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.
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 08 May 2021
Mumbai Personal Loan Details
Interest Rate (Monthly reducing balance)
13.49% - 34%
1 year to 5 years
2% - 5%
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:
Bank of Punjab
Standard Chartered Bank
Kotak Mahindra Bank
Oriental Bank of Commerce
Indian Overseas Bank
State Bank of India (SBI)
Bank of Maharashtra
ING Vysya Bank
The Bank of Rajasthan
Punjab National 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
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.
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.
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.
How will I get the loan amount?
The disbursed amount will be credited to the bank account mentioned in your personal loan application form.
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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Since I work for LLP company, INDUSIND has not offered the personal loan. The rate of interest was nominal for the loan. While doing verification banker came to know from which company I work so the application was rejected from bank end. The banker would have disclose those information at earlier.
I taken a personal loan on one year back from STANDARD CHARTERED BANK for the tenure period of 1 year. I got this offer direct from bank, the amount was sufficient and provided lower interest so that I would suggest other bank to reduce an interest. 1% of fee was deducted from the loan. EMI is nominal to pay the amount. Mobile app is good and use to get update on time for the payment. They have given pre closure option at any time but some charge is applicable.
To apply a personal loan, I chosen HDFC through online. At initial the process was done on time but from banker there is no much calls or follow up .The amount was sufficient with tenure period of 5 years so I opted for the same. The rate of interest was high. Since at that time I was busy and unable to provide the documents on time. This loan got closed from banker end.
The rate of interest was little high in INCRED and i have taken a loan amount of Rs.1,50,000. I opted for the tenure period of 2 years and i am paying EMI 8600 and the customer service was good. Documentation process was simple and I got the card within 3 days.
I have taken this loan for personal use through Tata capital Ltd. This loan was sanctioned on exact time frame without any hassles.The rate of interest and processing fee was okay. The loan process was clearly shared by the agent. Everything was good and i have documents submitted through agent .
The rate of interest was high 21.5% in PAYSENSE and the loan amount was Rs. 2.11L with the tenure of 30 months. I am paying EMI of Rs.9164, documentation was very long process after approval bank took almost 2-3 weeks. My application got approved on 7th and i got loan on 21st, customer service is not up to the mark. They need to be quick in processing and service to be improved.
Taken my personal loan from Axis bank without any specific reason. For the medical expenses, i got this loan. Since i hold a salary account with them hence its easy to get a loan. Offered interest rate is 17.99% which is high but there is a option like if i pre-closure there is no additional charges and after paid my first month EMI i can close the loan at any time.
I have chosen the loan duration of 3 years and when i enquired about the pre-closure, Home credit staff said that i can do after completion of 6 months and I'm not sure about the charges for that. So far i have paid the EMI for 3 months. I get a reminder call every month regarding the due date.
I have taken Incred personal loan through online. This loan was taken for my personal use and the rate of interest, processing fee was good .This loan was sanctioned on proper time frame and there was callback and follow up.The agent clearly explained the loan process and the service was good to me .
I did not face any issues with Incred. The rate of interest, the processing fee was nominal .The loan got sanctioned on time and the loan details was shared by the agent . I have submitted the documents through the agent . I have taken this loan for personal use and everything was good to me so far .
Since I'm in need of money so i have taken the personal loan from Home credit card because they have processed the loan very fast. I haven't check about the interest rate and processing fee. I had applied the loan amount of Rs. 1.25 lakhs and i am paying the EMI amount of Rs. 2500 for the loan tenure period of 4 years.
I have applied the personal loan through online and i have received the loan on time. I have no idea about the interest rate and processing fee. I took this loan 2 months back and i have been paying the EMI amount of Rs. 1400 for the loan amount of Rs. 50000 but i had applied the loan amount of Rs. 1.5 lakhs.
I have not faced any issues when applied for this incred personal loan .The rate of interest and the processing was too high .I have got the update from agent the rate of interest will be less and later it s high 32%.The loan got sanctioned on time without any hassles .The agent shared all the information about the loan process.I have uploaded my documents as well as submitted .
I have taken personal through home credit india finance private ltd.The rate of interest and the processing fee was nominal .This loan was availed for my personal use .This loan was sanctioned on exact time frame without any delay and i have uploaded the documents through online .There was proper callback and response from home credit as well as from online .
I have my corporate salary account with HDFC so that i availed the personal loan with them. I got a satisfied interest rate of 10.99% and the processing fee was minimal like all personal loan. Within two days, they have sanctioned the loan amount what i have applied. I have taken the loan amount for 5 years.
I got a availability on Paysense for my loan amount so that i availed the loan here. Interest rate is too high on this loan because its 16%. I was eligible for Rs. 2 lakhs but they have sanctioned only Rs. 36000 when i checked with paysense people, they said based on this loan repayment history they can approve a top up loan upto Rs. 2 lakhs. I feel its very convenient, to apply the loan.
My personal loan was taken from IDFC bank because they have given me a good offer with the nominal interest rate hence i have accepted the same. Took the loan amount of Rs. 2.5 lakhs and the interest rate was 13%. I have selected the duration of 3 years. I paid the EMI amount of Rs. 8000 per month. The amount was deducted through ECS option. There was a lots of delay in paper work and they have not sanctioned the loan within that particular period.
I have taken HDFC bank personal loan directly. The rate of interest and the processing fee was nominal .This loan got sanctioned immediately. It was taken for personal use and paying the premium on emi basis. Overall it was a good experience.
I have taken personal loan through Capital First.The rate of interest was 12%, it was medium . I have uploaded documents through online .The loan process was clearly shared by the agent .There was no difficulties faced so far until the loan got sanctioned .
My personal loan journey started with Jana small Finance Bank .This loan is still active and the loan amount was Rs.50,000 for the tenure of 2 years only. The rate of interest and the processing fee was quite moderate and the loan was sanctioned on exact time .The service was much satisfied and comfortable with the service .