All About Personal Loan Mumbai
In this modern world, with increase in expenses and a changing lifestyle, it becomes difficult to manage finances all the time. So Personal Loan is the best way to overcome such financial crisis. Whenever there is a need of immediate money then you may opt for the option of personal loan.
A personal loan is can be used for any purpose, be it a wedding, any medical emergency, funding education, etc.
Personal Loan Mumbai Eligibility Criteria
Personal Loan Mumbai does not apply to everyone, and there are some eligibility criteria based on which the bank provides a loan to the applicant. There are two categories of applicants:
There are different eligibility criteria for both applicants.
- The minimum age of the applicant should be 21 years and maximum age is 60 years.
- The borrower must have minimum work experience of last three years.
- The person must have a good CIBIL score, i.e., at least 700+
- The minimum age of the applicant in this case must be 25 years and above.
- The applicant should ITR files from the last 3 consecutive years.
- The CIBIL of the applicant should be good, and no debt should be left due.
Personal Loan Mumbai Documents
- Identity proof (Aadhar card/driving license)
- Salary slips of last three months
- Bank statements that are six months old
- PAN Card is must
- Residence Proof (Owned/Rented/Company provided)
- Passport sized photographs – 2
*NOTE: In case of rented apartments, rent agreement will be attached.
- All financials are considered (company documents as well as ITR files)
- PAN Card
- Aadhar Card
- Residence Proof
- Two passport sized photographs
How to Apply for Personal Loan Mumbai?
Anybody can apply for Personal Loan Mumbai with the help of a simple form that is displayed on our website. Visit www.dialabank.com to know more.
Personal Loan Mumbai Interest Rates: 2020 Updated
Personal Loans that are provided by different banks have their own interest rates. With a change of banks there is a change in rate of interest as well. Read the table below to get more information on interest rates of all banks.
|HDFC Bank||10.99% to 18%|
|ICICI Bank||13.99% to 18%|
|Fullerton India||17.25% to 32%|
|Bajaj Finserv||13.99% to 16.75%|
|Axis Bank||15.50% to 24%|
|Standard Chartered Bank||15.75% to 22%|
|Kotak Mahindra Bank||13.75% to 19%|
|Andhra Bank||13.50% to 22%|
|Bank of Baroda||13.50% to 19%|
|Vijaya Bank||13.75% to 22%|
|Corporation Bank||14.50% to 20%|
|Allahabad Bank||13.70% to 20%|
Dialabank helps you to choose the best option of banks by providing you the updated market comparison of different banks so that you can make the right choice. Go to our website which is dialabank.com and fill a simple form with your details. Our customer relationship managers will soon get in touch with you.
What is CIBIL Score in Personal Loan Mumbai?
CIBIL Score is the history of your payments that you have done in the past. The CIR (Credit Information Report) is the history of your credit/cibil score which checks your account’s history for different loans that you have taken (if any) and the credit card history (if you have).
What is an EMI?
Equated Monthly Installments also know as EMI is the monthly fixed amount that the customer or applicant has to pay to the bank as the loan amount. The applicant is the borrower in such cases and the bank is the lender.
Based on your work profile (net salary) and the amount of loan you have to take, the bank decides what your monthly EMI is going to be.
Basic FAQs about Personal Loan Interest Rate
1. Who can apply for a Personal Loan?
People those who need instant amount of money for any personal use may opt for this option.
2. What is the tenure of personal loan?
Personal loan is given for a minimum time span of one year to a maximum time span of five years. There is no extension of a personal loan; you have to repay the amount to the bank within that time slot only.
3. Are there any other charges involved in a Personal Loan?
Yes, there are 2 charges that are included in the process of personal loan. They are mentioned below:
Pre-closure Charges: Whenever you want to close a running loan before its closing time period, then banks charge an extra % of interest rate known as pre-closure charges on your loan amount. Different banks have different pre-closure charges.
Processing Fee: For every bank that processes your personal loan, there is a little amount of money that they charge from you. This is known as Processing Fee.
4. If my CIBIL score is not maintained then can I get a rejection for the loan?
Banks consider CIBIL Score the most when it comes to a personal loan. So, try not to skip any of your bank payments or any credit card payments as that will reflect in the decrease of your CIBIL. Most of the rejections that happen are based on your CIBIL Score.
Mumbai which is also called as Bombay is a densely populated city that is located on India’s west coast. The city is famous because of the heart of Bollywood film industry.
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Table of Contents
- 1 All About Personal Loan Mumbai
- 1.1 Personal Loan Mumbai Eligibility Criteria
- 1.2 Personal Loan Mumbai Documents
- 1.3 How to Apply for Personal Loan Mumbai?
- 1.4 Personal Loan Mumbai Interest Rates: 2020 Updated
- 1.5 Personal Loan in Major City
- 1.6 Personal Loan in Major Bank