Mumbai City

Erstwhile called as Bombay, the city is also known as the financial and entertainment capital of India. Mumbai is the state capital of Maharashtra.  It is the most populous city of India. 

Many big financial institutions such as the Reserve Bank of India, the Bombay Stock Exchange, the National Stock Exchange and the Securities and Exchange Board of India have headquarters in the city.  Many nationalized banks, mutual fund house and insurance companies have head offices in the city. The city houses the Hindi film industry—Bollywood while it also has the largest slum population in India. A large number of migrants come to the city every year in search of job.  As these people come from various part of the city, Mumbai enjoys a multi-cultural environment. If you need a personal loan in Mubai, you will get a lot of options, explore them and choose the best.

Personal Loan

Personal loans can help you meet all your financial needs effectively. You need funds for sending your kid for education abroad or are short of funds for making down payment for your house. You can look for a personal loan from your bank or non-banking financial institutions. Personal loans are hassle free. You can get them almost instantly through both online or offline mode. Many banks give the in principle approval in almost two minutes.

Features

  • If you are a resident Indian, you can avail personal loan for any purpose other than speculative purpose.
  • You can transfer you balance to another bank offering a lower interest rate
  • Prepayment option is available in case of personal (bank may charge prepayment charges)
  • The tenure can go upto 60 months
  • You can repay the loan through post dated cheques or ECS or auto debit
  • N o need to provide any collateral or guarantor

Benefits of taking personal loan

  • There are no limitations on the end use of the loan
  • Approvals are very fast
  • If you are an existing customer the documentation process is quite fast. Even new customers can get loan within 72 hours time.
  •  This loan is also available to first time borrowers
  • The personal loans are available at cheaper interest rates compared to private lenders and credit cards. 

Documentation process for personal loan in Mumbai

Salaried

Self-employed

Any one ID proof-Passport, driving license,  voter ID and PAN card

Proof of identity, address proof and DOB proof for KYC

Residence proof- leave and license agreement, water and electricity bills not older than 3 months

Residence proof- leave and license agreement, water and electricity bills not older than 3 months

Salary slips for last 3 months

Audited financial for the last two years for income proof

2 passport size photograph

Address proof of office

Latest 3 months bank statement  (where salary income is credited)

Proof of residence or office ownership

 

Proof of business continuity

Eligibility criteria  for people applying personal loan in Mumbai

Criteria

Salaried

Self-employed

Age

21-60 years

25-65 years

Income

Minimum Rs 15,000

Turnover of Rs 15-40 lakh and minimum PAT of Rs 1 lakh for professionals and 2 lakh for proprietorship , should be in current business for at least 5 years and minimum 3 years for doctors

Loan amount

Rs 15 lakh

 

Rate of interest

12.99%-15.50%

12.99% to 20%

Loan processing charges

1.5%-2.5%

1.5%-2.5%

Prepayment/ foreclosure charges

Nil-5%

Nil-5%

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