Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 33 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% - 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
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
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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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    11.5% - 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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    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
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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 7694 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 23 Sep 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

    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I know bankbazaar.com from last 6 months, the services provided by bankbazaar is good when compared to others in the market. Customer service was good and their response was prompt. Website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 17, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My personal loan application was approved with ICICI bank and the experience was good, the process was smooth and i received my loan amount in 10 days. The loan amount was for Rs 70000 with the tenure period of 1 year. The rate of interest was nominal when compared to others. Customer service was good and they responded on time.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 17, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using BANK BAZAAR services for while , i came to know about this service through online . The customer support follow up was also good during the application. Bank Bazaar makes it easier to compare and choose various banking products online. .
      Was this review helpful? 5
      , mumbai
      Reviewed on Sep 16, 2018
    • Incred Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have take my personal loan with INCRED INSTITUTION , the tenure period is 36 months and rate of interest is too high 28% so i am not happy with that . I did not face issue at the time of getting loan . The processing fee is 5000 and loan amount is 110000 and it is sufficient to me .
      Was this review helpful? 2
      , mumbai
      Reviewed on Sep 16, 2018
    • Axis Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Axis Bank has given me the benefit for a personal loan. The customer services and response is good. The rate of interest is of 11% and there were no processing charges as well. The after loan services is also good and it has been a hassle free process.
      Was this review helpful? 4
      , mumbai
      Reviewed on Sep 15, 2018
    • Bank Bazaar Personal Loan
      "BEST SERVICE"
      0.5 5.0/5 "Blown Away!"
      I have been using the Bank Bazaar services for a while. I am not a regular user; I have applied for a credit card via Bank Bazaar. Bank bazaar needs to filter the list suggested to the customers based on the requirements as per customer needs. Website is very easy to use .
      Was this review helpful? 2
      , mumbai
      Reviewed on Sep 14, 2018
    • Incred Personal Loan
      "quite good"
      0.5 4.0/5 "Great!"
      My personal loan amount was taken with INCRED INSTITUTION , i was expecting my loan amount to be 108000 but i just got 90000 so i am not satisfied with this . The tenure period is 3year and i am not aware about rate of interest . Customer support and their services is good .
      Was this review helpful? 3
      , mumbai
      Reviewed on Sep 14, 2018
    • Tata capital Personal Loan
      "OUTSTANDING"
      0.5 5.0/5 "Blown Away!"
      I got personal loan through TATA CAPITAL , i am holding this account for past 5year . The rate of interest is 10.4% and the tenure period is 6month . Customer support is up to the mark , i do not have to face any issue at the time of getting the loan . So far it has been good experience .
      Was this review helpful? 4
      , mumbai
      Reviewed on Sep 14, 2018
    • Bank Bazaar Personal Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience i had with Bank Bazaar so far and i had started using it very recently. I had been using the mobile application of them and it has been easy in using it. Their customer support had been great and had been a great support. The promises which they have made had been kept. The best thing about them is that it is handy and easy.
      Was this review helpful? 2
      , mumbai
      Reviewed on Sep 14, 2018
    • Kotak Personal Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      I had chosen to go with them since the EMI was very low with them and the process in getting this loan has been taken more time than usual. It took almost a month in getting the loan. The loan amount was satisfactory and the interest rate was quite reasonable. Their customer support and their staff responses also had been good in the initial times but it has gone not so well in the late days.
      Was this review helpful? 1
      , mumbai
      Reviewed on Sep 14, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I am using the website of bankbazaar from last 3-4 years, it is user friendly and easy to use. Customer service was very good with bankbazaar and their response was prompt. The services provided by bankbazaar is good when compared to others in the market.
      Was this review helpful? 1
      , mumbai
      Reviewed on Sep 12, 2018
    • HDFC Bank Personal Loan
      "Need to reduce charges"
      0.5 4.0/5 "Great!"
      My experience was up to the mark with HDFC bank for personal loan, the process took 20-25 days to complete. The loan amount was for Rs 5 lacs for 5 years with high interest rate when compared to other banks. Customer service was good and their response was on time.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 12, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      I am using the services of bankbazaar from last 1 year, my experience was good so far with bankbazaar. Customer service was good with bankbazaar and their response was on time. Mobile application of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 1
      , mumbai
      Reviewed on Sep 12, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      My personal loan was approved with HDFC bank and my experience was good, the process was smooth and i received my loan amount within 10-15 days. The loan amount was for Rs 3 lacs with nominal interest rate. Customer service was good and they responded on time. The tenure period for this loan is 5 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 12, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My experience was good so far with bankbazaar, i know bankbazaar from last 1.5-2 years. Customer service was very good with bankbazaar and their response was on time. Website of bankbazaar is easy to navigate and is user friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 12, 2018
    • Incred Personal Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      My experience was very good with INCRED for personal loan, the process took 1 week to complete. The loan amount was for Rs 1.2 lacs with little high interest rate. Customer service was good and they responded on time. Tenure period for this loan is for 3 years.
      Was this review helpful? 2
      , mumbai
      Reviewed on Sep 12, 2018
    • Bank Bazaar Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      My experience was good and satisfactory with BANK BAZAAR . I have taken my personal loan here. The customer service and responses was up to the mark. I was not able to upload documents quickly, so i would say that they have to work on the website and especially the process of uploading the documents online.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 12, 2018
    • IndusInd Bank Personal Loan
      "Not satified"
      0.5 2.0/5 "Expected more"
      I have taken my personal loan with INDUSIND BANK . The loan amount was 8 lakhs and the interest rate was satisfactory . The tenure period was 2 years . I am disappointed with the process and i was not asked to submit the hard copies but i was informed that the whole process is paperless. The process was delayed and the communication was not proper.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 12, 2018
    • Bank Bazaar Personal Loan
      "BEST SERVICE"
      0.5 5.0/5 "Blown Away!"
      I have been using BANK BAZAAR services for past few month , the services which i got through them is excellent , the moment i applied for the loan after few hours i started getting calls through customer support . To conclude I would say Bankbazaar is the best site for all financial products.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 12, 2018
    • Kotak Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan through KOTAK BANK , i receive my loan with in 4 days the process was too quick with this bank , i did not face any issues while getting loan and at the time of documentation . Rate of interest is 13% and processing fee is also very much nominal .
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 12, 2018
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