Personal Loan in Mumbai

Last Updated : July 31, 2020, 5:05 p.m.

Amidst the glamsham of the financial capital i.e. Mumbai, there are people wanting quick funds to meet their instant financial needs. So what if it’s about the wedding, traveling or higher education of your child? You can just apply for the loan in your city and get the needs fulfilled. The lender will debit the processing fee from the loan amount and disburse the amount left after that to your bank account. You’ll get an SMS and email by the time the loan gets disbursed. The email will have complete details of the loan, such as the disbursal amount, the rate of interest and tenure. You can also see the processing fee debited, the loan EMI payable, and much more. Read this page further to know about the lenders, their branches, the interest rate and processing fee they charge, and other details regarding a personal loan in Mumbai. Let’s read on!

Apply Personal Loan @ 10.75%* Rate

Top Banks Offering Personal Loans in Mumbai

We bring you here the list of top banks and financial institutions that provide you a personal loan at an affordable interest rate in Mumbai. Check out the table below and know about them.

Note – The number of branches which is shown against lenders is approximate and as per the data till July 30, 2020.

Personal Loan EMI Calculator

You can calculate the EMI amount before you apply for a personal loan in Mumbai. How is it possible? It is possible with the help of a personal loan EMI calculator . It is a tool designed to generate the approximate EMI amount. To use this tool, you just need to insert a few details such as

Principal loan amount

Interest rate

And tenure

EMI Calculator Formula: P × r × (1 + r)n/((1 + r)n – 1)

Example: Pia Bajpayee lives in Mumbai and works in a multinational company. She earns a salary of INR 35,000 per month. And now she wants money for her wedding, so Pia needs an instant fund. There are no savings left which she can use. Pia decides to apply for a personal loan in Mumbai. She chose the lender as per her suitability which charges an interest rate of 11.20% per annum for the loan amount of INR 4 lakh. Now, she doesn’t know which tenure to choose so the EMI will fit in her budget. She uses the personal loan eligibility calculator and gets the following result as mentioned in the table below.

Eligibility Criteria

When you apply for a personal loan, it is necessary you meet its eligibility criteria. Because if you are not eligible for a personal loan in Mumbai, your financial needs can’t be fulfilled. That is why you should choose your lender by checking the eligibility criteria. If you meet the requirements as laid down by a bank or NBFC requirements, apply for a personal loan in Mumbai. Because loan rejection affects your credit score negatively. The eligibility criteria for a personal loan is dependent on the individual income, credit history and repayment capacity. You don’t need to pledge any kind of collateral as it is an unsecured loan. Look at the table below to know the basic eligibility criteria for a personal loan is in Mumbai.

For Salaried Employees

For Self-employed Individuals

Eligibility Calculator

The process of getting the desired loan amount is easy for you when you know what is your limit. And to find how much you can borrow from the lender, you can use the personal loan eligibility calculator in Mumbai. To use the calculator, you just need to enter the following details.

• Monthly income
• Source of income (salary or profit from a business)
• Monthly expenses
• Credit card bills
• Current EMI payments

Documents Required

• Identity Proof- PAN Card/Voter ID/Driving License/Aadhaar Card/Passport
• Address Proof- Utility Bill/Passport/Aadhar card/Voter ID
• Income Proof- Latest Salary Slip/ ITR/Form-16
• Bank Statement- Last 3-6 Month Bank Statement

How to Apply for a Personal Loan in Mumbai?

There are two options available for the customers to apply for the personal loan one is online while the other is offline. Know about the application procedure and apply for your loan as per your compatibility.

Online Personal Loan Application Method

• Go to the official website of bank or NBFC
• Select personal loan from the products category
• Know about the personal loan offer
• And then click to the ‘apply now’
• An online application form will be shown on your screen
• Fill your personal details in the form
• And submit the form
• Wait for the response

After that, an executive will come to your doorstep to collect the documents. And then your documents will go through a verification process. If all goes well, your loan amount is disbursed within 3-7 days of the submission of the documents.

Offline Personal Loan Application Method

• Visit the nearest branch of the bank or NBFC where you want to apply
• Ask for a personal loan from the representative
• Then, you will get a loan application form
• Fill up the form and submit it along with the necessary documents

If your loan application is accepted, you will get a notification on your registered mobile number or email.