taken this loan almost two years back and i am still paying the EMI's. The experience was quite good but i have asked for a tenure period of five years but they had given with three years which i am not happy with. The interest rate with them was around 10.99% and there has been some charges like GST.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 18, 2019
    • Tata capital Personal Loan
      "Good Services"
      0.5 4.0/5 "Great!"
      Because of the low rate of Interest rate. I can get a affordable tenure period of 5 years with TATA Capital hence i have chosen them. I was a existing a customer of TATA CAPITAL. They have given me a interest rate of 11.5% which is okay for me. They have not been charged any processing fee. There was a delay in the loan sanctioned for 1 month.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 17, 2019
    • review Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using my personal loan with Aditya birla bank,hey have given me sufficient loan amount was sufficient for me, and the rate of interest i have taken up to 8900 every months which is nominal for me,the processing fee they have charged me was nominal,there is no hidden charges ,overall service was good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 17, 2019
    • Bank Bazaar Personal Loan
      "Best Place"
      0.5 4.5/5 "Excellent!"
      I had a good experience with Bank Bazaar and i am happy with the services.I had applied for a personal loan and my application was taken care. There was no delay and my request was taken care. There was a proper follow up and the site is pretty much easy to access. Bank Bazaar has helped me when i was in financial crisis and i will be thankful to bank bazaar always.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 17, 2019
    • Kotak Personal Loan
      "Best in service"
      0.5 5.0/5 "Blown Away!"
      I had taken a personal loan with Kotak Bank and the services were satisfactory. The interest rates were reasonable and it was 8.35%. There was no delay happened in my application at the time of applying. The overall services are quite good in Kotak.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 17, 2019
    • Tata capital Personal Loan
      "Best in Need"
      0.5 5.0/5 "Blown Away!"
      I was looking for a personal loan and thats when i applied with Tata Capital. This is the first time with Tata Capital and i am happy about it. My application was taken care and it was processed on time. The interest rates were reasonable, its somewhere around 11.79%.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 17, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      This is the first time I have logged in bank bazaar for the personal loan which has been recommended by some one. Its pretty good and feasible. I am able to compare with the multiple banks at one platform. I have used the website,I don't prefer mobile application.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jan 14, 2019
    • Citibank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken my personal loan from Citi Bank through online channel. I think the interest rate which can be lower compare to other banks. I believe they have charged the processing fee which is minor amount because have not received the whole amount on my loan. They took 3 to 4 days for the disbursement. My documents are collected by the executive.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "One stop solution"
      0.5 5.0/5 "Blown Away!"
      The customer service and response was satisfactory. I have used bank bazaar earlier also for other products, the process was easy. I am using the website for around 2 years. It is easy to access and checked my credit score. I have uploaded the document via online also bank executive requested for the hard copy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 14, 2019
    • Kotak Personal Loan
      "Need to improve the service"
      0.5 2.0/5 "Expected more"
      I have done a balance transfer from Kotak Mahindra Bank and not received the cheque to HDFC. The customer service is not responding properly, am trying to contact my relationship manager for last 10 days and wrote email as well but no answer. The rate of interest was fine but there was too many charges. The loan duration is 5 years.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jan 14, 2019
    • Bank of Baroda Personal Loan
      "Fast Approval"
      0.5 4.0/5 "Great!"
      My salary account belongs to Bank of Baroda, hence I approached them for the personal loan. I went to the home branch directly they sanctioned the loan on time and just I paid my emi and closed it, the interest rate is around 11.75% for one year of tenure.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Easy and Effiective Website for Loan"
      0.5 4.0/5 "Great!"
      Fist time I used Bank Bazaar to take the personal loan through online, I am using mobile application the options are very good If i have any requirement I can chose and go head for right products which I like. The customer support is very also satisfactory.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 14, 2019
    • Tata capital Personal Loan
      "Approval should be faster"
      0.5 4.0/5 "Great!"
      There is no processing fee from the disbursement but I taken the insurance fee around Rs. 3300, I took 1.30 lakh it has the tenure period of 4 years, the interest rate is nominal as per other banks, the customer support is good but for approval they taken one month of time.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jan 14, 2019
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