Personal loan in Mumbai
The financial capital of India, Mumbai is the biggest city in India. Home to millions of people, this is a city that never sleeps. The country’s leading financial institutions such as the BSE, RBI, NSE, and others are headquartered in Mumbai. It is simple and easy to apply for a personal loan in Mumbai.
1. Features & Benefits of a Mumbai Personal Loan
Mumbai is one of the more expensive cities to live in the country. Expenses are constant and there are times when a sudden financial distress is inevitable. Luckily, banks offer unsecured personal loans that help individuals fend off financial insecurity. This is a top credit-lending option for most Mumbai residents, and these are the reasons why:
- No Guarantee required
- Fixed Rate of Interest
- Choose your own Loan Tenure (Max 3 Years)
- Simple loan repayment options
- Loan EMI Calculator – Know your Monthly EMI before you apply
- Freedom of use
- Minimal documentation
- Fast processing
2. Documents required for a Personal Loan in Mumbai
Minimal documentation is a marquee feature of a personal loan. However, there are slight differences in the documents required by a salaried and self-employed individual.
|Photo I.D proof (Passport, driving license, voter ID and PAN card)||Photo I.D proof (Passport, driving license, voter ID and PAN card)|
|Proof of Residence (rental agreement, water/electricity bills not older than 3 months)||Proof of Residence (rental agreement, water/electricity bills not older than 3 months)|
|Salary slips (last 3 months)||Audited financials for the last two years|
|2 passport size photographs||Address proof of office|
|Latest 3 months bank statement (where salary income is credited)||Proof of business continuity|
3. Eligibility for a Mumbai Personal Loan
To ensure your loan application is accepted immediately, it is important to meet all eligibility criteria set by the lender.
- Salaried Individuals
- Be between the age of 21-65
- Minimum monthly income of INR 15,000
- Not have too many pending loan repayments
- Have a CIBIL score of at least 750
- Max Loan amount granted is INR 15 Lakhs
- Interest Rates vary between 12.99% – 15.50%
- Self-Employed Individuals
- Between the age of 25-65
- INR 15-40 Lakhs Turnover
- In current business for at least 5 years (3 for doctors)
- Interest Rates vary between 12.99 % – 20 %
4. Mumbai Personal Loan Interest Rates
|Interest Rate||13.49% – 34%|
|Processing Charges & Fees||0.5% – 2.5%|
|Pre-payment Charges||2% – 5%|
|Average Loan Tenure||1-5 Years|
5. Personal Loan in Mumbai
A personal loan is a loan offered to the applicant without any security or guarantee. The personal loan can be used for any purpose without restrictions. A Mumbai Personal loan is easy to obtain, with Mumbai being the financial capital of the country. So, the next time you’re in financial distress, look no further than a personal loan.
6. Various Lenders offering a Mumbai Personal Loan
The various banks/NBFC’s offering a personal loan in Mumbai are given below:
- Standard Chartered Bank Personal Loan
- Deutsche Bank Personal Loan
- Tata Capital Personal Loan
- Citibank Personal Loan
- Andhra Bank Personal Loan
- Canara Bank Personal Loan
- IDBI Bank Personal Loan
- Aditya Birla Personal Loan
- Vijaya Bank Personal Loan
- ICICI Bank Personal Loan
- Axis Bank Personal Loan
- HDFC Bank Personal Loan
- Corporation Bank Personal Loan
- Punjab National Bank Personal Loan
- Bank of Maharashtra Personal Loan
- Bank of Baroda Personal Loan
- Fullerton India Personal Loan
- UCO Bank Personal Loan
- IndusInd Bank Personal Loan
- Bank of Punjab Personal Loan
- Indian Overseas Bank Personal Loan
- Allahabad Bank Personal Loan
- Kotak Mahindra Bank Personal Loan
- Oriental Bank of Commerce Personal Loan
- State Bank of India (SBI) Personal Loan
- ING Vysya Bank Personal Loan
- Dena Bank Personal Loan
7. Getting a low Interest Rate Personal Loan in Mumbai
As a personal loan does not require any assets or guarantee, banks tend to charge higher interest rates on them. Hence it is important to know the effective ways you can reduce the rate of interest on your Mumbai personal loan.
- Maintain a good credit score
- Get a co-applicant (family member)
- Pay off any pending EMI’s, loans or credit card dues
- Maintain a good employment record
8. Mumbai Personal Loan Interest Rates (2018)
|Bank||Interest Rate||Processing Fee Range||Loan Amount (Max)||Loan Tenure|
|Citibank||10.99% to 15.99%||1% to 25%||Up to Rs.30 lakhs||Up to 5 years|
|Standard Chartered Bank||11.25% to 14.49%||Nil||Up to Rs.30 lakhs||Up to 5 years|
|Capital First||12% to 18%||Up to 15%||Up to Rs.15 lakhs||Up to 5 years|
|Tata Capital||11.99% to 19.50%||Nil||Up to Rs.20 lakhs||Up to 6 years|
|HDBFS||13.99% to 16.99%||1% to 2%||Rs.1 lakh to Rs.5 lakhs||Up to 5 years|
|ICICI Bank||11.59% to 18.49%||2.25% (min of Rs.1,149)||Up to Rs.20 lakhs||Up to 5 years|
|Oriental Bank||10.85% to 11.85%||0.5%||Rs.50,000 to Rs.10 lakh||Up to 5 years|
9. Monthly Income Requirements for Mumbai Personal Loan
A personal loan in Mumbai has the following minimum salary requirements:
- For Salaried Individuals – INR 7,500 – INR 50,000 (on Average)
- For Self-Employed Individuals – INR 1 – 2 Lakhs profit per annum
10. FAQ’s for Mumbai Personal Loans
- What is the minimum CIBIL score required to avail a personal loan?
It is advised to have a CIBIL score of at least 750 before you apply for a personal loan
- What are the factors that determine my personal loan interest rate?
Your CIBIL score, previous loans, pending loan repayments, average monthly income, and employment history are used to determine the personal loan interest rate
- Will failure to pay my EMI affect my CIBIL score?
Yes. Your score will take a hit if you fail to keep up with your monthly loan repayments.
- Can I prepay the remaining loan amount before the end of the loan period?
Most Banks allow full or partial repayment with minimal charges
- What are the additional charges on a personal loan?
A processing fee of 2.0-5.0% will be charged on your personal loan
- Will the loan amount be disbursed in installments?
No. Your entire loan amount is disbursed once your application has been approved.