<h2>Instant Personal Loan in Mumbai</h2>Mumbai is India's most populous city and one of the most densely populated cities in the world as well. &nbsp;Within the past two decades, the population of the city has almost doubled. The rate of migration is very high, and so is the demand for new Bank Accounts, Credit Cards, and Personal Loans in Mumbai.Whether you are a salaried individual or a self-employed business person, you can find a host of Personal Loan offers in Mumbai. If you are a new migrant or have shifted to Mumbai recently, your chances of finding a Personal Loan deal are still pretty high in the city of dreams. A lot of banks and financial institutions facilitate Instant loan approvals for online applications.<h2>Best Personal Loans in Mumbai&nbsp;</h2><figure class="table"><table><tbody><tr><td>Bank/ NBFC</td><td>Loan Amount</td><td>Interest Rate (p.a)</td><td>Processing charges</td></tr><tr><td>State Bank of India</td><td>Rs. 24k - Rs. 20 lakhs</td><td>9.60% - 15.65%</td><td>1.50% + GST</td></tr><tr><td>Axis Bank</td><td>Rs. 50k - Rs. 15 lakhs</td><td>12% to 21%</td><td>1.50% to 2% + GST</td></tr><tr><td>HDFC Bank</td><td>Rs. 50k - Rs. 40 lakhs</td><td>10.50 % to 21%</td><td>Up to 3.5%&nbsp;</td></tr><tr><td>ICICI Bank</td><td>Rs. 50k - Rs. 25 lakhs</td><td>10.50% - 19%</td><td>Up to 2.50% + GST</td></tr><tr><td>IDFC First Bank</td><td>Rs. 1 lakh - Rs. 40 lakhs</td><td>10.49% onwards</td><td>Up to 2.50%&nbsp;</td></tr><tr><td>IndusInd Bank</td><td>Rs. 50k - Rs. 15 lakhs</td><td>10.49% - 31.50%</td><td>Up to 3%</td></tr><tr><td>RBL Bank</td><td>Rs. 1 lakh - Rs. 20 lakhs</td><td>14% onwards</td><td>Up to 3.50% + GST</td></tr><tr><td>Tata Capital</td><td>Rs. 75k -&nbsp; 25 lakhs</td><td>10.99% onwards</td><td>Up to 2.75% + GST</td></tr><tr><td>Yes Bank</td><td>Rs. 1 lakh - Rs. 40 lakhs</td><td>10.99% onwards</td><td>Up to 2.50% + GST</td></tr></tbody></table></figure>

Best Personal Loans in Mumbai 

<h2>Personal Loan Mumbai Features &amp; Benefits</h2><ul><li>No collateral or security required..</li><li>Instant online loan application.</li><li>Choice of flexible offers.</li><li>Affordable rate of interest.</li><li>Repayment flexibility.</li><li>Top Up facility available.</li><li>Minimal documentation required. &nbsp;</li></ul>

Need a Personal Loan in Mumbai?

<h2>What to Know before Applying for a Personal Loan in Mumbai?</h2><ul><li>You can apply for Personal Loan online as well as offline in Mumbai.&nbsp;</li><li>Know the interest rate, processing fee and all other charges associated with the personal loan before applying.</li><li>Know the documentation requirement beforehand.</li><li>Check your personal loan eligibility before extending your application.</li><li>Calculate and know your EMI before applying for the loan using Personal Loan EMI Calculator.</li><li>To compare various personal loan offers available in Mumbai and apply online for the loan, you can visit mymoneymantra.com.</li></ul>

What to Know before Applying for a Personal Loan in Mumbai?

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Applying for a Personal Loan through our website is 100% safe &amp; secure. We have served 50 lakh Indian customers in the last 31 years. Our systems ensure complete data security and privacy of each applicant.

MyMoneyMantra curates the best loan offer for your profile. Compare Personal Loans from 100+ banks, NBFCs &amp; financial institutions in India on our website. We find deals according to your credit score, cash needs &amp; repayment capacity.

Our loan representatives handhold customers to the desired loan deals. We ensure that your Personal Loan application is processed in the lowest turnout time and you get the fastest disbursal for your needs.

<h2>Eligibility Criteria for Personal Loans in Mumbai</h2>Although different banks have different eligibility criteria for approving the Personal Loan application, some of the common guidelines for Personal Loans include:<ul><li>Both salaried and self-employed individuals can apply.&nbsp;</li><li>You must be an Indian citizen to avail a regular Personal Loan.&nbsp;&nbsp;</li><li>In most cases, you need to be between 21 years to 60 years.</li><li>To avail a Personal Loan, you must have a stable income source.&nbsp;</li><li>Salaried people need to have a minimum monthly income of Rs. 25,000.&nbsp;</li><li>The minimum income cap for self-employed varies as per the location.</li><li>Business owners need to prove the stability of business income to be eligible for the loan.&nbsp;</li></ul>

Eligibility Criteria for Personal Loans in Mumbai

<h2>What Documents are Required for Personal Loans?</h2>KYC Documents:KYC is 'know your customer' process used by banks to verify their customers' identity, age, contact, and address details.Documents required for KYC Compliance include:<ul><li>PAN Card</li><li>Aadhar Card</li><li>Driving Licence</li><li>Voter ID</li><li>Passport</li><li>Registered Rent Agreement</li></ul>Income Proof:<ul><li>Salaried employees require last 6 months Salary Slips; IT Return &amp; Form 16 for the past two years; Bank Account Statements of last 3 months; &amp; Employment Certificate from the current employer.</li><li>Self-employed/professionals or business owners require to submit financial statements to prove their income potential. The documents required include Balance Sheet and Profit and Loss Statement; IT Returns for the last 2 years along with a proof of continuity for business.</li></ul>Other Documents:Duly filled Personal Loan application form along with a passport sized picture is also required.

What Documents are Required for Personal Loans?

<h2>How to Apply for Personal Loan in Mumbai?</h2><ul><li>Access <a href="http://www.mymoneymantra.com">www.mymoneymantra.com</a></li><li>Select "Personal Loan" under the Loans tab.</li><li>Log in by entering the required details.</li><li>Verify with the OTP.</li><li>Enter your employment and income details.</li><li>Enter your date of birth, PAN card, and complete address details.</li><li>Click on Submit and View Offers.</li><li>Select the desired option and click on Econnect.</li><li>Our team will contact you to complete the process.</li></ul>

How to Apply for Personal Loan in Mumbai?

Get instant personal loan up to Rs. 40 Lakhs at interest rate of 10.50% p.a. onwards and tenure up to 5 years. Apply online for quick processing and disbursal.

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There is hope for those customers looking for personal loans but could not avail them so far because they have been working with companies which are not listed by the banks, otherwise known as Non-listed or Non-Categorized companies.&nbsp;Till now, for employees of such companies, it has been challenging to seek larger size <a href="https://www.mymoneymantra.com/personal-loans">Personal Loans</a> because such Non-listed companies are usually not pre-approved or listed by the banks for purpose of extending loans due reasons including lacking in financial performance, market share or brand name among others.<figure class="table"><table><tbody><tr><td>Banks</td><td>Interest rate (%)</td><td>Processing fee</td></tr><tr><td>Allahabad Bank</td><td>8.55% – 13.05%</td><td>1.06% of loan amount (Minimum Rs. 1068)</td></tr><tr><td>Andhra Bank</td><td>Clean Loans: 11.70% – 13.20%</td><td>Not available</td></tr><tr><td>Bank of Baroda</td><td>9.85% – 15.45%</td><td>2% of Loan amount (Minimum: Rs.1000 to Maximum Rs.10,000)</td></tr><tr><td>Bank of India</td><td>12.10% – 14.10%</td><td>up to 2% of loan amount (Minimum Rs.1000 to Maximum Rs.10,000)</td></tr><tr><td>Bank of Maharashtra</td><td>11.50% – 12.50%</td><td>1% of the Loan Amount (Min.:Rs.1000)</td></tr><tr><td>Canara Bank</td><td>11% – 14%</td><td>0.5% of the loan amount (Minimum Rs.1000 and Maximum Rs. 5000)</td></tr><tr><td>Central Bank of India</td><td>11.60%</td><td>Rs. 500 + S.T</td></tr><tr><td>Corporation Bank</td><td>12.85% – 13.85%</td><td>1.50% (Min. of Rs. 500)</td></tr><tr><td>Dena Bank</td><td>13% – 14%</td><td>1% of loan amount</td></tr><tr><td>IDBI Bank Limited</td><td>10% – 12.75%</td><td>up to 1% of the loan amount + applicable taxes</td></tr><tr><td>Indian Bank</td><td>10.65% – 11.25%</td><td>0.51% on loan amount with a max. of Rs. 510</td></tr><tr><td>Indian Overseas Bank</td><td>11.95% – 13.70%</td><td>0.50% (Upto Rs. 5,00,000) 0.75% (Above Rs. 5.00.000)</td></tr><tr><td>Oriental Bank of Commerce</td><td>10.25% – 12.25%</td><td>0.50% of the loan amount with a minimum of Rs. 500 + Service tax, if any</td></tr><tr><td>Punjab &amp; Sind Bank</td><td>12.80% – 14.05%</td><td>1% of the loan amount</td></tr><tr><td>Punjab National Bank</td><td>12.05% – 15.05%</td><td>1.80% of loan amount (Rs. 270 – Rs. 450)</td></tr><tr><td>State Bank of India</td><td>11% – 17.05%</td><td>up to 1% of the Loan amount</td></tr><tr><td>Syndicate Bank</td><td>12.65% – 13.65%</td><td>0.50% of the Loan amount with minimum of ` 500</td></tr><tr><td>UCO Bank</td><td>11.40% – 11.65%</td><td>1% of loan amount (minimum Rs.750)</td></tr><tr><td>Union Bank of India</td><td>13.65%</td><td>0.50% of the loan amount, subject to minimum of Rs. 500, plus applicable GST.</td></tr><tr><td>United Bank of India</td><td>13.95% – 14.20%</td><td>1% of the loan amount sanctioned</td></tr><tr><td>Vijaya Bank</td><td>12.55% – 13.55%</td><td>Processing charges: up to 0.75% of loan amount + GST.</td></tr><tr><td>Axis Bank Ltd.</td><td>15.75% to 24%</td><td>1.50%-2.00%+GST</td></tr><tr><td>Bandhan Bank Ltd.</td><td>15%-18.55%</td><td>1%+GST</td></tr><tr><td>Catholic Syrian Bank Ltd.</td><td>12%-19%</td><td>1% of loan amount subject to minimum of Rs.250</td></tr><tr><td>City Union Bank Ltd.</td><td>No Information available on website</td><td>No Information available on website</td></tr><tr><td>DCB Bank Ltd.</td><td>They do not provide PL</td><td>They do not provide PL</td></tr><tr><td>Dhanlaxmi Bank Ltd.</td><td>10.40%-10.90%</td><td>Upto 2.5% of loan amount subject to minimum of Rs.1250</td></tr><tr><td>Federal Bank Ltd.</td><td>11.49%-14.49%</td><td>0.50% of loan amount subject to minimum of Rs.500</td></tr><tr><td>HDFC Bank Ltd</td><td>11.25%-20%</td><td>Upto 2.5% of loan amount subject to minimum of Rs.1999</td></tr><tr><td>ICICI Bank Ltd.</td><td>10.99%-22%</td><td>Upto 2.25% of loan amount+GST</td></tr><tr><td>IndusInd Bank Ltd</td><td>10.50%-30.50%</td><td>Upto 2.5% of loan amount subject to minimum of Rs.1000 plus taxes</td></tr><tr><td>IDFC Bank Ltd.</td><td>Rates not available on website (As per our info- 10.99%-15%)</td><td>Upto 2% of loan amount</td></tr><tr><td>Jammu &amp; Kashmir Bank Ltd.</td><td>They provide Consumer Loans</td><td>They provide Consumer Loans</td></tr><tr><td>Karnataka Bank Ltd.</td><td>12.70%</td><td>0.50% of loan amount subject to minimum of Rs.250</td></tr><tr><td>Karur Vysya Bank Ltd.</td><td>15.90%</td><td>0.40% of loan amount</td></tr><tr><td>Kotak Mahindra Bank Ltd</td><td>10.99%-24%</td><td>Upto 2.5% of loan amount+GST</td></tr><tr><td>Lakshmi Vilas Bank Ltd.</td><td>Do not provide Personal Loan</td><td>&nbsp;</td></tr><tr><td>Nainital bank Ltd.</td><td>Website not updated</td><td>&nbsp;</td></tr><tr><td>RBL Bank Ltd.</td><td>11%-26.25%</td><td>Upto 2.5% of loan amount</td></tr><tr><td>South Indian Bank Ltd.</td><td>11.55%-14.45%</td><td>2% of loan amount</td></tr><tr><td>Tamilnad Mercantile Bank Ltd.</td><td>14.80%</td><td>1% of loan amount</td></tr><tr><td>YES Bank Ltd.</td><td>11.25%-17.5%</td><td>Upto 2.5% of loan amount subject to minimum of Rs.999</td></tr></tbody></table></figure>Whilst some banks like ICICI, HDFC and Kotak have tried to cater to this segment in the past, by providing personal loans to employees of such non listed companies, presently there seems to be a move by reputed multinational banks such as Citibank to offering personal loans to this segment of customers.<figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/Personal_Loan_81f6ba3837.jpg" alt="Best Personal Loan Offers Online" srcset="https://d1lt2ralzv8247.cloudfront.net/Personal_Loan_81f6ba3837.jpg 868w, https://www.mymoneymantra.com/blog/wp-content/uploads/2018/04/Personal-Loan-300x35.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2018/04/Personal-Loan-768x88.jpg 768w" sizes="100vw"></figure>Very recently, Citibank announced a special offer for providing Personal Loans up to a maximum of 15 Lakhs to employees of such Non-listed companies. While earlier Citibank’s Suvidha account holders from Non -listed companies could avail of personal loans upto 5 Lakhs, which was contingent on such customers having an ongoing saving bank account with Citibank. However, this latest product opens up the offer to employees of non-listed companies who have not maintained any savings account or relationship with Citibank previously.The rate of interest&nbsp;for <a href="https://www.mymoneymantra.com/personal-loan/citibank.html">Citibank Personal Loan</a> to employees of Non-listed companies is presently 14.99%. Moreover, the facility of instant e-approval has been proposed to ease the process of loan application.The availability of personal loans to such category of people has come at a time when customers’ needs and aspirations are growing in step with the growth of the economy.Read also:&nbsp;<a href="https://www.mymoneymantra.com/blog/impact-of-aadhar-card-on-personal-loan/">Impact of Aadhar Card on Personal Loan</a>To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit <a href="https://www.mymoneymantra.com/">www.mymoneymantra.com</a>, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served&nbsp;7 million+ happy customers since 1989.<figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/Personal_Loan_a5b207947a.png" alt="Apply for a Personal Loan"></figure>&nbsp;

There is hope for those customers looking for personal loans but could not avail them so far because they have been working with companies which are not listed by the banks, otherwise known as Non-listed or Non Categorized companies. <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/personal-loan-for-employees-of-non-categorized-companies/' data-a2a-title='Personal Loan for Employees of Non-Categorized Companies'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fpersonal-loan-for-employees-of-non-categorized-companies%2F&amp;linkname=Personal%20Loan%20for%20Employees%20of%20Non-Categorized%20Companies' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fpersonal-loan-for-employees-of-non-categorized-companies%2F&amp;linkname=Personal%20Loan%20for%20Employees%20of%20Non-Categorized%20Companies' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fpersonal-loan-for-employees-of-non-categorized-companies%2F&amp;linkname=Personal%20Loan%20for%20Employees%20of%20Non-Categorized%20Companies' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fpersonal-loan-for-employees-of-non-categorized-companies%2F&amp;linkname=Personal%20Loan%20for%20Employees%20of%20Non-Categorized%20Companies' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fpersonal-loan-for-employees-of-non-categorized-companies%2F&amp;linkname=Personal%20Loan%20for%20Employees%20of%20Non-Categorized%20Companies' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fpersonal-loan-for-employees-of-non-categorized-companies%2F&amp;linkname=Personal%20Loan%20for%20Employees%20of%20Non-Categorized%20Companies' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Those working in Non-listed or Non Categorized companies could now avail of personal loans upto Rs. 15 lacs from Citibank.

Personal Loan for Employees of Non-Categorized Companies

As you move forward in your life, you face all sorts of financial situations. No matter what type of event occurs in your life, you find yourself spending money on a whole lot of things. <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/10-best-banks-for-personal-loan-in-india-2019/' data-a2a-title='10 Best Banks for a Personal Loan in India 2021'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F10-best-banks-for-personal-loan-in-india-2019%2F&amp;linkname=10%20Best%20Banks%20for%20a%20Personal%20Loan%20in%20India%202021' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F10-best-banks-for-personal-loan-in-india-2019%2F&amp;linkname=10%20Best%20Banks%20for%20a%20Personal%20Loan%20in%20India%202021' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F10-best-banks-for-personal-loan-in-india-2019%2F&amp;linkname=10%20Best%20Banks%20for%20a%20Personal%20Loan%20in%20India%202021' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F10-best-banks-for-personal-loan-in-india-2019%2F&amp;linkname=10%20Best%20Banks%20for%20a%20Personal%20Loan%20in%20India%202021' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F10-best-banks-for-personal-loan-in-india-2019%2F&amp;linkname=10%20Best%20Banks%20for%20a%20Personal%20Loan%20in%20India%202021' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F10-best-banks-for-personal-loan-in-india-2019%2F&amp;linkname=10%20Best%20Banks%20for%20a%20Personal%20Loan%20in%20India%202021' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Best Banks for a Personal Loan in India 2021 ✔e-Instant Approval ✔Loan Up to 1 Crore ✔Check Eligibility ✔Calculate EMI & Interest Amount ✔Apply now.

10 Best Banks for a Personal Loan in India 2021

As you move forward in your life, you face all sorts of financial situations. No matter what type of event occurs in your life, you find yourself spending money on a whole lot of things.&nbsp;

A Personal Loan often proves to be one of the most dependable sources of procuring additional funds. Not only it is readily available for anyone with a decent Credit Score and a regular stream of income but is also processed quickly making it the go-to loan alternative for individuals who are in desperate need of funds. Despite the easy availability of Personal Loan as a credit product,it is important to know about the top borrowing mistakes. For, it could otherwise turn into a quick and costly mistake. <h2>Mistake 1 &#8211; Being Unaware of Your Credit Score</h2> The <a href='https://www.mymoneymantra.com/personal-loan-eligibility-criteria.html' target='_blank'>Eligibility for a Personal Loan</a> largely depends on the Credit Score of the borrower. The higher is your Credit Score, the better is your creditworthiness. That is, the lender will deem you fit for a loan with a high score. If your score is low, the lender may turn down your application, and, multiple rejections of personal loan applications will lead to a further dent in your score. Knowing your score before the application, however, empowers you to have a better negotiation power for the terms of the Personal Loan agreement. Hence, it is always better to know your score before applying. With a low score, you can plan the timing application and focus on improving your score first. <a href='https://www.mymoneymantra.com/personal-loan.html?ref=Plblog-topbanner' target='_blank'><img class='alignright size-full wp-image-6918' src='https://d1lt2ralzv8247.cloudfront.net/Personal_Loan_Blog_banner_2_c170fd8429.jpg' alt='Apply for a Personal Loan Online' srcset='https://d1lt2ralzv8247.cloudfront.net/Personal_Loan_Blog_banner_2_c170fd8429.jpg 868w, https://www.mymoneymantra.com/blog/wp-content/uploads/2019/04/Personal-Loan-Blog-banner_2-300x35.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2019/04/Personal-Loan-Blog-banner_2-768x88.jpg 768w' sizes='(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px' /></a> <h2>Mistake 2 &#8211; Not Being Pre-Qualified</h2> When you opt for a Personal Loan, choose your lender beforehand and get in touch with them to ensure that you prequalify for the loan. The lender will then run a soft check on your credit, and see whether or not you fit the bill. While this will not affect your Credit Score, it will help you understand your creditworthiness. In fact, at this point, most lenders give you a sneak-peek into your loan rate and terms. This will help you to be mentally and financially prepared before you officially apply for a Personal Loan. Hence, make sure not to miss out on this small yet effective step, when you contemplate on taking a Personal Loan. <h3>Mistake 3 &#8211; Solely Focussing on the EMI</h3> When you are on the lookout for a Personal Loan, it is obvious that your concentration is directed to the EMI outgo. While your EMI will largely comprise of the Principal Component and the Interest Component, it may also include some other charges that you may or may not be aware of. These include a processing fee (up to 2.5% of the loan amount), late fee, prepayment penalty, etc. Hence, make sure you are aware of each and every aspect pertaining to your EMI and ensure that you can keep it as low as possible. <h2>Mistake 4 &#8211; Using your Personal Loan amount for lavish purchases</h2> Regardless of the ease of availability, a Personal Loan is still a debt which accrues interest and must be repaid in a timely and efficient manner. Hence, if you are <a href='https://www.mymoneymantra.com/personal-loan.html' target='_blank'>Opting for a Personal Loan</a> to purchase expensive gifts, gadgets, or luxury items, or to go for an outlandish vacation, you must think again. As far as possible, a loan should only be taken for things that are either important or of an urgent nature such as debt consolidation, home renovation, business expansion, or medical emergencies. If not, there must be a repayment plan in place, or you may find it challenging to repay the loan. <h2>Mistake 5 &#8211; Blindly Trusting the Salesperson </h2> A Personal Loan entails a substantial financial commitment, ridden with a high-interest rate. While it may be tempting to trust the salesperson and sign the loan agreement without having a hard look at the terms and conditions of the loan, you should avoid this at all costs. You should take out the time to read the fine print of the loan, and if possible, take the help of someone who has a better understanding of finance. Even if the salesperson seems trustworthy, or is too pushy, do not sign the agreement unless you understand all the terms, and are okay with moving forward. <h2>Mistake 6 &#8211; Opting for a High Credit Amount</h2> Depending on your income levels and your Credit Score, you may be eligible to take a substantially high loan amount. This, however, does not imply that you should take a bigger loan than you need.  You must understand that a higher loan amount will entail a higher EMI, with an even higher interest outgo.  Hence, before applying for a loan, assess your fund requirement, and only opt for a loan amount that you need. Although it may feel a little restrictive, it will ensure efficient repayment of your EMIs and will prove to be cost-effective in the long run. <h2>Mistake 7 &#8211; Not Having a Co-Signer On Board</h2> Of course, not every Personal Loan borrower needs a co-signer. However, if your credit score is low, and you desperately need the loan amount, then you must have a co-signer with a higher score, or better level of income. This can help you qualify for the loan without much fuss. It will also help you in getting the loan at a comparatively lower interest rate. <h2>Mistake 8  &#8211; Being Unaware of the Prepayment Penalty</h2> Prepayment of the loan before the date of maturity not only helps you get rid of the financial burden at the earliest possible but also aids in saving the substantial amount of money which otherwise goes towards the interest component of the EMI. However, most lenders levy a prepayment penalty, which can range from 0.5% to a whopping 5% of the outstanding loan amount. To make sure you can prepay the loan as per your convenience, read the fine print of the loan agreement before signing the same, and ensure that the lender levies no or minimal penalty on loan prepayment. <h2>Mistake 9 &#8211; Making Late Payments</h2> It is no hidden fact that a late payment on your loan hurts your credit score. Besides, most lenders levy a late fee penalty. Hence, you must avoid this blunder at all costs. A great way to ensure timely payments on your Personal Loan is to opt for an Electronic Clearance Service or to set up some other form of automatic payment. <h2>Mistake 10 &#8211; Defaulting on the Loan Payment</h2> This is by far the worst mistake you can make with respect to a Personal Loan. To begin with, the lender may send you a notice regarding the same. If you are still unable to repay the loan amount, the bank may also take the assistance of collection agents, thereby causing some major inconvenience. Of course, a loan default will also be reflected in your credit history and will adversely affect your creditworthiness for a loan time to come, thus making it exceedingly difficult for you to qualify for another loan anytime soon. Also Read: <a href='https://www.mymoneymantra.com/blog/5-things-to-check-if-you-are-applying-for-a-personal-loan-first-time/' target='_blank'>5 Things to Check if You Are Applying for a Personal Loan First Time</a> To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit <a href='https://www.mymoneymantra.com/' target='_blank'>www.mymoneymantra.com</a>, the leading online lending marketplace that offers financial products from 90+ Banks and NBFCs. We have served 7 million+ happy customers since 1989. <a href='https://www.mymoneymantra.com/personal-loan.html?ref=Plblog-bottombanner'><img class='aligncenter size-full wp-image-1716' src='https://d1lt2ralzv8247.cloudfront.net/Personal_Loan_a5b207947a.png' alt='Apply for a Personal Loan' width='299' height='43' /></a> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/10-common-personal-loan-mistakes-you-should-avoid/' data-a2a-title='10 Common Personal Loan Mistakes You Should Avoid'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F10-common-personal-loan-mistakes-you-should-avoid%2F&amp;linkname=10%20Common%20Personal%20Loan%20Mistakes%20You%20Should%20Avoid' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F10-common-personal-loan-mistakes-you-should-avoid%2F&amp;linkname=10%20Common%20Personal%20Loan%20Mistakes%20You%20Should%20Avoid' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F10-common-personal-loan-mistakes-you-should-avoid%2F&amp;linkname=10%20Common%20Personal%20Loan%20Mistakes%20You%20Should%20Avoid' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F10-common-personal-loan-mistakes-you-should-avoid%2F&amp;linkname=10%20Common%20Personal%20Loan%20Mistakes%20You%20Should%20Avoid' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F10-common-personal-loan-mistakes-you-should-avoid%2F&amp;linkname=10%20Common%20Personal%20Loan%20Mistakes%20You%20Should%20Avoid' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F10-common-personal-loan-mistakes-you-should-avoid%2F&amp;linkname=10%20Common%20Personal%20Loan%20Mistakes%20You%20Should%20Avoid' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

A Personal Loan often proves to be one of the most dependable sources of procuring additional funds. Not only it is readily available for anyone with a decent Credit Score. <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/10-common-personal-loan-mistakes-you-should-avoid/' data-a2a-title='10 Common Personal Loan Mistakes You Should Avoid'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F10-common-personal-loan-mistakes-you-should-avoid%2F&amp;linkname=10%20Common%20Personal%20Loan%20Mistakes%20You%20Should%20Avoid' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F10-common-personal-loan-mistakes-you-should-avoid%2F&amp;linkname=10%20Common%20Personal%20Loan%20Mistakes%20You%20Should%20Avoid' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F10-common-personal-loan-mistakes-you-should-avoid%2F&amp;linkname=10%20Common%20Personal%20Loan%20Mistakes%20You%20Should%20Avoid' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F10-common-personal-loan-mistakes-you-should-avoid%2F&amp;linkname=10%20Common%20Personal%20Loan%20Mistakes%20You%20Should%20Avoid' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F10-common-personal-loan-mistakes-you-should-avoid%2F&amp;linkname=10%20Common%20Personal%20Loan%20Mistakes%20You%20Should%20Avoid' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F10-common-personal-loan-mistakes-you-should-avoid%2F&amp;linkname=10%20Common%20Personal%20Loan%20Mistakes%20You%20Should%20Avoid' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Common Personal Loan Mistakes ✔e-Instant Approval ✔Loan Up to 1 Crore ✔Check Eligibility ✔Calculate EMI & Interest Amount ✔Apply now.

10 Common Personal Loan Mistakes You Should Avoid

One of the most compelling reasons for the popularity of Personal Loans is their lightning-fast approvals and similarly swift disbursals. In a vast majority of cases, all that the lender needs is your identity proof, the proof of your income as well as your credit report, preferably with a score of 700 or above, and you are all set. Once the lender receives the documents, they are quickly verified, and if everything checks out, your <a href='https://www.mymoneymantra.com/personal-loan.html' target='_blank'>Personal Loan Application </a>is approved. However, like everything else, even the approval of Personal Loan applications are not without some exceptions. Sometimes, due to some minute errors in your application, or due to certain discrepancies, you can be robbed off of the pleasure of procuring the much-desired funds through this loan type. To steer clear from this disheartening situation, we recommend you take a close look at the below-mentioned reasons for loan Personal Loan rejection and try to avoid them at all costs. <h3>1. Low Credit Score</h3> If you are in the process of procuring a loan, we are sure you must know about the significance of credit score. If not, let us tell you, that credit bureaus rate you on a score of 300 to 900 based on your history of credit repayments, whether they are on the basis of your Credit Card bill payments or on that of the equated monthly instalments (EMIs) you pay towards various loans such as car loan, Home Loan or others. While a score of 500 or above is deemed acceptable, only a score exceeding 700 will make you truly eligible for a Personal Loan. A great way to ensure that your credit score is in line with the lender’s expectation, you must make sure that your repayment history reflects a commendable financial discipline. Not only will it help formulate the trust of the lender in you, but will also help speed up the process of your approval. <a href='https://www.mymoneymantra.com/personal-loan.html?ref=plblog-topbanner' target='_blank'><img class='alignright size-full wp-image-1996' src='https://d1lt2ralzv8247.cloudfront.net/Personal_Loan_81f6ba3837.jpg' alt='Apply for Personal Loan' srcset='https://d1lt2ralzv8247.cloudfront.net/Personal_Loan_81f6ba3837.jpg 868w, https://www.mymoneymantra.com/blog/wp-content/uploads/2018/04/Personal-Loan-300x35.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2018/04/Personal-Loan-768x88.jpg 768w' sizes='(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px' /></a> Then again, a good idea to have the know-how on this front is to order a free copy of your credit score before applying. This will help you evaluate the situation more efficiently, while also letting you know if you should wait for a few months and build your score, to improve your chances of approval. As far as boosting your credit score goes, we recommend you ensure timely loan repayments, pay your Credit Card bills in full, and pay off all your existing debts before filing your Application for a Personal Loan. <h3>2. Incomplete Documentation</h3> Yes, this is yet another hurdle that can stop you from getting approval on your application. Hence, it is in your best interest to pay heed to the application guidelines and request the lender to help you with a comprehensive checklist beforehand. Of course, this process can be a lot easier when you borrow from a customer-oriented service like <a href='https://www.mymoneymantra.com/personal-loan/bajaj-finserv.html' target='_blank'>Bajaj Finserv Personal Loan</a>, wherein you need minimal documentation. In fact, these documents can be easily submitted online, without the need for you to visit the branch physically, thus saving your precious time and efforts. More often than not, with such a proficient lender on your side, you can expect to receive the disbursed loan amount in as little as 24 hours. <h3>3. Unstable Income</h3> Apart from your repayment history, the only way for a lender to be assured of regular payments from your end is to analyse your monthly earnings. If you do not enjoy stable employment, or your business or practice is not bringing in regular revenues, your application might face rejection. Hence, make sure you apply for a loan, only when you have a stable job, and a proof to show for it. If you have a business or are a self-employed professional, you will need to offer your bank statements as well as income tax returns as proof of your income. In the absence of continued employment, you must show other sources of income in order to assure the bank of your ability to repay. This can include rental income, income from interest pay-outs, and allowance from parents/guardians. We hope that you are now aware of some of the mistakes you may make when you apply for a Personal Loan, and how you can avoid the same. So, wait no more before you finally push in that application, and get the necessary loan amount to fulfil your financial obligations. Also Read : <a href='https://www.mymoneymantra.com/blog/impact-of-aadhar-card-on-personal-loan/' target='_blank'>Impact of Aadhar Card on Personal Loan</a> To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit <a href='https://www.mymoneymantra.com/' target='_blank'>www.mymoneymantra.com</a>, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989. <a href='https://www.mymoneymantra.com/personal-loan.html?ref=plblog-bottombanner'><img class='aligncenter size-full wp-image-1716' src='https://d1lt2ralzv8247.cloudfront.net/Personal_Loan_a5b207947a.png' alt='Apply for a Personal Loan' width='299' height='43' /></a> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/3-common-reasons-behind-personal-loan-rejection/' data-a2a-title='3 Common Reasons Behind Personal Loan Rejection'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F3-common-reasons-behind-personal-loan-rejection%2F&amp;linkname=3%20Common%20Reasons%20Behind%20Personal%20Loan%20Rejection' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F3-common-reasons-behind-personal-loan-rejection%2F&amp;linkname=3%20Common%20Reasons%20Behind%20Personal%20Loan%20Rejection' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F3-common-reasons-behind-personal-loan-rejection%2F&amp;linkname=3%20Common%20Reasons%20Behind%20Personal%20Loan%20Rejection' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F3-common-reasons-behind-personal-loan-rejection%2F&amp;linkname=3%20Common%20Reasons%20Behind%20Personal%20Loan%20Rejection' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F3-common-reasons-behind-personal-loan-rejection%2F&amp;linkname=3%20Common%20Reasons%20Behind%20Personal%20Loan%20Rejection' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F3-common-reasons-behind-personal-loan-rejection%2F&amp;linkname=3%20Common%20Reasons%20Behind%20Personal%20Loan%20Rejection' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

One of the most compelling reasons for the popularity of Personal Loans is their lightning-fast approvals and similarly swift disbursals. <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/3-common-reasons-behind-personal-loan-rejection/' data-a2a-title='3 Common Reasons Behind Personal Loan Rejection'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F3-common-reasons-behind-personal-loan-rejection%2F&amp;linkname=3%20Common%20Reasons%20Behind%20Personal%20Loan%20Rejection' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F3-common-reasons-behind-personal-loan-rejection%2F&amp;linkname=3%20Common%20Reasons%20Behind%20Personal%20Loan%20Rejection' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F3-common-reasons-behind-personal-loan-rejection%2F&amp;linkname=3%20Common%20Reasons%20Behind%20Personal%20Loan%20Rejection' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F3-common-reasons-behind-personal-loan-rejection%2F&amp;linkname=3%20Common%20Reasons%20Behind%20Personal%20Loan%20Rejection' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F3-common-reasons-behind-personal-loan-rejection%2F&amp;linkname=3%20Common%20Reasons%20Behind%20Personal%20Loan%20Rejection' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F3-common-reasons-behind-personal-loan-rejection%2F&amp;linkname=3%20Common%20Reasons%20Behind%20Personal%20Loan%20Rejection' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Is your personal loan application rejected? These could be the possible common reasons behind the rejection.

3 Common Reasons Behind Personal Loan Rejection

<h1>SBI’s ‘Kavach Personal Loan’ Scheme Launched For Covid Patients</h1>Amid second wave of Corona virus pandemic, State Bank of India (SBI) has launched a collateral-free Personal Loan Scheme up to Rs 5 Lakh for Covid affected customers. The COVID Personal Loan scheme by SBI is termed as Kavach Personal Loan. It can be used to cover medical expenses owing to treatment of COVID-19 of self or family member, found to be Covid Positive on or after April 1, 2021.The state owned bank released the details of the scheme through a press statement. Just a few days back, SBI chairman Mr Dinesh Khara had announced the launch of COVID Personal Loan and other COVID business loan schemes in joint press conference with Indian Banks’ Association (IBA)<h2>SBI Kavach Person Loan Details</h2><figure class="table"><table><tbody><tr><td>Product</td><td>SBI COVID Kavach Personal Loan</td></tr><tr><td>Type of loan</td><td>Term Loan</td></tr><tr><td>Eligibility</td><td>SBI Customers, including Salaried, Non-Salaried &amp; Pensioners</td></tr><tr><td>Tenure</td><td>60 months, including 3 month’ moratorium i.e. 57 EMIs</td></tr><tr><td>Rate of Interest</td><td>Fixed; 8.50% (at least 100 bps lower than regular SBI Personal Loan)</td></tr><tr><td>Processing fee</td><td>NIL</td></tr><tr><td>Pre-payment Penalty</td><td>NIL</td></tr><tr><td>Security</td><td>NIL</td></tr><tr><td>Foreclosure Charges</td><td>NIL</td></tr></tbody></table></figure> The COVID Personal Loans up to Rs 5 Lakhs will be available at fixed rate of interest i.e. 8.5% per annum for 5 years or 60 months. This is at least 100 bps lower than regular <a href="https://www.mymoneymantra.com/personal-loans/sbi">SBI Personal Loans</a>. Furthermore, the bank has also offered a three months moratorium on EMI repayment for this loan so total EMIs will be 57 + interest accrued during moratorium. This way the families undergoing financial crisis due to COVID related hospitalisation etc will get access to collateral free affordable loan along with immediate relief from EMI repayment.Those who have already paid for COVID treatment can also avail of this facility to reimbursement the expenses.The bank said in the press statement:&nbsp; “We believe this new scheme will offer much-needed financial assistance to the people to manage the COVID treatment-related expenses... Our aim is to provide access to monetary assistance - especially in this difficult situation for all those who unfortunately got affected by COVID."Also check: <a href="https://www.mymoneymantra.com/blog/sbi-launches-special-covid-personal-loan-upto-5-lakh-business-loan-upto-2-crore">SBI Launches Special COVID Personal Loan up to 5 lakh, Business Loan up to 2 crore &amp; more</a>

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SBI Bank has released details of Kavach Personal Loan for COVID medical expenses for its customers. It is unsecured loan at 8.5% p.a. with zero processing fees.

SBI Kavach Personal Loan for COVID patients at 8.5%, Check Details

SBI Bank has released details of Kavach Personal Loan for COVID medical expenses for its customers. It is unsecured loan at 8.5% p.a. with zero processing fees.

Avail Personal Loan in Mumbai for up to Rs. 50 lakhs at interest rate ranging from 9.60% to 15.65% p.a. 

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