Personal loan in Mumbai

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Personal loan in Mumbai is offered by various banks and NBFCs. It is an unsecured loan, wherein the lending institution does not demand collateral. Mostly, this type of loan is offered to salaried individuals. However, there are special schemes for doctors, Chartered Accountants, consultants, lawyers, government employees, and others. The personal loan interest rates applicable are much lower than that on credit cards, making the borrowing option an affordable one to fulfil emergency or planned expenses.

On you can apply for a personal loan Mumbai.

Personal Loan in Mumbai Details Updated
Loan Amount Rs. 1 Lakh to Rs. 1 crore
Loan Tenure 1 Year to 5 Years
Interest Rate 10.99% - 16.00%

Why Take a Personal Loan in Mumbai?

As a ‘city of dreams’ and ‘financial hub’ of India, Mumbai is well-known for its urban lifestyle and high cost of living. It has one of the highest property rates in the country. Due to hike in expenses, you may feel the need of additional funds to take care of certain monetary needs. Thus, several financial institutions offer pocket-friendly funding options in form of personal loans in Mumbai, to cater to any kind of expense, such as:

What Do You Require to Apply for a Personal Loan Mumbai?

A personal loan can be availed online. All it requires is minimal documentation. You have to submit KYC documents, income proof, recent bank statements, recent passport-sized photographs, and any other documentation asked by the financial institution. Below-provided are a few essential criteria to avail Mumbai personal loan.

How Loanbaba Helps You With An Ideal Personal Loan Scheme?

One of the easiest ways to choose a good personal loan offer is to compare the offers across banks and NBFCs in Mumbai. Now, doing so manually by visiting each and every financial institution could be tedious, and here is where Loanbaba steps in. Our online platform offers all the personal loan details by partnered banks and NBFCs, so that is simple for you to compare the offers, and pick the ideal one. It takes less than 2 minutes to apply for a personal loan online in Mumbai on our website.

Personal Loan in Mumbai FAQs

Below provided are important questions about personal loan in Mumbai.

1. How many banks you can approach to at a time for a personal loan?

Making too many enquiries for credit with banks and NBFCs can negatively affect your credit score. Financial institutions do a hard pull on your credit report to analyze your loan eligibility. This is why; you must compare personal loan offers online on Loanbaba to know the most suitable borrowing option.

2. What is the ideal CIBIL score to get a personal loan?

CIBIL score of 750+ is ideal to get an approval on your personal loan application. Any lower credit score may lead to rejection of the loan application or a loan approval on a higher rate of interest.

3. How much is the processing fee?

Processing fee on a personal loan can go up to 2% to 3% of the principal borrowed. This amount is non-refundable.

4. Is there an option for prepayment and foreclosure?

You can prepay your loan and close it early. However, a penalty from 1% to 3% can be charged for the same. Remember to check out the prepayment and foreclosure fee before you sign the loan agreement.

5. What is the criterion regarding employment to avail the loan?

Work experience of at least 2 years is mandatory to avail the loan. A stable job with regular income is a must. If you have changed too many jobs in a short period of time, the financial institution may not readily approve your loan application.

6. How soon will Loanbaba respond to your loan application?

We at Loanbaba, help you get the best loan proposal as per your profile match with eligibility requirements set by financial institutions for personal loans in Mumbai. Your application will be then sent electronically to the respective bank/NBFC, upon which a lending decision will be taken. If your loan application is approved by the lender, the details of it will be communicated to you immediately.

You can keep a track of your loan application online by login into the website. As loan approval depends on the lending decision of the bank/NBFC, we at Loanbaba can take up to two working days or more to respond to your loan request.

7. Can a personal loan help you with business needs?

To address business needs, a personal loan can be helpful. However, it is better to choose a business loan for a business purpose, as it gets easier to put the financials in place, and evaluate the taxes correctly.

8. What is the difference between a personal loan and a loan against property?

Though both the above-mentioned loans can be taken for any purpose, these are entirely different in entity. Firstly, a personal loan is of a shorter tenure up to 5 years, while a property loan is up to 15 years or more. The former is an unsecured borrowing, and the latter a secured one, where the property in question serves as collateral. The rate of interest on a property loan can be lower than that applicable on a personal loan. The quantum of finance is higher in case of a property loan.

9. What are the alternatives to a personal loan Mumbai?

You can opt for a gold loan in Mumbai as an alternative to a personal loan. Here, the loan amount will be decided on the gold weight and purity. The asset will be kept as collateral with the financial institution until you repay the loan. Another option is a small cash loan by loanbaba, wherein you can borrow between rs. 10,000 and rs. 1 lakh up to 6 months. here, you can get the funds in just a few hours (maximum 24 hours) of the loan approval.

10. What happens when you default on a loan?

If you do not pay the EMIs on time, then your credit score will be negatively affected, as your credit history is reported to the credit bureaus. The details of default can stay on the credit report for many years, making it difficult for you to take out a new loan in the future. Thus, you must ensure timely payments towards the loan.