Interested in financial products
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Processing

Max Tenure

24 to 48 Months.

Best Rate

11% P.A

Processing Fee

2.25%

View Details

Features

  • 100% Online Process.
  • No Foreclosure Charges.

Pricing

  • Interest rate: 0.92% P.M.
  • Processing fee: Upto 2.25%

Documents Required

  • ID Proof.
  • Address Proof.
  • Bank Account Details with E-Mandate Facility.

Your application will be subjected to Bureau Enquiry.

Max Tenure

6 - 36 Months.

Best Rate

14.04% P.A

Processing Fee

4%

View Details

Features

  • Lower Interest Rates.
  • 100% Online Process.
  • Minimal documentation.

Pricing

  • Interest rate: 1.17% P.M.
  • Processing Fees: From 4%

Documents Required

    Documents Required - Salaried
  • ID Proof.
  • Address Proof.
  • Income proof (Latest 2 salary slips & Last 3 months'bank statement).
  • Form 16/ITR.

Max Tenure

2 yrs

Best Rate

18%

Processing Fee

3-4%

View Details

Features

  • Complete Online Process
  • Minimal Documentation
  • Faster Disbursal

Pricing

  • Processing Fee - 3 to 4 % of Loan Amount
  • Interest Rate Starting at - 18%

Documents Required

  • Proof of identity and proof od address - (Pan Card and AadharCard)
  • Proof of income - Salary Bank Statement

Max Tenure

12-72 Months.

Best Rate

12% P.A.

Processing Fee

1.0%

View Details

Features

  • Hassle free Process.
  • Flexibility of Repayment.
  • No end use requirement.

Pricing

  • Interest Rate: 0.92% p.m.
  • Processing Fee: Upto 2.50%

Documents Required

  • Income Proof (Latest 3 salary slips).

Max Tenure

12 - 60 Months.

Best Rate

12.96% P.A

Processing Fee

2.5%

View Details

Features

  • Quick loan processing.
  • Minimal documentation.
  • Affordable Rates & Charges.

Pricing

  • Intrest Rate-1.08% p.m.
  • Processing Fee - From 2 - 3.5%.

Documents Required

  • ID Proof.
  • Address proof.
  • Income proof (Latest 2 salary slips & Last 3 months'bank statement).
  • From 16/ITR.

Max Tenure

3 - 60 Months

Best Rate

16% P.A.

Processing Fee

2% - 5%

View Details

Features

  • Choice based loan offers available - Bureau Based & Banking Based
  • ROI & Tenure will differ basis the loan offer chosen
  • Disbursement within 24-28 Hours
  • Complete Digital Loan Process
  • No Income Documents Required

Pricing

  • Interest rate: 1.33% P.M.
  • Processing Fee: 2% - 5%

Documents Required

  • Proof Of Identity & Proof of Address
  • Bureau Based Offer - No Income Documents
  • Banking Based Offer - Last 3 Month Bank Statements

Upon applying you provide Incred to pull your bureau Details to check the loan eligibility.

Max Tenure

12-72Months

Best Rate

11.04% P.A.

Processing Fee

3%

View Details

Features

  • Loan upto 35 Lakhs
  • Flexible Tenures upto 6 years
  • Faster Loan Process

Pricing

  • Interest rate: From 0.92 P.M.
  • Processing fee: 1% to 3%

Documents Required

  • Last 3 Months Payslips
  • Last 6 Months Bank Statements
  • Proof Of Identity (Voter ID,Passport,Driving License,Aadhar Card)
  • Proof Of Address (Ration Card, Electricity Bill, Passport)
  • Proof Of Employment & Ownership - If Required

Loan Amount

1_5L

Max Tenure

36 Months.

Best Rate

Nil*

Processing Fee

Nil*

View Details

Features

  • Quick loan processing.
  • Minimal documentation.
  • Min Eligiblity Criteria.

Pricing

  • Interest rate - 20% to 36% P.A.
  • Processing fee - From 2.5%.

Documents Required

  • ID Proof.
  • Address Proof.
  • Salary slip and appoinment Letter (for amber Customers).
  • Income proof (3 Months BS )

Max Tenure

12 - 72 Months.

Best Rate

11.04% P.A.

Processing Fee

2.50%

View Details

Features

  • Minimal Documentation.
  • Hassle Free Process.
  • Quick loan processing.

Pricing

  • Interest Rate: 0.92% P.M.
  • Processing fee: 2.50%

Documents Required

Max Tenure

2 - 60 months

Best Rate

15.96% P.A.

Processing Fee

2%

View Details

Features

  • Disbursal in 116 seconds.
  • No foreclosure charges
  • 100% Online Process

Pricing

  • Interest rate: 1.33% P.M.
  • Processing fee: From Rs. 399 upto 2% on Loan amount

Documents Required

  • ID Proof.
  • Address Proof.
  • Income proof (Salary slip,bank statement).

By agreeing and accepting the terms and conditions set out herein, you provide your express consent to Social Worth Technologies Private Limited to access the credit bureaus and credit information report and credit score. You also hereby irrevocably and unconditionally consent to the usage of such credit information being provided by credit bureaus.

Max Tenure

12 - 60 Months.

Best Rate

12.96% P.A.

Processing Fee

1%

View Details

Features

  • Minimal Documentation.
  • Quick loan Processing.
  • Balance Transfer Facility.

Pricing

  • Interest rate: 1.08% P.M.
  • Processing fee: From 0.75 - 2%

Documents Required

  • ID Proof.
  • Address Proof.
  • Income proof (Latest 2 salary slips & Last 3 months'bank statement).
Ujjivan Personal Loan

Ujjivan Personal Loan

4

Max Tenure

5 yrs

Best Rate

15.5%

Processing Fee

2.0%

Edelweiss Salaried Personal Loan

Edelweiss Salaried Personal Loan

4

Max Tenure

nil*

Best Rate

23.0%

Processing Fee

2%

MyMoneyMantra Personal Loan

MyMoneyMantra Personal Loan

4

Max Tenure

1-5 yrs

Best Rate

10.75%

Processing Fee

2%

RBL Personal Loan

RBL Personal Loan

4

Max Tenure

5 yrs

Best Rate

13.99%

Processing Fee

2%

HDB Personal Loan

HDB Personal Loan

4

Max Tenure

1.6 yrs

Best Rate

18%

Processing Fee

2%

Bajaj Finance Personal Loan

4

Max Tenure

5 yrs

Best Rate

14.75%

Processing Fee

2.25%

ICICI Bank Personal Loan

ICICI Bank Personal Loan

4

Max Tenure

5 yrs*

Best Rate

11.49%*

Processing Fee

999₹*

Finzy personal Loan

Finzy personal Loan

4

Max Tenure

6 to 36 Months.

Best Rate

7.99% p.m

Processing Fee

2%

SBI personal loan

SBI personal loan

4

Max Tenure

up to 6 years

Best Rate

15.65% p.a

Processing Fee

1.50%

Navi Personal Loan

Navi Personal Loan

4

Max Tenure

6 years

Best Rate

9.9%-45% p.a.

Processing Fee

Nil

MANAPPURAM Personal Loan

MANAPPURAM Personal Loan

4

Max Tenure

NA

Best Rate

Processing Fee

2%

IndusInd Bank Personal Loan

IndusInd Bank Personal Loan

4

Max Tenure

5 yrs

Best Rate

12.99%*

Processing Fee

0.5%*

Fullerton Personal Loan

Fullerton Personal Loan

4

Max Tenure

4 yrs

Best Rate

17.25% *

Processing Fee

2%

Capital First Personal Loan

Capital First Personal Loan

4

Max Tenure

NA

Best Rate

16%

Processing Fee

2.49%

PNB Personal Loan

PNB Personal Loan

4

Max Tenure

nil*

Best Rate

10.95%

Processing Fee

nil*

Citibank Personal Loan

Citibank Personal Loan

4

Max Tenure

nil*

Best Rate

10.99%

Processing Fee

nil*

Kotak Mahindra Bank Personal Loan

Kotak Mahindra Bank Personal Loan

4

Max Tenure

nil*

Best Rate

11.50%

Processing Fee

nil*

Bank of Baroda Personal Loan

Bank of Baroda Personal Loan

4

Max Tenure

nil*

Best Rate

11.60%

Processing Fee

nil*

Corporation Bank Personal Loan

Corporation Bank Personal Loan

4

Max Tenure

nil*

Best Rate

13.75%

Processing Fee

nil*

Union Bank of India Personal Loan

Union Bank of India Personal Loan

4

Max Tenure

nil*

Best Rate

14.40%

Processing Fee

nil*

Bank of India Personal Loan

Bank of India Personal Loan

4

Max Tenure

nil*

Best Rate

10.99%

Processing Fee

nil*

Canara Bank Personal Loan

Canara Bank Personal Loan

4

Max Tenure

nil*

Best Rate

12.60%

Processing Fee

nil*

IDBI Personal Loan

IDBI Personal Loan

4

Max Tenure

nil*

Best Rate

9.50%

Processing Fee

nil*

Bank of Maharashtra Personal Loan

Bank of Maharashtra Personal Loan

4

Max Tenure

nil*

Best Rate

9.70%

Processing Fee

nil*

Andhra Bank Personal Loan

Andhra Bank Personal Loan

4

Max Tenure

nil*

Best Rate

10.25%

Processing Fee

nil*

Karur Vysya Bank Personal Loan

Karur Vysya Bank Personal Loan

4

Max Tenure

nil*

Best Rate

11%

Processing Fee

nil*

Tamilnad Mercantile Bank Personal Loan

Tamilnad Mercantile Bank Personal Loan

4

Max Tenure

nil*

Best Rate

10.40%

Processing Fee

nil*

HSBC Bank Personal Loan

HSBC Bank Personal Loan

4

Max Tenure

nil*

Best Rate

10.99%

Processing Fee

nil*

Central Bank of India Personal Loan

Central Bank of India Personal Loan

4

Max Tenure

nil*

Best Rate

11.50%

Processing Fee

nil*

Dena Bank Personal Loan

Dena Bank Personal Loan

4

Max Tenure

nil*

Best Rate

11.50%

Processing Fee

nil*

UCO Bank Personal Loan

UCO Bank Personal Loan

4

Max Tenure

nil*

Best Rate

11.45%

Processing Fee

nil*

Allahabad Bank Personal Loan

Allahabad Bank Personal Loan

4

Max Tenure

nil*

Best Rate

13.00%

Processing Fee

nil*

Syndicate Bank Personal Loan

Syndicate Bank Personal Loan

4

Max Tenure

nil*

Best Rate

14.20%

Processing Fee

nil*

Vijaya Bank Personal Loan

Vijaya Bank Personal Loan

4

Max Tenure

nil*

Best Rate

13.50%

Processing Fee

nil*

Indian Bank Personal Loan

Indian Bank Personal Loan

4

Max Tenure

nil*

Best Rate

9.65%

Processing Fee

nil*

Federal Bank Personal Loan

Federal Bank Personal Loan

4

Max Tenure

nil*

Best Rate

11.75%

Processing Fee

nil*

Aditya Birla Personal Loan

Aditya Birla Personal Loan

4

Max Tenure

nil*

Best Rate

11.75%

Processing Fee

nil*

Indian Overseas Bank Personal Loan

Indian Overseas Bank Personal Loan

4

Max Tenure

nil*

Best Rate

14.05%

Processing Fee

nil*

South Indian Bank Personal Loan

South Indian Bank Personal Loan

4

Max Tenure

nil*

Best Rate

10%

Processing Fee

nil*

HDBFS Personal Loan

HDBFS Personal Loan

4

Max Tenure

nil*

Best Rate

13.99%

Processing Fee

nil*

Credy Personal Loan

Credy Personal Loan

4

Max Tenure

NA

Best Rate

1%

Processing Fee

3.0%

India Bulls personal Loan

India Bulls personal Loan

4

Max Tenure

nil*

Best Rate

11.99%

Processing Fee

2.5%

Sorry! We couldn't find any offer matching this category.

What Is A Personal Loan?

A personal loan can come 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 to avail a personal loan.

The end use of a personal 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 purpose, say a medical treatment or to get over a sudden job loss.

Key Features And Benefits Of Personal Loans In Mumbai

  • Easy documentation and quick processing
  • Speedy approvals and disbursals
  • Loan amount ranging from few thousands to several lakhs.
  • Loans for salaried & self-employed individuals.Flexible tenure up to 5 years making repayment easier
  • Interest Rate starting at 9.5% p.a.—depending on your credit history and other factors
  • Over-the-Counter loans available with leading banks, subject to certain conditions
  • Facility to apply online with most lenders
  • Special offers for existing customers like a reduced interest rate, zero processing charges etc.

Availability Of Personal Loans in Mumbai

All major banks and NBFCs offer personal loans in Mumbai. Popular banks and NBFCs 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.

Comparison Of Interest Rates on Personal Loans In Mumbai

Lender

Interest rate in Mumbai

Processing charges in Mumbai

HDFC Bank

10.75% to 21%

2.5%

Kotak Mahindra Bank

10.50% to 16.99%

2.5%

IDFC First Bank

10.49%

Up to 3.5%

Standard Chartered Bank

11% to 15%

Minimum of Rs 1,000

Ujjivan Small Finance Bank

16.50% to 20%

Up to 2%

Citibank

10.50% to 17.99%

0.50% to 3%

Yes Bank

20% to 22%

1%

IDBI Bank

From 9.5%

Nil

Tata Capital

11.25% to 14.49%

3%

Axis Bank

From 10.49%

12.9%

RBL Bank

From 13.99%

2%

Shriram City Union Finance

From 28%

2.5%

Bajaj Finserv

From 11%

2.25%

ICICI Bank

From 10.75%

Rs 999

There are more personal loan lenders in Mumbai like Bank of Maharashtra, IndusInd Bank, Andhra Bank, Canara Bank, Cholamandalam Finance and much more. The options are umpteen and you can choose the best in Mumbai.

Features Of HDFC Bank Personal Loans In Mumbai

  • Doorstep banking and instant approval of personal loans
  • No guarantor required for HDFC personal loans
  • Loan amount up to Rs 40 lakhs
  • Repayment tenure ranging from 1 year to 5 years
  • 24X7 customer care assistance

Features of Bank of Maharashtra Personal Loans In Mumbai

  • Interest rate starting from 9.45% per annum
  • Lowest processing fee of 1%
  • Loan amount up to Rs 20 lakhs
  • Longer repayment tenure up to 7 years

Credit Score And Personal Loans In Mumbai

Credit score plays a pivotal role in determining the creditworthiness of a borrower. It is a complex metric arrived at by considering the number of outstanding liabilities, repayment history, income, etc. A borrower with a credit score above 750 is considered as good and likely to get loans when required. Anything below 600 is a bad credit score which is handled with caution and the lender might charge higher interest rates and request collaterals. Here is a snapshot of the ranking of credit scores.

CREDIT SCORE RANGE

RANKING

750-900

Excellent

700-749

Good

650-699

Fair

600-649

Doubtful

Below 600

Bad

How To Get Personal Loans In Mumbai With A Bad Credit Score?

Non-Banking Financial Companies (NBFC) like Bajaj Finserv, Tata Capital provide loans to borrowers even with a low credit score. However, the interest rates are high when compared to the normal market rates. If you are looking for an unsecured loan even with a low credit score, the NBFCs may offer a lesser amount of loan with shorter EMI tenure.

Alternative financing like Peer to peer (P2P) lending, Crowdfunding can help borrowers who are not able to get loans from financial institutions. The lenders in P2P lending are individuals who wish to invest their money in loans with verified interest rates. There are platforms like Lendbox, Faircent which have verified borrowers. You can get a maximum loan of Rs 5 lakhs in crowdfunding. The advantage is that you can borrow small amounts from multiple lenders at the same time.

Eligibility And Documentation For Personal Loans In Mumbai

1.

Basic Eligibility

The loan applicant must be a resident Indian of age between 21 years and 65 years. Some banks ask for a minimum age of 23 years.

The minimum net monthly income shall be Rs 15,000 for urban areas like Mumbai.

2

Source of Income

The applicant must be in regular employment or have a regular source of income.

Personal loans are available to self-employed individuals like doctors, chartered accountants as well.

In case of employment, the lender expects at least 1 year experience from the current employer.

3

Documentation

Proof of Identity

Proof of Address/Proof of address of office

Proof of continuity of business

2 Passport size photographs

Income proof:

Individuals in regular employment – 3 months’ pay slip latest, 3 years Income Tax return

In case of self-employed individuals – financial statements of 3 years, Income Tax return of past 3 years

If you have joined employment or started your business just before a year, bank statements of last 6 months

4

Loan eligibility

The personal loans are offered from Rs 50,000 to Rs 50 lakhs. The eligibility for the amount depends upon the net monthly income and credit history. For example, With a net income of Rs 15,000 per month you can get a personal loan up to Rs 10 lakh from Bank of Maharashtra.

5

Credit score

650 is expected minimum credit score

750+ can fetch you great offers and higher the amount of loans.

6

Existing loans and obligations

Your existing home loans, credit cards and all obligations will be considered for assessing the eligibility for a personal loan.

The amount that you are already committed on the loans, repayment history, and repayment capacity counts a lot in getting the required amount of personal loan.

How To Apply For A Personal Loan In Mumbai?

Online Apply Via CreditMantri

  • After knowing about all the features of your personal loan, click on “Check Eligibility”
  • Enter the basic details on the application page and click ‘Submit’
  • Enter the mobile OTP for verification
  • Proceed with the rest of the application.

Online Apply Via the Lender’s Website

  • Visit the official website of the lender.
  • Provide your registered mobile number, basic, employment, and business details.
  • If you are already an existing customer of the bank, your application will be processed instantly.
  • Else, the bank’s authorised representative will keep in touch for further steps.

Offline Apply

You can apply offline for personal loans through the bank’s branches in Mumbai, SMS and contacting customer care. Your application will be processed on sufficient scrutiny of your documents.

Personal Loan Customer Care Number in Mumbai

All lenders have dedicated customer care services in place to help Existing consumers to resolve their queries, and give feedback and suggestions. You can reach customer care through various modes such as

  • Telephone
  • Email
  • Visiting the bank
  • Mailing the bank
  • Contacting nodal officers

Personal Loan Status in Mumbai

Those who have applied for a personal loan can check the status of the loan application through the following ways:

  • Online on the lender’s website
  • Netbanking
  • Calling customer care
  • Visiting the bank’s branch

Personal Loan Rejection in Mumbai

There are chances that your personal loan may be rejected. The reasons could include having a poor credit score, not having a stable monthly income, having too many debts on hand, and not fulfilling other eligibility criteria set by the lender. Personal loan rejections can cause your credit score to dip and also increase the number of hard inquiries.

Personal Loan EMI Calculator

It is ideal to compute your EMI before taking out a personal loan. This helps you to ascertain your repaying capacity and get a loan amount and tenure according to that.

Personal Loan in Mumbai FAQS

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. What is the EMI for a loan of Rs 2 lakhs?

It depends upon the interest rate and repayment tenure. For example, EMI for 2 year loan tenure @ 11.99% would be Rs 9,414.

8. How will my online application for a personal loan be dealt?

If you are an existing customer of the lender, there are higher chances of instant approval of application. If the lender feels he needs more information on your application, the authorised representative will keep in touch with you.

Mumbai Personal Loan - Customer Reviews

4 / 5 (2 Reviews)
28 Dec 2018

Excellent

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