Mumbai is India’s financial capital. With a population of more than 18 million people, it’s one of the fastest growing and most populated cities in the world. People from every walk of life live and work in this city of dreams. And in Mumbai, one needs money to fulfill his or her monetary dreams. We, at Ruloans understand these needs of every Mumbaikar as even we operate from the heart of the city. Living in Mumbai is quite expensive so if you are unable to fulfill your small dreams or find yourself inadequate at a moment to pay your bills, we suggest you to get a personal loan.
There are many banks and NBFCs in Mumbai which provide personal loans with easy EMI options and require minimum documentation. But choosing from a plethora of banks and NBFCs can be a little difficult. Here we have listed a few of those financial institutions with their other details:
| Bank | Loan Amount | Processing Fee | Interest Rate | Tenure |
| Qbera | Up to Rs. 7,50,000 | From 2% to 4% | 12% to 24% | Up to 2 years |
| HDFC Bank
|
Up to Rs. 25,00,000 | Up to 2.5% | 10.99% to 20.70% | Up to 5 years |
| ICICI | Up to Rs. 20,00,000 | Up to 2.25% | 10.99% to 17.99% | Up to 5 years |
| Tata Capital | Up to Rs. 20,00,000 | Nil | 11.49% to 21% | Up to 6 years |
| Capital First | Up to Rs. 15,00,000 | Up to 1.5% | 12% to 18% | Up to 5 years |
| Standard Chartered Bank | Up to Rs. 30,00,000 | Rs. 1180 | 10.99% to 14.49% | Up to 5 years |
| HDBFC | Up to Rs. 20,00,000 | Up to 2% | 12.99% | Up to 5 years |
| IndusInd | Up to Rs. 15,00,000 | Up to 3% | 12% to 19% | Up to 5 years |
| Fullerton | Up to Rs. 15,00,000 | From 1.5% to 6% | 14% to 33% | Up to 4 years |
| Kotak Mahindra Bank | Up to Rs. 15,00,000 | Up to 2.5% | 10.99% to 17.99% | Up to 5 years |
| Aditya Birla Finance Limited | Up to Rs. 30,00,000 | Up to 1% | 11% to 13.75% | Up to 5 years |
The above details are as of December 2017.
The interest rates, tenure, loan amounts can change as per the applicant’s eligibility and credit score.
Followings Are The Eligibility Criteria And Documents Required Getting A Personal Loan In Mumbai:
| Particulars | Salaried Borrowers | Self-Employed Borrowers |
| Age | 21 years to 60 years | 23 years to 60 years |
| Income | Rs. 15,000 (Rs. 20,000 in metros) | Turnover of minimum Rs. 24,00,000 (differs for professional and non-professional) |
| Minimum Loan Amount Approved | Rs. 75,000 | Rs. 75,000 to Rs. 3,00,000 |
| Maximum Loan Amount Approved | Rs. 15,00,000 | Rs. 15,00,000 to 20,00,000 |
| Loan Tenure | 12-72 months | 12-48 months |
*The eligibility criteria differ from bank to bank. The above details are generic, not specific.
| Particulars | Salaried Borrowers | Self-Employed Borrowers |
| Identity Proof | Passport, Driving License, Voters ID or PAN Card | Passport, Driving License, Voters ID or PAN Card |
| Address Proof | Passport or utility bills | Passport or utility bills |
| Bank Statement | Latest 3 months of Salary Account | Last 6 months |
| Salary slips for last 3 months | Proof of highest professional degree | |
| Additional Documents | 2 year employment continuity document | Latest Income Tax Return Balance sheet |
| Profit and Loss for last 3 years certified by CA |
*The list of documents differs from bank to bank. The above given list is generic, not specific.
To know whether you are eligible to get a personal loan in Mumbai
