® 
Max Tenure
24 to 48 Months.
Best Rate
11% P.A
Processing Fee
2.25%
Features
- 100% Online Process.
- No Foreclosure Charges.
Pricing
- Interest rate: 0.92% P.M.
- Processing fee: Upto 2.25%
Documents Required
- ID Proof.
- Address Proof.
- Bank Account Details with E-Mandate Facility.
Your application will be subjected to Bureau Enquiry.
Max Tenure
6 - 36 Months.
Best Rate
14.04% P.A
Processing Fee
4%
Features
- Lower Interest Rates.
- 100% Online Process.
- Minimal documentation.
Pricing
- Interest rate: 1.17% P.M.
- Processing Fees: From 4%
Documents Required
-
Documents Required - Salaried
- ID Proof.
- Address Proof.
- Income proof (Latest 2 salary slips & Last 3 months'bank statement).
- Form 16/ITR.
Loan Amount
1L
Max Tenure
18 Months.
Best Rate
28% p.a
Processing Fee
2000₹
Features
- Quick loan processing.
- Minimal documentation.
- Min Eligiblity Criteria.
Pricing
- Interest rate - 20% to 30% P.A.
- Processing fee - From 2.5%.
Documents Required
- ID Proof.
- Address Proof.
- Salary slip and appoinment Letter (for amber Customers).
- Income proof (3 Months BS ).
We are an authorized sourcing partner for Shriram Finance Limited Personal Loan.
Max Tenure
2 yrs
Best Rate
18%
Processing Fee
3-4%
Features
- Complete Online Process
- Minimal Documentation
- Faster Disbursal
Pricing
- Processing Fee - 3 to 4 % of Loan Amount
- Interest Rate Starting at - 18%
Documents Required
- Proof of identity and proof od address - (Pan Card and AadharCard)
- Proof of income - Salary Bank Statement
Max Tenure
12-72 Months.
Best Rate
12% P.A.
Processing Fee
1.0%
Features
- Hassle free Process.
- Flexibility of Repayment.
- No end use requirement.
Pricing
- Interest Rate: 0.92% p.m.
- Processing Fee: Upto 2.50%
Documents Required
- Income Proof (Latest 3 salary slips).
Loan Amount
50K
Max Tenure
12 Months.
Best Rate
35.1% p.a
Processing Fee
2.5%
Features
- Minimal Documentation.
- Quick loan processing.
- NTC also allowed for 50 k.
Pricing
- Interest rate - 35% to 37% P.A
- Processing fee - From 2.5%
Documents Required
- ID Proof.
- Address Proof.
We are an authorized sourcing partner for Shriram Finance Limited Personal Loan.
Max Tenure
12 - 60 Months.
Best Rate
12.96% P.A
Processing Fee
2.5%
Features
- Quick loan processing.
- Minimal documentation.
- Affordable Rates & Charges.
Pricing
- Intrest Rate-1.08% p.m.
- Processing Fee - From 2 - 3.5%.
Documents Required
- ID Proof.
- Address proof.
- Income proof (Latest 2 salary slips & Last 3 months'bank statement).
- From 16/ITR.
Max Tenure
3 - 60 Months
Best Rate
16% P.A.
Processing Fee
2% - 5%
Features
- Choice based loan offers available - Bureau Based & Banking Based
- ROI & Tenure will differ basis the loan offer chosen
- Disbursement within 24-28 Hours
- Complete Digital Loan Process
- No Income Documents Required
Pricing
- Interest rate: 1.33% P.M.
- Processing Fee: 2% - 5%
Documents Required
- Proof Of Identity & Proof of Address
- Bureau Based Offer - No Income Documents
- Banking Based Offer - Last 3 Month Bank Statements
Upon applying you provide Incred to pull your bureau Details to check the loan eligibility.
Max Tenure
12-72Months
Best Rate
11.04% P.A.
Processing Fee
3%
Features
- Loan upto 35 Lakhs
- Flexible Tenures upto 6 years
- Faster Loan Process
Pricing
- Interest rate: From 0.92 P.M.
- Processing fee: 1% to 3%
Documents Required
- Last 3 Months Payslips
- Last 6 Months Bank Statements
- Proof Of Identity (Voter ID,Passport,Driving License,Aadhar Card)
- Proof Of Address (Ration Card, Electricity Bill, Passport)
- Proof Of Employment & Ownership - If Required
Loan Amount
1_5L
Max Tenure
36 Months.
Best Rate
Nil*
Processing Fee
Nil*
Features
- Quick loan processing.
- Minimal documentation.
- Min Eligiblity Criteria.
Pricing
- Interest rate - 20% to 36% P.A.
- Processing fee - From 2.5%.
Documents Required
- ID Proof.
- Address Proof.
- Salary slip and appoinment Letter (for amber Customers).
- Income proof (3 Months BS )
We are an authorized sourcing partner for Shriram Finance Limited Personal Loan.
Max Tenure
12 - 72 Months.
Best Rate
11.04% P.A.
Processing Fee
2.50%
Features
- Minimal Documentation.
- Hassle Free Process.
- Quick loan processing.
Pricing
- Interest Rate: 0.92% P.M.
- Processing fee: 2.50%
Documents Required
- ID Proof.
- Address Proof.
- Income Proof(Latest 3 salary slips).
- Last 6 months'bank statement.
- HDFC Bank Grievance Redressal
- To know more about Product features
Max Tenure
2 - 60 months
Best Rate
15.96% P.A.
Processing Fee
2%
Features
- Disbursal in 116 seconds.
- No foreclosure charges
- 100% Online Process
Pricing
- Interest rate: 1.33% P.M.
- Processing fee: From Rs. 399 upto 2% on Loan amount
Documents Required
- ID Proof.
- Address Proof.
- Income proof (Salary slip,bank statement).
By agreeing and accepting the terms and conditions set out herein, you provide your express consent to Social Worth Technologies Private Limited to access the credit bureaus and credit information report and credit score. You also hereby irrevocably and unconditionally consent to the usage of such credit information being provided by credit bureaus.
Max Tenure
12 - 60 Months.
Best Rate
12.96% P.A.
Processing Fee
1%
Features
- Minimal Documentation.
- Quick loan Processing.
- Balance Transfer Facility.
Pricing
- Interest rate: 1.08% P.M.
- Processing fee: From 0.75 - 2%
Documents Required
- ID Proof.
- Address Proof.
- Income proof (Latest 2 salary slips & Last 3 months'bank statement).
Shriram City Union Personal Loan
Loan Amount
75K
Max Tenure
1 year
Best Rate
35.1% p.a
Processing Fee
2.5%
Shriram City Union Personal Loan
Loan Amount
20K
Max Tenure
1 year
Best Rate
35.1% p.a
Processing Fee
2.5%
Shriram City Union Personal Loan
Loan Amount
35K
Max Tenure
1 year
Best Rate
35.1% p.a
Processing Fee
2.5%
What Is A Personal Loan?
A personal loan can come handy in times of need. It is one of the easiest loans to avail because there is relatively little documentation required, unlike a home or auto loan. Also you do not need to offer any collateral to avail a personal loan.The end use of a personal loan could be anything from servicing your existing loan obligations, to cash for funding your dream vacation, purchase of consumer durables, cash for business expansion or for any other emergency purpose, say a medical treatment or to get over a sudden job loss.
Key Features And Benefits Of Personal Loans In Mumbai
- Easy documentation and quick processing
- Speedy approvals and disbursals
- Loan amount ranging from few thousands to several lakhs.
- Loans for salaried & self-employed individuals.Flexible tenure up to 5 years making repayment easier
- Interest Rate starting at 9.5% p.a.—depending on your credit history and other factors
- Over-the-Counter loans available with leading banks, subject to certain conditions
- Facility to apply online with most lenders
- Special offers for existing customers like a reduced interest rate, zero processing charges etc.
Availability Of Personal Loans in Mumbai
All major banks and NBFCs offer personal loans in Mumbai. Popular banks and NBFCs that offer personal loans in Mumbai include: yes Bank, ICICI Bank, Kotak Mahindra Bank, Punjab & Sind Bank, Bank of India, ICICI Bank, HDFC Bank, IDBI Bank, SBI, Central Bank of India, Canara Bank, Axis Bank, Fullerton, Shriram Finance, Citibank, Mahindra Finance, Bajaj Finance, etc.
Comparison Of Interest Rates on Personal Loans In Mumbai
Lender | Interest rate in Mumbai | Processing charges in Mumbai |
|---|---|---|
HDFC Bank | 10.75% to 21% | 2.5% |
Kotak Mahindra Bank | 10.50% to 16.99% | 2.5% |
IDFC First Bank | 10.49% | Up to 3.5% |
Standard Chartered Bank | 11% to 15% | Minimum of Rs 1,000 |
Ujjivan Small Finance Bank | 16.50% to 20% | Up to 2% |
Citibank | 10.50% to 17.99% | 0.50% to 3% |
Yes Bank | 20% to 22% | 1% |
IDBI Bank | From 9.5% | Nil |
Tata Capital | 11.25% to 14.49% | 3% |
Axis Bank | From 10.49% | 12.9% |
RBL Bank | From 13.99% | 2% |
Shriram City Union Finance | From 28% | 2.5% |
Bajaj Finserv | From 11% | 2.25% |
ICICI Bank | From 10.75% | Rs 999 |
There are more personal loan lenders in Mumbai like Bank of Maharashtra, IndusInd Bank, Andhra Bank, Canara Bank, Cholamandalam Finance and much more. The options are umpteen and you can choose the best in Mumbai.
Features Of HDFC Bank Personal Loans In Mumbai
- Doorstep banking and instant approval of personal loans
- No guarantor required for HDFC personal loans
- Loan amount up to Rs 40 lakhs
- Repayment tenure ranging from 1 year to 5 years
- 24X7 customer care assistance
Features of Bank of Maharashtra Personal Loans In Mumbai
- Interest rate starting from 9.45% per annum
- Lowest processing fee of 1%
- Loan amount up to Rs 20 lakhs
- Longer repayment tenure up to 7 years
Credit Score And Personal Loans In Mumbai
Credit score plays a pivotal role in determining the creditworthiness of a borrower. It is a complex metric arrived at by considering the number of outstanding liabilities, repayment history, income, etc. A borrower with a credit score above 750 is considered as good and likely to get loans when required. Anything below 600 is a bad credit score which is handled with caution and the lender might charge higher interest rates and request collaterals. Here is a snapshot of the ranking of credit scores.CREDIT SCORE RANGE | RANKING |
|---|---|
750-900 | Excellent |
700-749 | Good |
650-699 | Fair |
600-649 | Doubtful |
Below 600 | Bad |
How To Get Personal Loans In Mumbai With A Bad Credit Score?
Non-Banking Financial Companies (NBFC) like Bajaj Finserv, Tata Capital provide loans to borrowers even with a low credit score. However, the interest rates are high when compared to the normal market rates. If you are looking for an unsecured loan even with a low credit score, the NBFCs may offer a lesser amount of loan with shorter EMI tenure.
Alternative financing like Peer to peer (P2P) lending, Crowdfunding can help borrowers who are not able to get loans from financial institutions. The lenders in P2P lending are individuals who wish to invest their money in loans with verified interest rates. There are platforms like Lendbox, Faircent which have verified borrowers. You can get a maximum loan of Rs 5 lakhs in crowdfunding. The advantage is that you can borrow small amounts from multiple lenders at the same time.
Eligibility And Documentation For Personal Loans In Mumbai
1. | Basic Eligibility | The loan applicant must be a resident Indian of age between 21 years and 65 years. Some banks ask for a minimum age of 23 years. The minimum net monthly income shall be Rs 15,000 for urban areas like Mumbai. |
2 | Source of Income | The applicant must be in regular employment or have a regular source of income. Personal loans are available to self-employed individuals like doctors, chartered accountants as well. In case of employment, the lender expects at least 1 year experience from the current employer. |
3 | Documentation | Proof of Identity Proof of Address/Proof of address of office Proof of continuity of business 2 Passport size photographs Income proof: Individuals in regular employment – 3 months’ pay slip latest, 3 years Income Tax return In case of self-employed individuals – financial statements of 3 years, Income Tax return of past 3 years If you have joined employment or started your business just before a year, bank statements of last 6 months |
4 | Loan eligibility | The personal loans are offered from Rs 50,000 to Rs 50 lakhs. The eligibility for the amount depends upon the net monthly income and credit history. For example, With a net income of Rs 15,000 per month you can get a personal loan up to Rs 10 lakh from Bank of Maharashtra. |
5 | Credit score | 650 is expected minimum credit score 750+ can fetch you great offers and higher the amount of loans. |
6 | Existing loans and obligations | Your existing home loans, credit cards and all obligations will be considered for assessing the eligibility for a personal loan. The amount that you are already committed on the loans, repayment history, and repayment capacity counts a lot in getting the required amount of personal loan. |
How To Apply For A Personal Loan In Mumbai?
Online Apply Via CreditMantri
- After knowing about all the features of your personal loan, click on “Check Eligibility”
- Enter the basic details on the application page and click ‘Submit’
- Enter the mobile OTP for verification
- Proceed with the rest of the application.
Online Apply Via the Lender’s Website
- Visit the official website of the lender.
- Provide your registered mobile number, basic, employment, and business details.
- If you are already an existing customer of the bank, your application will be processed instantly.
- Else, the bank’s authorised representative will keep in touch for further steps.
Offline Apply
You can apply offline for personal loans through the bank’s branches in Mumbai, SMS and contacting customer care. Your application will be processed on sufficient scrutiny of your documents.Personal Loan Customer Care Number in Mumbai
All lenders have dedicated customer care services in place to help Existing consumers to resolve their queries, and give feedback and suggestions. You can reach customer care through various modes such as
- Telephone
- Visiting the bank
- Mailing the bank
- Contacting nodal officers
Personal Loan Status in Mumbai
Those who have applied for a personal loan can check the status of the loan application through the following ways:
- Online on the lender’s website
- Netbanking
- Calling customer care
- Visiting the bank’s branch
Personal Loan Rejection in Mumbai
There are chances that your personal loan may be rejected. The reasons could include having a poor credit score, not having a stable monthly income, having too many debts on hand, and not fulfilling other eligibility criteria set by the lender. Personal loan rejections can cause your credit score to dip and also increase the number of hard inquiries.Personal Loan EMI Calculator
It is ideal to compute your EMI before taking out a personal loan. This helps you to ascertain your repaying capacity and get a loan amount and tenure according to that.
Personal Loan in Mumbai FAQS
1. How do I check my eligibility for a personal loan?
Many banks and NBFCs have an eligibility calculator on their website, using which you can determine if you fulfill their criteria.
2. What is the interest rate offered on a personal loan?
The interest rate varies with each customer depending on his/her income, credit score and repayment history amongst several other factors. Check with various lenders and compare the base interest rate that is being offered. Personal loans are some of the most expensive loans and it is important to check the rate so you can plan your repayment accordingly.
3. What is the minimum and maximum loan amount for salaried people?
The loan amount depends on various factors like your net annual income, your repayment behavior, your credit score, credit history and your requirement.
4. My personal loan application is rejected even though my credit score is good. Why?
While applying for a personal loan, make sure you apply for a sum that is possible for you to repay within a reasonable tenure. If you apply for too large an amount compared to your net monthly income, you might be rejected. Other factors might include your current income, employment stability, other loan obligations etc.
5. Do I have to pledge any collateral in order to secure a personal loan?
No collateral or security is required for obtaining a personal loan in Mumbai.
6. How do I repay the loan?
You can repay the loan amount in convenient EMI (Equated Monthly Instalments) which is the monthly amount you need to pay your lender towards servicing your personal loan—interest included.
7. What is the EMI for a loan of Rs 2 lakhs?
It depends upon the interest rate and repayment tenure. For example, EMI for 2 year loan tenure @ 11.99% would be Rs 9,414.
8. How will my online application for a personal loan be dealt?
If you are an existing customer of the lender, there are higher chances of instant approval of application. If the lender feels he needs more information on your application, the authorised representative will keep in touch with you.
Mumbai Personal Loan - Customer Reviews
Abhishek
Excellent
