Quick and easy approval for Personal Loans in Mumbai CreditMantri matches your credit and demographic profile to lender's Personal Loan lending criteria - others just match your demographic criteria. We shortlist lenders willing to lend to you Personal Loans in Mumbai, based on our proprietary matching algorithm.
In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. We upfront check whether you qualify for Personal Loan in Mumbai Hence the chances of your Personal Loan application getting approved is higher. We even try our best to help people with low CIBIL Score, get a Personal Loan in Mumbai.
Do you live in Mumbai? Are you looking for a personal loan in Mumbai and wondering what your options are? Read on!
What is a personal loan?
A personal loan can come in handy in times of need—it is one of the easiest loans to avail because there is relatively little documentation required, unlike a home or auto loan. Also you do not need to offer any collateral or guarantor to avail the loan.
Purpose: The end use of the loan could be anything—from servicing your existing loan obligations, to cash for funding your dream vacation, purchase of consumer durables, cash for business expansion or for any other emergency purposes—say a medical treatment or to get over a sudden job loss. Whatever the need be, make sure that you are aware of the monthly EMI obligations so that you have your finances planned seamlessly.
Criteria: The pre-requisite to getting a personal loan without any hassles is having a healthy credit history and a solid credit score. Your relationship with the lender is also considered while sanctioning the loan. You may be eligible for pre-approved offers with your current bank/lender.
Amount: Based on your actual requirement, repayment capacity, and existing loan obligations, lenders can approve loan amount ranging from a few thousands to lakhs of rupees.
Key features of a Personal Loan:
Disadvantages of a personal loan:
Personal loans are one of the costliest loans in the market with high interest rates, since they are unsecured by any collateral or security. The interest on a personal loan could go up to as high as 32% p.a. or even more, depending on your individual credit profile and other factors.
All major banks and NBFCs offer personal loans in Mumbai. Popular banks and NBFC’s that offer personal loans in Mumbai include: yes Bank, ICICI Bank, Kotak Mahindra Bank, Punjab & Sind Bank, Bank of India, ICICI Bank, HDFC Bank, IDBI Bank, SBI, Central Bank of India, Canara Bank, Axis Bank, Fullerton, Shriram Finance, Citibank, Mahindra Finance, Bajaj Finance, etc.
Personal loans in Mumbai for salaried, self-employed, business people and NRIs are available.
A good CIBIL score is a pre-requisite for availing any kind of loan. If you are a CIBIL defaulter, it can get very difficult get any new credit, let alone a personal loan.
You could perhaps approach a personal loan provider in Mumbai that offer special loans for defaulters. Be prepared for high interest rates since the lender will want to safeguard against default.
It is not entirely impossible to avail a personal loan with bad credit—it depends on the severity of your credit situation, and the relationship you share with your lender.
It is advisable to first pull out your credit report and understand your credit situation before applying for any kind of loan. Depending on your credit situation, it can take anywhere from 4 months to 12 months to get your credit score to a healthy number.
You can check your eligibility for a personal loan in Mumbai online, on the lender’s website.
For salaried / self-employed professionals:
Following are an overview of the documents generally asked while applying for a personal loan in Mumbai:
For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.
Lenders usually offer a low interest rate to those who have a good credit history. It is generally advisable to have a credit score of 750 or above to qualify for a personal loan in Mumbai with low interest rates. The higher your score, the better are your chances of being approved. A customer with a good credit score has a good chance of availing more attractive terms and conditions, like a reduced interest rate and other favorable terms and conditions.
How do I check my eligibility for a personal loan?
Many banks and NBFCs have an eligibility calculator on their website, using which you can determine if you fulfill their criteria.
What is the interest rate offered on a personal loan?
The interest rate varies with each customer depending on his/her income, credit score and repayment history amongst several other factors. Check with various lenders and compare the base interest rate that is being offered. Personal loans are some of the most expensive loans and it is important to check the rate so you can plan your repayment accordingly.
What is the minimum and maximum loan amount for salaried people?
The loan amount depends on various factors like your net annual income, your repayment behavior, your credit score, credit history and your requirement.
My personal loan application is rejected even though my credit score is good. Why?
While applying for a personal loan, make sure you apply for a sum that is possible for you to repay within a reasonable tenure. If you apply for too large an amount compared to your net monthly income, you might be rejected. Other factors might include your current income, employment stability, other loan obligations etc.
Do I have to pledge any collateral in order to secure a personal loan?
No collateral or security is required for obtaining a personal loan in Mumbai.
How do I repay the loan?
You can repay the loan amount in convenient EMI (Equated Monthly Instalments) which is the monthly amount you need to pay your lender towards servicing your personal loan—interest included.
There are several ways to apply for a personal loan:
Need help? Alternatively, if you think you need help with your personal loan application and advice on loan eligibility, then CreditMantri can guide you through the entire process and match you with the loan offer that best suits your unique credit profile.