Personal Loan Apply3524 views
Amidst the glamsham of the financial capital i.e. Mumbai, there are people wanting quick funds to meet their instant financial needs. So what if it’s about the wedding, traveling or higher education of your child? You can just apply for the loan in your city and get the needs fulfilled. Have a look at the best personal loan rates offered by top banks in Mumbai. Choosing the best out of this list will help you SAVE more.
Quotes from 18 banks | Instant Approval | Maximum Loan Eligibility
Table of Contents
Top Banks Offering Personal Loan in Mumbai
|Bank Name||Bank Name||Processing Fee|
|State Bank of India (SBI)||11.45% - 14.60%||NIL-1% of the Loan Amount + GST|
|HDFC Bank||10.75% - 21.45%||NIL-2.50% of the loan amount + GST|
|ICICI Bank||10.99% - 18.49%||₹999-2.25% of the loan amount + GST|
|Axis Bank||12.00% - 24.00%||1.50%-2.00% of the loan amount + GST|
|Punjab National Bank||9.95% - 13.50%||0.35% of the loan amount, subject to a minimum of ₹2,500 and maximum of ₹15,000|
|Bank of India||11.50% - 13.50%||2% of the loan amount|
|Bank of Baroda||11.40% - 19.65%||2% of the loan amount, subject to a minimum of ₹1,000 and maximum of ₹10,000|
|Central Bank of India||11.00% - 11.05%||₹500 + GST|
|IDBI Bank||9.65% - 14.00%||As applicable by the bank|
Personal Loan Interest Rates in Mumbai
|Interest Rates||9.25% - 33.00%|
|Processing Fee||1%-3% of the loan amount + GST|
|Pre-payment Charges||3%-5% of the principal outstanding + GST|
|Repayment Period||Upto 5 Years|
|Lowest EMI||₹2,204-2,935 (per Lakh)|
Personal Loan Eligibility
The basic eligibility criteria for a personal loan is as follows:
Age: 21-60 Years
Income: ₹1,44,000-1,80,000 p.a.
Overall Work Experience: 2-3 Years
Work Stability with Current Employer: 1 Year
Age: 24-65 Years
Income: ₹1,80,000-2,00,000 p.a.
Stability in the same Profession: 3 Years
Personal Loan Calculator 2020
When it comes to personal loan EMI calculator online, this smart and time-saving device with its simple algorithm and fast process allows you to know the exact calculations of your EMIs, Interest Outgo and Total Amount Payable on a loan. All you need to do is just feed:
- Loan Amount
- Interest Rate
After feeding these credentials, the tool fetches the results for you in just a few seconds.
This is the reason why this device has been widely used by many loan borrowers.
Take a look at the example below, showing the calculations of a loan amount of ₹ 5 Lakh, taken for a tenure of 5 years at an interest rate of 11% per annum.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 5,00,000||11%||1||₹ 44,191||₹ 30,290||₹ 5,30,290|
|₹ 5,00,000||11%||2||₹ 23,304||₹ 59,294||₹ 5,59,294|
|₹ 5,00,000||11%||3||₹ 16,369||₹ 89,297||₹ 5,89,297|
|₹ 5,00,000||11%||4||₹ 12,923||₹ 1,20,293||₹ 6,20,293|
|₹ 5,00,000||11%||5||₹ 10,871||₹ 1,52,273||₹ 6,52,273|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 79,377||₹ 51,077||₹ 4,20,622|
|2||₹ 88,562||₹ 41,892||₹ 3,32,059|
|3||₹ 98,811||₹ 31,643||₹ 2,33,248|
|4||₹ 1,10,245||₹ 20,209||₹ 1,23,003|
|5||₹ 1,23,101||₹ 7452||₹ 0|
- Identity Proof- PAN Card/Voter ID/Driving License/Aadhar Card/Passport
- Address Proof- Utility Bill/Passport/Aadhar card/Voter ID
- Income Proof- Latest Salary Slip/ ITR/Form-16
- Bank Statement- Last 3-6 Month Bank Statement
Personal Loan in Mumbai without Cibil Check
If you are someone who is looking for a personal loan in Mumbai without getting your cibil score a check, let me tell you it is not possible. Yes, you read that right! Banks and NBFCs do check the credit score of an applicant before lending him/her the required loan amount. Lenders check the creditworthiness of the applicants to know their credit history and repayment record. This gives lenders the clue as to know whether an Indiavidual can be trusted with the loan. Individuals having a record of loan defaults will find it hard to get the loan. However, if your credit record, there’s no stopping then!
About Personal Loan in Mumbai
A personal loan is an unsecured loan that you can take for any legitimate purpose. It comes to you with unlimited benefits and fulfills your needs instantly. The bank will ask you to pay a processing fee after which the loan will be processed and subsequently disbursed to your account. You’ll get an SMS and email by the time the loan gets disbursed. The email will have complete details of the loan, such as the disbursal amount, the rate of interest and the tenure. You can also see the processing fee debited, the loan EMI payable and much more.