Personal Loans in Navi Mumbai

Personal Loan in Navi Mumbai

Do you live in Navi Mumbai? Are you looking for a personal loan in Navi Mumbai and wondering what your options are? Read on!

Personal Loans in Navi Mumbai

What is a personal loan?

A personal loan is an unsecured loan, meaning you don’t have to pledge collateral in order to avail the loan. The end use of the loan is not restricted and it could be used for anything from personal expenses like your child’s wedding, to fund your dream vacation, for a medical emergency or any other business expenses. It could be used as a debt consolidation tool as well, since its interest rates are generally lower than credit card interest rates.

The downside to a personal loan is that it is among the most expensive loans. They come with the highest interest rates since they are 'unsecured' and the lender has no safeguard against default.

The interest rate on a personal loan could range from as low as 12.99% to as high as 32% or even more. It is influenced by a variety of factors, like your repayment record, credit history, net annual income, debt-to-income ratio, employment stability etc.

Key features of a Personal Loan:

• Easy documentation and speedy approvals
• Quick Processing
• Flexible tenure up to 5 years
• Interest Rate starting at 12% p.a.
• 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, etc.

Personal Loans in Navi Mumbai—Availability

All major banks and NBFCs offer personal loans in Navi Mumbai. Popular banks and NBFC’s that offer personal loans in Navi Mumbai include: Karur Vysya Bank, Citibank, Indian Bank, Punjab national Bank, RBL Bank, IndusInd Bank, Kotak Mahindra Bank, Central Bank of India, HDFC Bank, IDBI Bank, Bank of India, SBI, Canara Bank, Axis Bank, Fullerton, Bajaj Finance, Mahindra Finance, Shriram Finance, etc.

Personal loans in Navi Mumbai for salaried, self-employed, business people and NRIs are available.

Is it possible to get a personal loan in Navi Mumbai with bad credit?

Generally, the higher your credit score, the better the interest rate offered will be. The benefit of having a good credit score is that you will be able to negotiate a lower interest rate with your lender. It is not entirely impossible to avail a personal loan with bad credit as well, as it depends on a variety of factors, like the severity of your credit situation, and the relationship you share with your lender.

Eligibility for Personal Loan in Navi Mumbai

• Age criteria: The applicant should be between 21 years to 65 years (at the time of maturity of the loan).
• Salaried, self-employed, and business professionals are eligible to apply. If you are not a regular wage earner, talk to your bank manager about your situation.
• Minimum salary for salaried people is typically Rs. 15,000 though the salary requirement depends on what tier of city you live in and the company you work for.
• Should be staying in the same address / city for at least 1 year
• Total work experience should be at least 2 years
• Should have a stable employment history.

You can check your eligibility for a personal loan in Navi Mumbai online, on the lender’s website.

Documents Required for Personal Loans in Navi Mumbai

For salaried / self-employed professionals:

Following are an overview of the documents generally asked while applying for a personal loan in Navi Mumbai:

• Valid Identity Proof - Passport, Driving License, Voter ID Card, Aadhar Card, PAN Card (any one document to be submitted)
• Valid Address Proof – Lease/Rent Agreement, Passport, Driving License, Ration Card, Utility bill (not more than 3 months old), Bank Statement
• Income Proof Documents – Last 6 months salary slip and latest Form 16
• Bank Statements: Past 6 months bank statement with salary credit
• Continuity of employment proof, like offer letter, relieving letter, etc.

For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.

• Degree Certificate / educational documents for self-employed professionals.
• Proof of business existence
• Last 3 years Income Tax returns (self and business)
• Last 3 years Profit /Loss and Balance Sheet, duly attested by a CA
• Any other documents as directed by the Bank or NBFC

Personal Loan in Navi Mumbai With Low Interest

If you have a good credit history, then you stand a better chance of availing a loan at low interest rates. Periodically obtain your credit report and check your score. Lenders usually offer a low interest rate to those who have a good credit history.

Personal Loan in Navi Mumbai FAQS

How to apply for Personal loan in Navi Mumbai:

There are several ways to apply for a personal loan:

• You can apply directly online at the bank / NBFC's website;
• You can go in person to your nearest branch and apply with the required documentation

Need help? Alternatively, if you think you need help with your personal loan application and advice on loan eligibility, then CreditMantri can guide you through the entire process and match you with the loan offer that best suits your unique credit profile.