Personal Loan in Mumbai

Mumbai is the financial capital of India. Finding a suitable Personal Loan in Mumbai is not a difficult task as a vast number of banks and NBFCs are headquartered across the metropolitan city. You can find a range of Personal Loan Schemes online as well as offline in Mumbai.

Besides the Reserve Bank of India which is the Central Banking Institution of the Country, following public and private sector banks are also headquartered in Mumbai:

  1. State Bank of India
  2. Bank of India
  3. Central Bank of India
  4. Union Bank of India
  5. Axis Bank
  6. DCB Bank
  7. HDFC Bank
  8. ICICI Bank
  9. IDFC First Bank
  10. IndusInd Bank
  11. RBL Bank
  12. Yes Bank
Best Personal Loans in Mumbai

Bank/ NBFC

Loan Amount

Interest Rate (p.a)


Prepayment charges

Processing charges

State Bank of India

25k- 15 lakhs

11.05% - 17.10%

Up to 60 months

3% on the prepaid amount

1% of Loan Amount + applicable taxes

Axis Bank

50k- 15 lakhs

15.75% to 24%

12 to 60 months


1.50% to 2.00% + applicable GST


50k - 40 lakhs

11.25 % to 17.50%

12 to 60 months

Up to 4 %

Up to 2.50%  of the loan amount; min of 1999 & Max of 25000 for salaried individuals


50k - 25 lakhs

11.25% - 18.00%

12 to 60 months

After 12 successful EMIs; 5% + GST

2.25% + applicable tax

IDFC First Bank

1 lakh - 25 lakhs

12% - 18.00%

12 to 60 months

Up to 3 %*

1.5% to 2%

IndusInd Bank

50k- 15 lakhs

11.25% onwards

12 to 60 months


Up to 2.50%

RBL Bank

1 lakh - 20 lakhs

13% to 18%

12 to 60 months


up to 3%+ applicable taxes

Yes Bank

2 lakh - 20 lakhs

10.75% to 18%*

12 to 60 months

Up to 4%

Up to 2.50%; min 999+ GST

Tata Capital

75k - 20 lakhs

11.25%-19.00% (APR)

12 to 60 months

2.5% + GST

Up to 2.5% + GST; min: 1499*

Need a 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 Insta loan approvals for online applications.

What are Personal Loans? Why to apply?

Personal Loans are unsecured loans that are extended for all types of purposes. You can borrow for almost all reasons except for illegal activities, gambling and jewelry purchase. In general, you can borrow a Personal Loan up to 40 Lakh for 1 to 5 years at a fixed rate of interest.

These are ideal financial products for anyone who is looking for a quick backup to fund their immediate cash needs. Some of the popular types for Personal Loan include:

  • Personal loan for wedding
  • Personal loan for travelling
  • Personal loan for home renovation
  • Personal loan for higher education
  • Personal loan for business capital & more

There is no restriction on the end use of the amount, and thus you can avail a Personal Loan for multiple reasons. You do not need to give any break up of utilisation to the lender.

Features & Benefits of Personal Loans

Unsecured Loans:

Personal Loans are unsecured loans, i.e., you do not need to pledge your assets to avail the credit. It is often available as an instant emergency loan for those in urgent need of funds. So whether it is a planned expense or an unprecedented one, you can avail a Personal Loan without collateral or loan security.

Instant Online Application:

You can apply for Personal Loan instantly You get immediate in-principal approval as the application is submitted. The disbursal is also fast, subject to meeting eligibility criteria and submitting documents in time.

Choice of flexible offers:

Depending on your requirements, you can choose the loan according to your repayment capacity. You can borrow a Personal Loan ranging from 50000 to 40 Lakhs for 1 to 5 years. You must assess various options and choose the best one for your budget. It is entirely hassle-free to compare various offers using online Personal Loan Calculators.

Rate of Interest:

Interest rate on Personal Loan varies greatly as per the profile of the applicant. The factors that would affect the cost of the loan include your credit score, past credit history, and monthly income.

Repayment Flexibility:

A Personal Loan is offered at a fixed interest rate and puts up a fixed monthly liability of EMI on your shoulders. However, there is always flexibility to prepay your loan according to your financial condition.

Top Up

Most banks and NBFCs offer the preapproved top-up facility to their customers. If you have been diligent in repaying your loan, you can expect a top-up offer on your existing loan from your lender.


Unlike Home Loans, Personal Loans are available with minimal documentation. All you need to submit is identity, age, address and income proof. However, if you are an existing Salary Account holder or have a Savings Account with the bank, the approval may not involve any documentation at all.

What to know before applying for a Personal Loan in Mumbai?

You can apply for Personal Loan online as well as offline. To make an offline application, you would need to visit the bank and meet the Product Manager and share your interest to borrow a Personal Loan. However, this is not a recommended path to borrow a loan. For, you would require to visit bank to bank to know about various loan offers. Owing to Mumbai traffic and busy city life, the physical option to visit various bank branches is not the best option.

Instead, go online. Whether you are a new migrant in Mumbai or looking for the best Personal Loan interest rate in the Mumbai, online Personal Loan marketplaces can help you find the best offer according to your repayment capacity.

To compare various deals, visit and fill the application form. Merely by sharing your loan preferences and personal details you will generate a unique customer id on the website. You will receive a one-time password on your mobile. By feeding in the OTP on the website, you will get direct access to the list of best matching Persona Loan offers in Mumbai.

You can compare loan amount, loan interest and EMI burden and choose the most affordable deal within a few clicks. By clicking on 'connect with bank' or 'apply,' you will instantly initiate your application.

A loan executive will call you and further help you understand the product. There is no fee for availing MyMoneyMantra Loan Services. In all, searching and applying for a Personal Loan in Mumbai is just a matter of few clicks. You can expect doorstep documentation pick up and loan guidance at each step.

What is the eligibility Criteria for Personal Loans?

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

Nationality: You must be an Indian citizen to avail a regular Personal Loan.  Personal Loan for NRIs is a separate product with most of the banks. Some of the well known NRI Personal Loans include, ICICI Personal Loan for NRIs, HDFC Personal Loan for NRIs, Axis Bank NRI Personal Loan, South Indian Bank NRI Personal Loan and Tata Capital NRI Personal Loan. Being two of the largest foreign banks in India, Citibank and Standard Chartered also offer flexible Personal Loan deals for NRIs.

Age: In most cases, you need to be between 21 years to 60 years to avail a Personal Loan.

Personal Loan for Pensioners is another category wherein loan tenure, interest, and EMI are designed to match with the lifestyle of senior citizens. The rate of interest is concessional for old aged citizens.

Income: To avail a Personal Loan, you must have a stable income source. Both salaried and self-employed individuals can apply. Salaried people need to have a minimum of 15000 to 20000 of monthly income to apply for a Personal Loan. While, business owners need to prove the stability of business income to be eligible for the loan. The minimum income cap varies as per the location.

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.

How to avail Personal Loan in Mumbai for the first time?

Mumbai is the city of opportunities and absorbs the highest number of migrants annually in the country. So whether you are a resident of Mumbai, or have just changed your address to the Bollywood city, it is imperative to understand how to make your loan application strong and avail fast credit approval.

Some of the factors that will help you avail a swift loan approval include credit history, credit score, income, availability of documents.

Credit History

Your past credit history and credit score play a crucial role in determining your creditworthiness. So, have a clean credit repayment history to back up your loan application. However, if you have defaulted in the past or have a poor credit history, it is recommended to work on building a clean credit past before applying for the loan.

In case you do not have a credit history, you must build one now.

If you have been employed for the past 6 months, you must apply for a credit card and use it to build a repayment history. It indeed is one of the fasted ways to build a good credit score. Alternatively, you can avail credit against fixed deposit, bank deposit, or other investments. Being a secured loan, it would involve lesser hassles and will cost you less.

Once you have obtained a credit product, begin repaying the monthly liabilities on time. As you build a credit history, it would reflect financially responsible credit behaviour in your credit information report.

After the lender receives your loan application, your application is assessed to gauge the lending risk involved. Based on your credit rating, the lender will define the loan interest rate and other terms of the agreement. Higher is the credit score; better are your chances for low-interest rate and easy terms of the loan.

In case you are not eligible for the required loan amount, consider co-applying with your spouse or other family member who has a good credit score.

A lot of borrowers avail their first Personal Loan at a higher rate of interest due to poor score or no credit score. In most cases, you can transfer the balance of your loan and avail a better rate of interest from other lender within a couple of years of availing the first loan. In many cases, your lender may also agree to switch your loan to other product at a lower rate.

There is no hassle, whatsoever in finding the Personal Loan in Mumbai.

OTP is sent to your mobile number

Enter OTP

Resend OTP