Personal Loan in Mumbai

A personal loan can provide timely support without any collateral – whether it’s a Rs 1 lakh relocation fund, a Rs 5 lakh wedding expenditure, or just bridging the gap between paychecks during an emergency.

You no longer have to walk into multiple bank branches. You can explore offers from multiple top lenders online (like Axis Bank, IndusInd Bank, Tata Capital, HDFC Bank), compare rates, and apply on Paisabazaar right from your home or office.

List of Top Banks and NBFCs Offering Personal Loans in Mumbai

Personal Loan Amounts and Interest Rates in Mumbai

Most lenders in Mumbai offer personal loan amounts of up to Rs 40 lakh at interest rate of 10.50% p.a. onwards, based on:

• Your monthly income: Usually minimum Rs 15,000 for salaried and Rs 5 lakh p.a. For self employed applicants
• Credit score: 750+ preferred
• Employer type: MNC, private, government
• EMI/NMI Ratio: Within 50-55%
• Employment/Business Continuity: Usually 1 year of employment stability/3 years of business continuity

What Do You Need to Apply?

Basic Documents for Personal Loans in Mumbai:

• PAN and Aadhaar for identity verification
• Salary slips (last 3–6 months)
• Bank account statements (recent 3–6 months)
• Employment proof (offer letter or company ID)

No Paperwork for Pre-Approved Offers:

If you’re an existing customer with a bank/NBFC, you may be eligible for pre-approved personal loans with zero documentation. The lender already have the KYC details such as Aadhaar Card, PAN Card, income details, loan repayment history (in case of borrowers), etc. This eliminates the need for submitting fresh documents by those existing customers.

Why Use Paisabazaar in Mumbai?

 Paisabazaar helps you:

• Compare 30+ top lenders without applying separately
• Get instant pre-approved offers
• Apply 100% digitally—no need to visit any branch
• Check your credit score for free
• Get support for quick loan disbursal

Need Rs 5 Lakh for a Major Expense in Mumbai?

Skip the long queues and multiple applications. With Paisabazaar, you can instantly explore personalized loan offers from 30+ top lenders – including pre-approved ones. Compare interest rates, EMI and repayment tenure, know your credit score side-by-side all from a single platform, without stepping out. Enjoy a 100% digital process designed for speed and convenience.

All you need to:

• Download Paisabazaar App or click anywhere on the apply section of the website.
• Fill in employment type, annual income details, salary bank account, current residence city etc, to get your best offers on personal loan.
• You will also be able to know your chances of approval.

Local Safety Tips for Taking Personal Loans in Mumbai

• Download apps only from official app stores.
• Avoid sharing Aadhaar, PAN via WhatsApp or unknown links.
• No legitimate lender will promise approval without eligibility checks.
• Never pay upfront processing fees to unknown entities.
• Read the fine print before signing.
• Ask for a full loan agreement and review the total cost of borrowing—not just interest rate.
• If you suspect fraud, report it to:
  • Cyber Crime Cell, Mumbai
  • Google Play Store or App Store (for fake apps)
  • RBI Sachet Portal (https://sachet.rbi.org.in)

FAQs on Personal loan in Mumbai

Can I get a loan in Mumbai with a Rs 20,000 monthly salary?

Most lenders require a minimum monthly income of Rs 15,000. Some NBFCs and fintech lenders offer loans to low-income applicants but at a higher interest rate.

Is it safe to take a loan from a digital lender in Mumbai?

Make sure the lender is RBI-registered before applying for a loan. Use trusted platforms like Paisabazaar to avoid fraud.

How quickly can I get a loan in Mumbai?

It is safe if the app is RBI-registered or partnered with an RBI-licensed NBFC/bank. Avoid unknown or unverified apps that could misuse your data.

I work in the gig economy. Can I get a personal loan in Mumbai?

Some lenders offer loans to delivery partners, freelancers and gig workers based on alternate income proofs like bank statements or ITR. The loan application approval depends on your repayment capacity, financial stability, credit score, minimum income, etc.

Will changing jobs recently affect my loan approval?

If you’ve changed jobs within the last 2–3 months, some lenders may consider you a higher risk as employment stability is one of the factors in the loan approval process. You may need to wait until you’ve completed the minimum job experience criteria set by the lender.