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Personal Loan in Mumbai Details

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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 Loanbaba.com you can apply for a personal loan Mumbai.

• The borrowing amount is from Rs. 1 lakh to Rs. 1 crore.
• The interest rate as low as 10.99%.
• Fixed EMI payment till end of the tenure.
• The tenure is between 1 year and 5 years.
• This loan facility comes with flexibility in end use of funds.
• Disbursal as quick as in 48 hours.

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:

• Home renovation
• Medical emergency
• Travel
• Events
• Wedding
• Debt consolidation
• Purchase of a gadget
• Vehicle repair

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.

• You must meet the eligibility requirement by the bank/NBFC. Usually, individuals of 21-23 years of age can apply for the loan.
• As an applicant, you must draw a regular monthly income (minimum Rs. 25,000), and possess at least 2 years of work experience.
• The loan amount, tenure, and rate depend on your personal credit score, which ideally must be over 750+. A good credit score helps to secure the lowest rate and best offer on the loan.
• The lending institution will take into account your income, age, repayment capacity, credit history, and other factors to approve your loan application.

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.

• You get to compare personal loan offers by banks and NBFCs in regards to the interest rate, fees, charges, tenure, loan amount, EMI amount, repayment options, eligibility criteria, documents required, and everything about the loan scheme on our website.
• Use our free-of-cost personal loan EMI calculator to know the exact EMI amount you have to pay on different combinations of loan amounts, rates of interest, and tenures.
• Take benefit of free-of-charge personal loan eligibility calculator to know the exact amount you are capable of borrowing after subtracting your existing financial liabilities.
• You will receive quick help with loan application process and answers to your queries from our customer support team. Our team will match your profile and loan requirement with eligibility requirements across financial institutions to provide you the best personal loan proposal.
• We charge you no service fee or commission at all. Doorstep service is also available, at no additional cost.