Best Banks for Personal Loan in Mumbai
1% - 2.5% of the Loan Amt
1% - 2.5% of the Loan Amt
Personal Loan in Mumbai Features
Personal Loan Details
10.75% to 24% p.a.
1 year to 5 years
|Pre-closure Charges||2% - 5%|
No guarantor required
A personal loan can help you to get some money for your finances’ needs. This loan is unsecured with minimal documentation and less paperwork. This loan can get approved within just 2 days after all the verification process.
A personal Loan is an unsecured loan that provides financial aid to the customers at affordable interest rates, which can be paid easily.
Any of your requirements can be fulfilled by personal loan Mumbai at very low and affordable interest rates.
Personal Loan in Mumbai Interest Rates – Jan 18 2022
The interest rates in a Personal Loan depends on the company’s profile and salary of a person. The interest rate of personal Loan starts @10.75% per annum.
|Name of the Bank||Interest Rate Range||Processing Fee Range||Loan Amount||Tenure|
|ICICI Bank||11.59% - 18.49% (Fixed)||2.25% (min. Rs.1149) One time fee||Rs.20 lakh (Max)||1-5 Years|
|CitiBank||10.99% - 15.99% (Fixed)||1% to 2.5%||Rs.30 lakh (Max)||1-5 Years|
|Kotak Mahindra Bank||10.99% to 24% p.a.||Up to 2.5% of the loan amount along with GST or service tax||Rs.50,000 to Rs.15 lakh||1 to 5 Years|
|Fullerton India||11.99% to 23.99 p.a.||Information not provided.||Up to Rs.20 lakh for salaried and up to Rs.30 lakh for self-employed individuals||1 to 4 Years|
|Bank of Baroda||11.35% - 14.35%Fixed||Rs.1,000 to Rs.10,000 (One time fee)||Rs.20,000 - Rs.2 lakh||4 Years (Max)|
|State Bank of India||12.90% - 14.90% (Fixed)||1% (One time fee)||Rs.24,000 - 15 lakh||5 Years|
|Aditya Birla||11.5% - 13.25% (Fixed)||Nil||Rs.30 lakh (Max)||1-5 Years|
|Allahabad Bank||Information not provided||1.06% of loan amount||Information not provided.||1 to 5 Years|
|Yes Bank||14% p.a.||Up to 2% (One-time fee)||Rs.2 lakh to Rs.20 lakh||1 to 5 Years|
|Corporation Bank||12.75% to 13.75% p.a.||Up to 1.5% Minimum amount of Rs.500||Up to Rs.3.50 lakh||Up to 5 Years|
Personal Loan Mumbai Fees & Charges – Jan 18 2022
|HDFC Bank Personal Loan||0.25% to 1.50%||
2%, Nil foreclosure charges after 3 months
|Axis Bank Personal Loan||0.50% to 1.50%||Nil|
|ICICI Bank Personal Loan||0.25% to 1.50%||
2%, Nil foreclosure charges after 9 months
|SBI Personal Loan||500/- to 0.50%||Nil|
|Kotak Personal Loan||1% to 2%||
2.25% of fore closure amount if closed 1 month ahead of the tenure.
|IIFL Personal Loan||Nil||Nil|
|Muthoot Personal Loan||Nil||Nil|
|Manappauram Personal Loan||Nil||Nil|
|PNB Personal Loan||0.70% to 1%||Nil|
|Canara Bank Personal Loan||0.01||Nil|
|Andhra Bank Personal Loan||Nil||Nil|
To check Personal Loan Interest Rate for all major banks you can visit: Personal Loan Interest Rates
Documents required for Personal Loan in Mumbai
List of Documents Required for Salaried Applicants
Salaried individuals must submit the following documents in addition to a completed personal loan application form:
|Photo Identity Proof (Any one)||Passport
|Address Proof (Any one)||
Utility Bill (telephone, electricity, water, gas) – less than 2 months old
Salary slips (Last 3 months)
Bank statements for the last 3 to 6 months (showing salary credit)
|Tax Paid (Any one||
IT returns (for 2 years)
|Residence Ownership Proof (Any one)||
|Proof of Job Continuity (Any one)||
Current employment certificate
Current job appointment letter (if more than 2 years have been spent in the same organisation)
Experience certificate (previous employer’s relieving or appointment letter along with job certificate)
|Proof of Investment (if any)||
Fixed assets, fixed deposit, shares, etc.
|Existing Loans (if any)||
Payment Track Record & Sanction letter
One coloured passport size photograph
List of Documents Required for Self-employed Applicants
Self-employed personal loan applicants must submit the following documents in addition to a fully completed loan application form:
|Photo Identity Proof (Any one)||Passport
|Address Proof (Any one)||
Utility Bill (telephone, water, electricity, gas) – less than 2 months old
|Proof of Residence Ownership (Any one)||
|Proof of Office Address and Ownership (Any one)||
|Proof of Business Existence (Any one)||
Copy of GST registration
Company registration license
Shop establishment proof
Last 2 years Income tax returns of the applicant along with computation of income duly attested by a Chartered Accountant
Audited balance sheet and Profit & Loss accounts, including tax audit report, if applicable
Savings/current account bank statement/ bank passbook for the past one year
|Proof of Investment (in case any)||
Investments such as fixed deposit, fixed assets, shares, etc.
|Existing Loans (in case any)||
Payment Track Record and sanction letter
|Professional Degree Certificate||
In case of professionals
One coloured passport size photograph
List of Documents Required for NRI Applicants
When applying for a personal loan, NRI candidates are typically required to submit the following documents:
|Identity Proof||Copy of the passport
Copy of the visa
|Employment Proof||Letter of Appointment
Labour/ Identity card (if applicable)
Official email ID or the HR’s email ID
|Income Proof||Last 6 months’ bank statements
Last 6 months’ salary slips or salary certificate
|Photograph||Passport size photographs|
List of Documents Required for Pensioners
When applying for a personal loan, a pensioner must submit the following documents:
|Identity/Age Proof (Any one)||
Voter ID card
School leaving certificate
|Address Proof (Any one)||Passport
|Income Proof (Any one)||
Last 6 months’ bank statements/salary slips
Copy of pension payment order
Income tax returns
Passport size photographs
Know More About: Personal Loan Eligibility Criteria
Personal Loan in Mumbai Eligibility Criteria
Click here to know about personal loan eligibility
|Age||21 - 60 years||21 - 65 years|
|Minimum Income||Rs.15,000*||Rs.5 Lakh p.a.|
|Co-applicant||Not mandatory||Not mandatory|
|Loan Tenure||12 – 60 months||12 – 60 months|
|Maximum Loan Amount||Rs.40 Lakh||Rs.40 Lakh|
|Employment Type||Employees of private limited companies and public sector undertakings||
|Employment/Business Continuity||At least 2 years; minimum 1 year with current employer||
4 years Post Qualification experience for Doctors/ Chartered Accountants.
5 years Post Qualification experience for Company Secretary / Architect.
|CIBIL Score||750 and above||750 and above|
Resident Indian staying in own house or a rented house
*In cities such as Kochi, Kolkata, Ahmedabad, Pune, Hyderabad, Mumbai, Chennai, Bengaluru, and Delhi the net monthly income required is Rs.20,000
*Note: The eligibility criteria vary from lender to lender.
Check Personal Loan Eligibility with Top Lenders in 2021
|Bank||Age Limit||Minimum Work Experience||
Minimum Income (Per Month)
|SBI||Up to 76 years||NA**||Rs.15,000|
|HDFC||21 to 60 years||2 years||Rs. 20,000|
|ICICI||23 to 58 years||2 to 5 years||Rs.17,500|
|Axis||21 to 60 years||NA**||Rs.15,000|
|Kotak Mahindra||22 to 55 years||1 year||Rs.25,000|
|Tata Capital||21 to 58 years||1 year||Rs.15,000|
|IndusInd||21 to 60 years||2 to 5 years||Rs.25,000|
|Ujjivan Small Finance||22 to 58 years||NA**||
Above the minimum wage limit
|India Infoline Finance Limited||25 to 60 years||6 months to 2 years||Rs.35,000|
|HDBFS||21 to 65 years||1 year to 3 years||
Rs.15,000 for salaried
Rs.1 lakh p.a. for self-employed
|Indian Overseas Bank||Up to 58 years||NA*||Rs.5,000|
|IDFC First Bank||23 to 68 years||3 years||NA*|
|Federal Bank||21 - 55 Years||3 years||Rs.25,000|
|Punjab National Bank||21 – 58 years||2 years for doctors||Rs.15,000|
|Andhra Bank||21 - 55 years||NA**||NA*|
Salaried: Rs.6,000 & above
Self-employed - Rs. 1.5 lakh
|IDBI Bank||Up to 75 years for Pensioners||NA**||Rs.1.5 lakh p.a.|
|Fullerton India||21 to 55 years||1 to 2 years||Rs.15,000|
|RBL Bank||25 to 60 years||1 to 3 years||Rs.25,000|
|Bank of Baroda||21 to 60 years||1 year to 2 years||
60% of gross monthly income
|Deutsche Bank||25 to 60 years||NA**||Rs.25,000|
|Karnataka Bank||NA**||3 years||NA*|
|United Bank of India||up to 75 Years||2 years||NA*|
|UCO Bank||21 to 65 years||1 year to 5 years||Rs.20,000|
*Personal loan disbursal is solely at the bank’s discretion and as per the bank’s terms and conditions
Learn More about Personal Loan: Click Here
- The job location of the applicant should also be mentioned.
- A borrower should also have a minimum income of INR 25,000 per month
- The minimum age of the individual should be 21 years and a maximum of 60 years.
- Work experience of the three years and the salary should also be received in their accounts only.
- Applicants must have an excellent credit history.
Click here to know more about: personal loan for Salaried Applicant
- The credit score of the individual applicants should be good and there should not be any debt or dues left of the individual.
- The annual income of the applicants should be a minimum of Rs 2.5 lakh.
- The whole documentation process of the personal loan is that the applicants have to submit their financial and bank statements of the previous three months.
- The minimum age for an independent person should be 25 years.
- The applicants applying for the personal loan should need to have a file of ITR for the last three years.
- If the applicants are the businessman, then the business should be running from the past three years constantly.
Click here to know more about: personal loan for self-employed Applicant
Why Apply for a Personal Loan in Mumbai?
- No need to deposit any collateral to the bank.
- A personal loan is a multi-purpose offer loan. It can be used for all the problems related to finance.
- The amount of a personal loan depends on the individual’s income.
- A Personal Loan does not need any guarantor or nominee.
How to apply for a Personal Loan in Mumbai?
- Visit our website www.dialabank.com
- Go to the loan section on the page and click on the personal loan link.
- The applicant will be directed to all the details of the personal loan where they can choose their preferred city, according to their needs.
- For more information on personal loans and free guidance, you may call on 9878981166.
Processing Fee / Prepayment Charges on Personal Loan in Mumbai
Every Bank and NBFC charges a fee for processing your Loan application. These charges vary between 1% of the sanctioned loan amount.
If you close your loan before the agreed loan tenure in the documents, every lending institution charges you a penal prepayment fee for the loan period agreed earlier. In most cases, you cannot close your loan before 12 months from the date of availing the loan. Post that the charges also vary depending on how many years the loan has done. These charges can vary from 4% of the outstanding loan amount in the 2nd year to 2% in the 4th year of the loan.
To know about the interest rate click on personal loan interest rate
Personal Loan EMI Calculator Mumbai
You can use personal loan EMI calculator to calculate EMIs. Equated Monthly Installments(EMI) is the monthly fixed charges that you pay to the bank as monthly repayment for the loan amount borrowed. Based on the profile, the interest rate on the loan is determined. EMI is calculated based on the Interest Rate you are charged by the bank and the amount of loan you have to take and the period for which you enjoy the personal loan.
CIBIL Score required for Personal Loan Mumbai
Every lending institution has its criteria for the minimum CIBIL score required for processing a Personal Loan application in Mumbai. Most institutions require a minimum score of CIBIL of 750 to process your loan application.
The institutions don’t just look at the overall score but also the detailed behaviour on the previous loans taken. This includes details on the type of loan taken and the amount borrowed. Any delayed payments for previous loans can act as a barrier to your availing of a fresh loan.
Personal Loan Mumbai Agents/Broker
Dialabank is the best agent for availing Personal Loan in Mumbai.
You can easily apply online at www.dialabank.com or give a call at 9878981166
Dialabank helps you find the best option of Banks and NBFCs by providing you with a detailed market comparison of different kinds of banks so that you can make the right choice. Visit our website www.dialabank.com and fill a very simple form with your personal and employment details. Our customer relationship managers will get in touch with you very soon.
Personal Loan Mumbai Contact Number
Call 9878981166 and get instant help and approval for availing of Personal Loan Mumbai in Mumbai.
Pre-Calculated EMI Table for Personal Loan Mumbai
Click here for personal loan EMI calculator
Mumbai which was previously known as Bombay is a densely populated city on India’s west coast. Mumbai is a financial centre, it’s India’s one of the largest cities. On the Mumbai Harbour waterfront stands one of India’s best iconic Gateway of India, built by Britishers in the year of 1924. Also, there are Elephanta Island near the city which holds beautiful ancient cave temples dedicated to the Hindu god Shiva. The city’s also famous as the heart of the Bollywood film industry in the country.
FAQs About Personal Loan Mumbai
A personal loan is a type of unsecured loan that a person can avail of based upon their monthly income and CIBIL score. The loan amount available can be used for any personal purpose and need.
✅ How to get a Personal Loan in Mumbai?
To get a personal loan in Mumbai you either walk into the nearest bank branch with basic documents like Aadhar Card, PAN Card, Salary Slip/Bank Statement, and ITR file of the last three years. You can also fill out an inquiry form and apply online at Dialabank’s digital platform for better convenience and personalized assistance.
✅ What is the Interest Rate for Personal Loan in Mumbai?
Interest rates for personal loans in Mumbai are 10.75% per annum. The rate of interest depends upon your monthly income, CIBIL Score, loan amount, and loan tenure.
Table of Contents
- 1 Best Banks for Personal Loan in Mumbai
- 2 Personal Loan in Mumbai Features
- 3 Personal Loan in Mumbai Interest Rates – Jan 18 2022
- 4 Personal Loan Mumbai Fees & Charges – Jan 18 2022
- 5 Documents required for Personal Loan in Mumbai
- 6 Personal Loan in Mumbai Eligibility Criteria
- 7 Check Personal Loan Eligibility with Top Lenders in 2021
- 8 Why Apply for a Personal Loan in Mumbai?
- 9 How to apply for a Personal Loan in Mumbai?
- 10 Processing Fee / Prepayment Charges on Personal Loan in Mumbai
- 11 Personal Loan EMI Calculator Mumbai
- 12 CIBIL Score required for Personal Loan Mumbai
- 13 Personal Loan Mumbai Agents/Broker
- 14 Personal Loan Mumbai Contact Number
- 15 Pre-Calculated EMI Table for Personal Loan Mumbai
- 16 About Mumbai
- 17 FAQs About Personal Loan Mumbai