Personal Loan in Mumbai

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.

Personal Loan

Quotes from 18 banks | Instant Approval | Maximum Loan Eligibility

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    Top Banks Offering Personal Loan in Mumbai

    Bank NameBank NameProcessing Fee
    State Bank of India (SBI)9.60% - 13.60%NIL-1% of the Loan Amount + GST
    HDFC Bank10.75% - 21.30%NIL-2.50% of the loan amount + GST
    ICICI Bank10.75% Onwards₹999-2.25% of the loan amount + GST
    Axis Bank15.50% - 24.00%1.50%-2.00% of the loan amount + GST
    Punjab National Bank8.80% - 11.65%0.35% of the loan amount, subject to a minimum of ₹2,500 and maximum of ₹15,000
    Bank of India10.35% - 12.35%2% of the loan amount
    Bank of Baroda10.10% - 15.10%2% of the loan amount, subject to a minimum of ₹1,000 and maximum of ₹10,000
    Central Bank of India9.85% - 10.20%₹500 + GST
    IDBI Bank9.20% - 11.95%As applicable by the bank

    Personal Loan Interest Rates in Mumbai

    Interest Rates8.80% - 26.00%
    Processing Fee1%-3% of the loan amount + GST
    Pre-payment Charges3%-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
    • Tenure
    • 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 AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 5,00,00011%1₹ 44,191₹ 30,290₹ 5,30,290
    ₹ 5,00,00011%2₹ 23,304₹ 59,294₹ 5,59,294
    ₹ 5,00,00011%3₹ 16,369₹ 89,297₹ 5,89,297
    ₹ 5,00,00011%4₹ 12,923₹ 1,20,293₹ 6,20,293
    ₹ 5,00,00011%5₹ 10,871₹ 1,52,273₹ 6,52,273

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    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

    Documents Required

    • 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.

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  • Personal Loan Interest Rates July 2020
    Fullerton India14.00% - 33.00%
    HDFC Bank10.75% - 21.45%
    ICICI Bank10.75% - 18.49%
    IndusInd Bank11.25%
    Kotak Bank10.99% - 20.99%
    RBL17.50% - 24.00%
    Standard Chartered Bank12.00% - 17.00%
    Tata Capital10.99% - 18.00%