Personal Loan in Mumbai

Get a Personal Loan in Mumbai for up to Rs. 50 lakhs at interest rate ranging from 9.60% to 15.65% p.a. Repay your loan in EMIs within 1 to 6 years tenure. The processing fee can go up to 3.50% of the loan amount + applicable GST. 

Instant Personal Loan in Mumbai

Mumbai is India's most populous city and one of the most densely populated cities in the world as well.  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.

Best Personal Loans in Mumbai 

Bank/ NBFCLoan AmountInterest Rate (p.a)Processing charges
State Bank of IndiaRs. 24k - Rs. 20 lakhs9.60% - 15.65%1.50% + GST
Axis BankRs. 50k - Rs. 15 lakhs12% to 21%1.50% to 2% + GST
HDFC BankRs. 50k - Rs. 40 lakhs10.50 % to 21%Up to 3.5% 
ICICI BankRs. 50k - Rs. 25 lakhs10.50% - 19%Up to 2.50% + GST
IDFC First BankRs. 1 lakh - Rs. 40 lakhs10.49% onwardsUp to 2.50% 
IndusInd BankRs. 50k - Rs. 15 lakhs10.49% - 31.50%Up to 3%
RBL BankRs. 1 lakh - Rs. 20 lakhs14% onwardsUp to 3.50% + GST
Tata CapitalRs. 75k -  25 lakhs10.99% onwardsUp to 2.75% + GST
Yes BankRs. 1 lakh - Rs. 40 lakhs10.99% onwardsUp to 2.50% + GST

Personal Loan Mumbai Features & Benefits

  • No collateral or security required..
  • Instant online loan application.
  • Choice of flexible offers.
  • Affordable rate of interest.
  • Repayment flexibility.
  • Top Up facility available.
  • Minimal documentation required.
     

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

  • You can apply for Personal Loan online as well as offline in Mumbai. 
  • Know the interest rate, processing fee and all other charges associated with the personal loan before applying.
  • Know the documentation requirement beforehand.
  • Check your personal loan eligibility before extending your application.
  • Calculate and know your EMI before applying for the loan using Personal Loan EMI Calculator.
  • To compare various personal loan offers available in Mumbai and apply online for the loan, you can visit mymoneymantra.com.

Eligibility Criteria for Personal Loans in Mumbai

Although different banks have different eligibility criteria for approving the Personal Loan application, some of the common guidelines for Personal Loans include:

  • Both salaried and self-employed individuals can apply. 
  • You must be an Indian citizen to avail a regular Personal Loan.  
  • In most cases, you need to be between 21 years to 60 years.
  • To avail a Personal Loan, you must have a stable income source. 
  • Salaried people need to have a minimum monthly income of Rs. 25,000. 
  • The minimum income cap for self-employed varies as per the location.
  • Business owners need to prove the stability of business income to be eligible for the loan. 

How to Apply for Personal Loan in Mumbai?

  • Access www.mymoneymantra.com
  • Select "Personal Loan" under the Loans tab.
  • Log in by entering the required details.
  • Verify with the OTP.
  • Enter your employment and income details.
  • Enter your date of birth, PAN card, and complete address details.
  • Click on Submit and View Offers.
  • Select the desired option and click on Econnect.
  • Our team will contact you to complete the process.

What Documents are Required for Personal Loans?

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:

  • PAN Card
  • Aadhar Card
  • Driving Licence
  • Voter ID
  • Passport
  • Registered Rent Agreement

Income Proof:

  • Salaried employees require last 6 months Salary Slips; IT Return & Form 16 for the past two years; Bank Account Statements of last 3 months; & Employment Certificate from the current employer.
  • 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.

Other Documents:

Duly filled Personal Loan application form along with a passport sized picture is also required.

Best Personal Loans Online

Get instant personal loan up to Rs. 20 Lakhs at interest rate of 10.25% p.a. onwards and tenure up to 5 years. Apply online for quick processing and disbursal.

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