Personal Loan Mumbai

What is Personal Loan Mumbai

A personal loan is an unsecured loan which helps you to meet your current financial crises. You don’t need to pledge any security or collateral while applying for a personal loan and the financial institution provides you with the flexibility to use the funds as per your need. Apply Online for the Personal Loan in Mumbai via and get instant approval.Personal Loan Mumbai

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What is the Eligibility criteria for Personal Loan Mumbai?

Both Self-employed and Salaried applicants can avail a personal loan, but the criterion is different for both applicants.

For Salaried:

  • Firstly, the borrower should be an Indian citizen.
  • Secondly, the applicant’s age should be at least 21 years.
  • Next, the applicant’s age should not be above 60 years.
  • After that, the borrower should be working in a company from the last three months.
  • Lastly, minimum salary of the customer should be Rs 25,000 per month.

For Self-Employed:

  • Firstly, the borrower should be an Indian citizen.
  • Secondly, the applicant’s age should be at least 25 years.
  • Next, the applicant’s age should not be above 65 years.
  • After that, the person should be carrying his/her business for at least three years.
  • Next, the customer should be filing his/her Income Tax Returns at least for three years with a minimum amount of Rs. 2.5 lakhs.

To know more about: Personal Loan Eligibility

What are the Documents Required for taking Personal Loan Mumbai?

  • First of all, one need 2 coloured passport sized photographs.
  • Then, one must have some documents for identity, Residential, and Income proofs.
  • So, one need to submit PAN card or Aadhar card or Voter Id card or Driving license or Passport as their Identity and Residential proof.
  • Lastly, one needs a bank statement or his salary slips of the last 6 months as income Proof. Also, for self-employed, one need to add his/her income tax return statement of the previous 3 years.

What is the minimum Interest Rate of Personal Loan in Mumbai?

Usually, the interest rate is 10.75% p.a. But it continues to vary with time due to various factors like the amount of credit, bank, and so on.

More About: Interest Rates on Personal Loan

Pre-closure Charges

Personal Loans avails the client with Pre-closure facility, but it adds some penalty charges. Generally, these charges are 0-2%.

What is the maximum Tenure of Personal Loan Mumbai?

A person is free to select his tenure of the loan from 1 year to 5 years. It completely depends on his/her requirement.

How you can Repay the Loan Amount?

A personal loan has 3 repayment modes:

  1. Term Loan – Under this, the client pays the banker per month interest rate, and in the end, he/she will pay the principal amount.
  2. Overdraft – Overdraft facility provides the client to pay only the used amount for that particular time of the credit. Also, there are no interest charges.
  3. EMI – EMI under which the bank makes the instalment of a part of interest rate and principal after which the client needs to pay it per month.

What are the important features of the Personal Loan Mumbai?

  • The client can apply online in 2 minutes. The Personal Loan is available offline as well, however, the online mode is quite hassle-free. You can visit our website,
  • It is an unsecured loan, so it doesn’t involve any asset as collateral. Credit is provided as per the income or salary of the client.
  • Also, the client does not have to follow any rules and restrictions on the end use of credit.
  • Moreover, tenure of the loan is flexible.
  • Furthermore, it takes merely 30 minutes to get the approval of Personal Loan only if the client is fulfilling the eligibility.

Where you can use the Personal Loan Amount?

A personal loan amount is used for multiple purposes. Following are some of them:

  • Wedding – a personal loan can be utilized for wedding purposes, which involves a large amount of funds. For such reasons, a person can get a Personal Loan comfortably.
  • Education – Personal Loan can help a person to have quality education for himself or his child.
  • Medical – You can never know when you face a medical emergency and get out of cash. In such a case, a personal loan is the best option.
  • Vacations – Everyone wants to go on Vacations and enjoy completely. But this can cost you heavier. So in such a situation, a personal loan can be beneficial.

About Mumbai

Mumbai is the major city of the Indian state of Maharashtra. As per 2011 India census, it is the most populous city in India with a population of 12.4 million.