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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.
Interest Rate (Monthly reducing balance) | 8.95% - 36% |
Processing Fees | 0%-6% |
Loan Tenure | 1 year to 7 years |
Pre-closure Charges | 2% - 5% |
Guarantor Requirement | No guarantor required |
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.
A few of the top lenders that offer personal loans in the city of Mumbai include:
Bank | Interest Rate Range | Processing Fee Range | Loan Amount | Tenure |
---|---|---|---|---|
State Bank of India | 9.60% - 15.65% | Up to 1.50% of the loan amount | Up to Rs.20 lakh | 1- 6 Years |
HDFC Bank | 10.50% p.a. -21.00% p.a. | 2.50% of the loan amount | Up to Rs.40 lakh | 1-5 Years |
Axis Bank | 12% p.a. -21% p.a. | At the discretion of the bank | Rs.50,000 - Rs.15 lakh | 1-5 Years |
Punjab National Bank | 8.95% p.a. -14.50% p.a. | Up to 1% of the loan amount | Up to Rs.10 lakh | 1-5 Years |
Fullerton India | 11.99% p.a. to 36% p.a. | Between 0%-6% of the loan amount | Up to Rs.25 lakh | 1-5 Years |
Bank of Maharashtra | 9.45% p.a. -12.80% p.a. | 1% of the loan amount | Up to Rs.20 lakh | 1-7 Years |
CitiBank | 9.99% - 16.49% | 1% to 2.5% | Rs.30 lakh (Max) | 1-5 Years |
Kotak Mahindra | 10.25% onwards | Up to 2.5% of the loan amount along with GST or service tax | Up to Rs.20 lakh | 1-5 Years |
IndusInd Bank | 11% p.a. onwards | 2.5% of the loan amount | Rs.50,000 – Rs.15 lakh | 1-5 Years |
IDBI Bank | 9.50% p.a. - 14.00% p.a. (Fixed) | 1% of the loan amount subject to a minimum of Rs.2,500 | Rs.25,000 – Rs.5 lakh | 1-5 Years |
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:
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:
The personal loan amount will be sanctioned by the bank based on your Loan eligibility criteria. Generally, the loan amount ranges from Rs.25,000 to Rs.20,00,000, depending on your repayment capacity and income.
You will have to check with your lender if they allow part payments. It differs from one bank to another.
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.
The disbursed amount will be credited to the bank account mentioned in your personal loan application form.
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.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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