Personal Loans In Mumbai
Mumbai is the financial hub of India. For years now it has been the dream destination of millions of youth from every corner of the nation. Some come looking for work, others for entrepreneurship opportunities, and yet others keen on making it in the entertainment industry and Bollywood.
Mumbai also has the highest cost of living compared to any other place in the subcontinent. It is thus very difficult for any one starting their career in Mumbai to manage without some form of financial assistance. Luckily there are several banks and NBFCs that offer you and others like you a personal loan in Mumbai. This personal loan can be availed with relative ease. IIFL Finance for e.g., offers instant online personal loans. This makes it very easy especially if you are from another city and have received a job offer in Mumbai. You can book your flight and apply for a personal loan at the same time. By the time you arrive in Mumbai, the loan amount will have been transferred to your bank account!
Personal Loan EMI Calculator
Click on this link to use the personal loan calculator to calculate the EMI on a personal loan if you think you may need one.
Features & Benefits of Personal Loan in Mumbai
Features of a Personal Loan in Mumbai:
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The quantum of Loan in Mumbai starts at INR 5000/- and goes up to INR 500,000/-
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Interest rates range from 12.75% to 44% and depend on a host of factors
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Loan Tenures range from three months to three and a half years
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Documentation for a Personal loan in Mumbai is simple. You only need your PAN, Aadhar and Bank Statement
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Processing Fees are affordable – ranging from 2% to 6% of the loan amount
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GST on the loan in Mumbai is charged on the processing fee
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Fixed Convenience Fee of INR 500/-
Benefits of Personal Loan in Mumbai:
There are several benefits associated with a personal loan in Mumbai:
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This unsecured loan in Mumbai is completely collateral free
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It can be used for any purpose. No questions asked. No strings attached.
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Interest rates on the personal loan start as low as 12.75%
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Repayment terms are flexible and easy
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EMIs are flexible and depend on your repayment ability
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Documentation is minimal
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Processing of a personal loan in Mumbai is simple and quick. The processing time for the loan could sometimes be just five minutes
Eligibility Criteria for a Personal Loan in Mumbai
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Age at Entry: 23 for salaried persons; 25 for self employed
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Age at Loan Maturity: For Salaried – 60 years/retirement age; For Self-employed – 65 years
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Financial Stability: If you are a salaried person, you should have a steady job and employment history of at least one year; if self-employed, business history of at least three years
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Credit Score: You should have a credit score of 700 +
Documents Required For Personal Loan in Mumbai
The documentation required for an instant personal loan in Mumbai is minimal and simple. It includes
Your PAN, Aadhar and Bank Statements is all you need. The bank statement could either be your Savings Account statement or your Current Account Statement. In addition, do ensure your mobile number is linked with your Aadhar card by the UIDAI.
Personal Loan Interest Rates in Mumbai
IIFL Finance offers affordable interest rates on Personal Loans in Mumbai. The interest rates range from 12.75% to 44% depending on several criteria such as tenure, credit score and your financial stability. The table below will help you understand how interest rates and tenures affect your EMI and interest.
| Loan amount (INR) | Tenure in Months | Interest Rate (% p.a.) | EMI (INR) | Total Amount to Repay | Total Interest Paid |
|---|---|---|---|---|---|
| 50000 | 12 | 12.75 | 4460 | 53520 | 3520 |
| 50000 | 12 | 25 | 4752 | 57027 | 7027 |
| 50000 | 24 | 25 | 2669 | 64046 | 14046 |
How to apply for Personal Loan in Mumbai:
Applying for an Instant Loan in Mumbai is very simple.
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Click on the “Apply Online” button
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Fill in the required details online
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Key in the OTP received on your phone
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Fill in the amount you need
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Click on the “Submit” Button to complete your application for a Personal Loan in Mumbai
Find the Right Personal Loan for You
When looking for a personal loan, it's important to find one that suits your specific needs and financial situation. Here are other personal loans offered by IIFL Finance.
Personal Loan in Mumbai FAQs
You can borrow from INR 5000/- to INR 500,000 when you apply for an online personal loan in Mumbai if you are able to demonstrate your ability to repay the loan within a maximum of three and a half years.
You can avail a quick personal loan in Mumbai if you are a citizen of India. If you are a salaried individual, you must be at least 23 years while applying. In addition, your loan tenure should not extend beyond your retirement age or 60 years of age, whichever is earlier. If you are self-employed, you need to be at least 25 years while applying and complete repayment before the age of 65.
Whether salaried or self-employed, you need to have a good credit score of 700 and above. Equally important is your financial stability – you must demonstrate your ability to repay the EMIs in a timely fashion.
The EMI you pay will depend on three factors – the loan amount, the repayment tenure and the interest rate assigned. For e.g., if you take a loan of INR 5000/- for 3 months, at the rate of 12.75%, the EMI will be INR 1,702 per month.
However, if you take a loan of INR 500,000/- with an interest rate of 44% and a tenure of 42 months, the EMI you pay on the instant personal loan in Mumbai will be INR 23,515.
You can use the instant Personal Loan EMI calculator to help you calculate the EMI as per the loan and tenure
You do not need any collateral to avail a personal loan in Mumbai.
Tenure options for personal loans in Mumbai offered by IIFL range from 3 months to three and a half years
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