Personal Loan in Mumbai

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 loanbaba.

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.

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

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.