Personal Loan in Mumbai

Personal loan in Mumbai is offered to salaried individuals. A personal loan is an unsecured form of loan and offered by several banks and NBFCs in the city. Mumbai is the hub of Indian entertainment and finance. It is the state capital of Maharashtra and is one of the most populous city if the nation. Many topmost institutions of India have set up their headquarters in Mumbai like BSE, NSE, RBI, SEBI, etc. Even many public and private sector banks, insurance companies, mutual fund houses have their head office in Mumbai. This city is quite developed which features Bollywood, corporate, industries, and development.

Diverse in culture, Mumbai has a huge working-class population not only from its land but from other states in India. A high percentage of people in Mumbai have demand for funds as living in this city is quite expense, which can leave a person in need of instant cash at times, such as wedding, debt consolidation, medical treatments etc. To fulfill these needs, one can take personal loan in Mumbai. You can compare personal loan interest rates in Mumbai at our website. The Loanbaba.com will provide you all details about Personal loan Mumbai.

About Personal Loan in Navi Mumbai, Mumbai and Thane

Personal loan helps individuals to meet their financial needs. The need can be of any nature like funding education of the children, medical expenditure, renovation of house, marriage, down payment for other type of loans, etc. You can avail personal loan from your bank or any bank/ NBFC. Personal loans are quite easy and convenient which can be availed both online and offline. The procedure is quite quick. Loanbaba.com is your trusted personal loan provider in Mumbai that allows you access funds from leading NBFCs and Banks such as Axis, ICICI, SBI etc.

Features of Mumbai Personal Loan

• Purpose of the loan can be anything. There is no restriction on how the funds have to be used.
• Balance transfer can be done to another bank offering lower interest rate.
• There is an option of prepayment of this loan. Bank may levy prepayment charges for the same.
• Flexible tenure is offered up to a maximum of 60 months.
• There is a variety of repayment options viz. post dated cheque, auto debit (standing instructions) and ECS.
• There is no need of any guarantee or collateral security.

Benefits of Taking Personal Loan in Mumbai

• The end use of funds is not always demanded by the bank.
• The loan is approved and disbursed very fast.
• Documentation and processing of loan is very fast. Generally, sanction is given in a few hours.
• Any type of borrowers may opt for a personal loan.
• The interest rate is cheaper as compared to that of credit card.

Why Apply for Personal Loan Mumbai on Loanbaba.com?

At Loanbaba, you can compare and apply for Personal loans online. You can check out several Personal loan schemes and go through all their features such as quantum of loan, amount of loan, processing fees, interest rates, and other conditions, at one page. We even offer you Personal Loan EMI calculator free-of-cost, through which you can understand the instalment to be paid every month.

You can also quickly apply for Personal Loan online on our website without having to visit the branch. It is simple and easy, and you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.

Mumbai Personal Loan Interest Rates

The personal loan interest rate in Mumbai starts at as low as 10.99% and go up to 18% or more depending on the bank/NBFC you choose, your income profile, existing financial liabilities, eligibility factor, credit score, age, etc. On our website, you can compare interest rates offered on the loan across leading financial institutions and get the best offer.

How Do I Get a Personal Loan with the Lowest Interest Rate in Mumbai?

Here are some of the ways you can get lowest interest rate personal loans for yourself.

• Compare interest rates and offers on our website to know the lowest personal loan rates.
• Maintain a clean record on repayments so that the financial institution readily offers you best interest rate on the loan.
• Strive to keep your CIBIL score above 750, which is considered as a good credit score for personal loan.
• Do not default on existing loans otherwise it will be difficult to get personal loan approval or lower rates.
• Take benefit of seasonal offers by banks and NBFCs, specifically those that offer slashed interest rates.
• Know if your employer has tie-up with banks for better rates.

Documentation for Personal Loan in Mumbai

Generally an identity proof and an address proof are required to sanction a personal loan. Any one out of the standard pool of such documents can be chosen and produced before the bank. Additionally, you need to give 3 latest passport size photographs.

• For salaried employees, there is a requirement of salary slip for last 3 months and bank statement of last 6 months of account in which salary is credited.
• For self employed, the requirements are audited financial statements for the last 2 to 3 years, address proof of the office and proof of business continuity/ ownership.

Eligibility Criteria for Mumbai Personal Loan

Personal loan eligibility may differ from one candidate to another. You can also use free-of-cost Mumbai Personal loan eligibility calculator at Loanbaba.com. The eligibility criteria for Personal loan are discussed below:

• Age limit: 21 to 60 years for salaried employees and 25 to 65 years for self employed.
• Income: Monthly salary of Rs. 15,000 for salaried employees and turnover of Rs. 15 to 40 lakhs for professionals. The minimum PAT for professionals should be Rs. 1 lakh and for proprietorship concerns it needs to be 2 lakh.
• Rate of interest:9% to 15.50% for salaried employees and 12.99% to 20% for self-employed.
• Loan processing charges are between 1.5 and 2.5 percent.

How to Apply for Personal Loan in Mumbai on Loanbaba?

You can apply for Personal loan Mumbai with top banks and NBFCs Personal loan at Loanbaba.com.