Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 32 Mumbai Personal Loan
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    Interest Rate Range
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    Tenure Range
    10.99% - 17.99%
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    1-5 Years
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    10.99% - 21.25% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Response Time : Within 30 minutes
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    11.49% - 18.25% Fixed
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    20L Max
    1-6 Years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
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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
    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
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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
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
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    11% - 16% Fixed
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    25L Max
    1-5 years
    Response Time : Within 30 minutes
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    11.00% - 18.25% Fixed
    From .75% (min. ₹999 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
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    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
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    12.49% - 33% Fixed
    6.0% One time fee
    15L Max
    1-4 Years
    Response Time : Within 30 minutes
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    11.50% - 14.50% Fixed
    1%
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    1-5 years
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    13.49% - 19.99% Fixed
    Up to 2%
    Upto 25L
    1-5 years
    Response Time : Within 30 minutes
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  • Mumbai Personal Loan is Rated as "Great!" by 7891 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Mumbai Personal Loan

    Apply for Personal Loan

    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.


    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 Nov 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 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.

    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

    • Bajaj Finserv Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      It was a best experience with Bajaj Finserv for personal loan, the loan amount was for Rs 63000 with 0% interest rate which is very good. Customer service was good and their response was on time. The tenure period for this loan was for 6 months.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 20, 2018
    • HDFC Bank Personal Loan
      "Not satiafctory service"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with HDFC BANK , the processing fee they have charged me was nominal. The loan amount they have given me was sufficient and the rate of interest they have charge me was also fine . Overall it has been good experience with HDFC BANK .
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 20, 2018
    • HDB Financial Services Personal Loan
      "Not satiafctory service"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with HDB INSTITUTION , the rate of interest and processing fees was too high with this bank . The tenure period is 5year and it is sufficient to me . They gave option of preclosere but it is applicable after 6month . Customer service is not up to the mark and there are no much additional charges.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 20, 2018
    • Bank Bazaar Personal Loan
      "Very Good website"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar has a very good domain and always they used to keep in touch with their customers for the other products which is more import. The services are very good in this website. Since 3 years, i have been using this website. One of colleagues has recommended me about the bankbazaar website.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 20, 2018
    • Bank Bazaar Personal Loan
      "Very Good website"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar has a very good domain and always they used to keep in touch with their customers for the other products which is more import. The services are very good in this website. Since 3 years, i have been using this website. One of colleagues has recommended me about the bankbazaar website.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 20, 2018
    • Citibank Personal Loan
      "Need to improve the communication"
      0.5 2.0/5 "Expected more"
      Actually i have not received the loan on time. Its been 15 days delay happened on the disbursal. I have not received any notification regarding the delay. There is no communication between me and my bank. Due to this i was supposed to sign a documents of other bank loan. Its almost 11.5% as a interest rate.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 20, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I am using the services of bankbazaar from last 2 years, the services provided by bankbazaar is good when compared to others. Customer service was good and they responded on time. Mobile app is easy to navigate and user friendly to use.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 20, 2018
    • Incred Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My experience was best with Incred for personal loan, the process was smooth and i received my loan amount within 1 week. Rate of interest was nominal when compared to others in the market. Customer service was good and they responded on time. Loan amount was for Rs 50000 with tenure period of 2 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 20, 2018
    • ICICI Bank Personal Loan
      "immediate approval and faster service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with ICICI Bank but no one us happy with their interest rate. The process was very quick and faster. My personal loan is on going and the duration is 60 months. I have completed 1 or 1.5 years, the monthly installment is 22,756 through ECS. The customer service is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 19, 2018
    • review Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience i had with this loan has been good and the loan amount which they had provided has been satisfactory as well. The interest rate with them has been nominal and there has not been any sort of additional charges made by them as well.
      Was this review helpful? 2
      , mumbai
      Reviewed on Nov 19, 2018
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a good experience i had in getting this loan and the process has been simple and easy. The loan amount which they had given has been sufficient and there has not been any sort of charges which they had been making. Overall it was a nice experience.
      Was this review helpful? 3
      , mumbai
      Reviewed on Nov 19, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Bankbazaar provides good services on financial products when compared to others in the market. I am using the services of bankbazaar from last 1 year. Customer service is fine and their response is prompt. The website of bankbazaar is user friendly and easy to use.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 19, 2018
    • Incred Personal Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with INCRED for personal loan, the loan amount was for Rs 90000 with nominal interest rate when compared to others. Customer support was fine and they responded on time. The tenure period for this loan was for 2 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 19, 2018
    • ICICI Bank Personal Loan
      "Perfect loan services"
      0.5 3.0/5 "Satisfactory"
      I find some difficulties in the loan process. I have rejected my personal loan earlier and they have wrongly mentioned my father's name in the application hence i have submitted the documents once again. Interest rates were 10.25% and I'm very much about it. They have not given any support in the customer care service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 18, 2018
    • Bank Bazaar Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      There is a lots of process i have gone through with Bankbazaar. Bankbazaar was finding the bank details and interest rate. Comparison of details description of banking products. I have been using the bankbazaar website for 6 months. I come to know about the website through Google search. If customer service is improved, it would be fine.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 18, 2018
    • IDFC Bank Personal Loan
      "Satisfied loan"
      0.5 4.0/5 "Great!"
      I have taken the personal loan with IDFC 1 month back. I'm happy about the interest rate which is provided me that is 12.5% and the processing fee was 1%. The documentation was done through online and they had come and collected the documentation in the verification part. I've asked them about the partial payment they have asked me to pay in the branch but I'm not clear about it. The process is not clear with IDFC.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 18, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have been using the bank bazaar for last 2 years. I used to check the credit score and other policies but for the first time, I have applied for personal loan and credit card. The process was quick and which I received the products on timely manner. The customer service and response was really excellent.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 17, 2018
    • Tata capital Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      It was quite good and the process was very fast. I am happy with the service of Tata Capital. The documentation was happened timely and the disbursement was on time. They are given the best interest rate, actually I compared with others which was high. The loan duration is 4 years. The payment mode is ECS.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 17, 2018
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience i had with this loan where the process in getting this loan has been easy. It has been an insta loan and the loan amount which they had provided has been satisfactory as well. The interest rate with them has been satisfactory and there has not been any sort of additional charges which they had been making so far.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 17, 2018
    • YES Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my personal loan with Yes bank,they have given me low loan amount, and even they have taken loan insurance charges as well and the rate of interest they have charged me up to 11.5% it was nominal and there processing fee was bit high they have charged.
      Was this review helpful? 2
      , mumbai
      Reviewed on Nov 16, 2018
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