5 Best Lenders to Apply for Online Personal Loan in Mumbai

Updated on: 14 Dec 2021 // 27 min read // Personal Loans
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Online Personal Loans are considered to be the best choice for people who are looking for a fast unsecured loan. In a city like Mumbai, which is the financial capital of the country, you can find many types of financial products on offer. Currently, the options for online Personal Loan in Mumbai are available in multitude and are very high in popularity.

Advantages of Online Personal Loans:

As compared to other kinds of loans, online Personal Loans are considered to be a very good choice because:

1. They are fast.

Online personal loans are very fast to get. The entire application process can be initiated through the website or mobile site. Users can fill all relevant details online, and the due diligence process can be completed in a matter of minutes. Whereas, a traditional loan of any kind would take anywhere between a few days to a few weeks to be processed & disbursed. Some banks, like HFDC, even offer to send money to authorized borrowers in a matter of a few minutes.

Personal Loan on Aadhar Card Calculate Personal Loan EMI

2. They are easy.

The process of getting these online personal loans is very easy and simple. In a fast-moving city like Mumbai, no one has the time and patience to sit with a loan officer to go through and understand the complicated borrowing process. With traditional loans, borrowers have to collect a large number of documents, have to get them certified, get agreements notarized, and many more things. On the other hand, online Personal Loans are easy to process: all the documentation is completed online; any mistake(s) in the application form is mended easily online, too; and, all the checking of documents and income proofs is instantly conducted using computerized systems. No need to fill complicated forms and collect a multitude of documents to be signed and submitted.

3. They are affordable.

Online Personal Loan is light on your pocket as they come with low processing fees and competitive Personal Loan Interest Rates. When a lender operates on the traditional lending model, they have to take care of a lot of cost overheads, including maintaining staff for operations and customer support, multiple branches and office buildings, etc. All of these drive up their cost of doing business very high, which they pass on to the borrowers in the form of higher fees and higher interest rates. Online Personal Loan Options come with very low-cost overheads and thereby make lenders competitive enough to offer better and cheaper loans, especially when you have a high credit score.

4. They are simple to follow.

When you apply for a loan through the traditional modes, you will not be able to track your loan application, or you might have to keep on calling the loan officer at every step even to know the smallest of details about the application and loan account. With online Personal Loans, your online application status, the disbursement status, & later on EMI repayment period, etc, everything is available on the bank’s user portal. So you can track loans and even execute many tasks like prepayment or part payment or raise many other kinds of service requests online.

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Best Choice for Online Personal Loan in Mumbai

ICICI Personal Loan:

ICICI Bank offers Personal Loans of amounts up to Rs 30 lakhs to self-employed and salaried individuals. Though the banking major has more than 160 branches all across the Mumbai city, yet the best choice for anyone who is seeking speed and convenience of borrowing, an Online Personal Loan in Mumbai is the best choice.

ICICI Bank offers online Personal Loans with very low 10.99% per annum interest rates. Users can track their application status online round the clock through the bank portal. Unlike other top banks, ICICI extends flexibility to borrow for durations as short as just 12 months to as long as 60 months depending upon loan amount, user income, user preference, and user profile.

IndusInd Bank Personal Loan:

IndusInd Bank Personal Loan is another online option available to people in Mumbai. The Personal Loan interest rates for the bank start at just 11% and can go as high as 31.50% depending upon user profile and CIBIL score. These loans can be chosen for many purposes, including payment of education fees, payment of medical treatment costs, payment for renovating one’s home, payment for wedding ceremony related expenses, and for transfer of one Personal Loan balance to the new bank. These online Personal Loans are available for periods between one and five years, and for any personal interaction, the bank will send a representative to your doorstep.

HDFC Bank Personal Loan:

Can you imagine getting a Personal Loan in just 10 seconds? With HDFC Bank, the Online Personal Loan application process is so fast the preapproved Personal Loan customers can take loan amounts in their HDFC bank account in just 10 seconds.  For non-HDFC Bank customers, the bank can process Personal Loans in just 4 hours. HDFC Bank Personal Loan Interest Rates are among the lowest in the city, and you can get loans with just a 10.75% interest rate per year.

SBI Personal Loans:

SBI being the largest bank in India, is a great choice for fulfilling your Personal Loan needs. Any person can borrow SBI Personal Loans with a minimum net monthly income of just Rs 15,000. The age requirement for SBI Personal Loans is anywhere between 21 and 58 years, so even young borrowers can take out these loans. Further, the loan amount of SBI Loan starts at just Rs 24,000 and can go as high as 20 times the net monthly income of the borrower, subject to the maximum of Rs 20 lakh.


LoanTap is a new age Personal Loan provider for people who are earning more than Rs 30,000 per month. This is an app-based lender which can provide online Personal Loans through their website, iPhone, or android mobile phone app or even over Whatsapp. The USP of LoanTap is that the loan can be converted to an EMI free loan where you keep on paying interest on the borrowed amount and can pay principal amount only when you have enough cash in hand.

Also Read: Stuck in a Lockdown? Get a Personal Loan and be Ready for Financial Emergency!

To apply online for Home Loan, Personal Loan, Credit Card, Business Loan & LAP visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 7 million+ happy customers since 1989.

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