Personal Loan in Mumbai

Need the monetary assistance to fetch your personal needs like wedding, traveling or higher education of your child? Have a look at the best personal loan rates offered by top banks in Mumbai .

Personal Loan

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    Top Banks Offering Personal Loan in Mumbai

    Bank NameMain Branch AddressRate of Interest
    State Bank of India (SBI)Jehangir Boman Behram Rd, RBI Staff Colony, Mumbai Central, Mumbai, Maharashtra 40000811.45% - 14.90%
    HDFCChembur, 170 - 171, Anchorage Building Central Avenue Road, Mumbai, Maharashtra 40007110.75% - 21.45%
    ICICIG2, City Park, Central Avenue, Hiranandani Business Park, Powai, Mumbai, Maharashtra 40007610.99% - 18.49%
    AxisBombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra 40002512.00% - 24.00%
    Punjab National BankPost Office, Maharshi Dayanand Saraswati Marg, Chembur East, Mumbai, Maharashtra 4000719.95% - 13.50%
    Bank of IndiaLukhi Empire, Main S.V. Road, Swami Vivekanand Rd, Yadav Nagar, Dahisar East, Mumbai, Maharashtra 40006811.70% - 13.70%
    Bank of BarodaAlfa, Ground Floor, hiranandani Park,Powai, Mumbai, Maharashtra 40007611.40% - 16.40%
    Central Bank of IndiaSadhana Primary School, Road No. 24, Swamy Vallabhdas Rd, Sion West, Sion (E), Mumbai, Maharashtra 40002210.25% - 12.20%
    IDBI Bank267, Little Angels Educational Trust, Sulochana Shetty Marg, Jain Society, Sion West, Mumbai, Maharashtra 4000229.65% - 14.00%

    Personal Loan Interest Rates in Mumbai

    Interest Rates9.35% - 33.00%
    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 Calculator 2020

    When it comes to a personal loan EMI calculator online, this smart and time-saving device with its simple algorithm and fastest 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.

    Below is the example for you to understand how you can calculate the EMI on your personal loan with the help of an EMI calculator. This is the reason why this device has been widely used by many loan borrowers as with the help of the same knowing the monthly installment amount is easier and faster.

    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

    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

    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

    Easy Personal Loan in Mumbai

    Availing a personal loan in Mumbai is easy and quick as there are many renowned lenders available in the city, best known for offering the credit to one and all. These banks with their lower interest rates, flexible repayment options, simple documentation and fastest process ensures to cater the multiple needs of all. To help you out, above we have listed the top lenders, showing all the credentials at one place.


    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, buddy, it is not possible. Yes, you read that right! Banks and NBFCs do check the credit/cibil score of an applicant before lending him/her the required loan amount. It is important for lenders to check the creditworthiness of the applicants, i.e. to know their credit history and repayment record so as to know whether an individual will have the tendency to repay the loan, what if he/she has defaulted earlier? With a quick check on credit history, the lenders would be able to know whether an applicant is reliable or not. Thus, it is a mandatory process for lenders to check the score of the applicant before offering them the required loan amount.

    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 features and fulfills your needs instantly. Now that GST has been implemented, all the indirect taxes have been replaced by a standard GST rate. In the case of personal loans, the service charges like service tax which earlier used to be 14% will now be 18%. Hence, the charges like prepayment charges and processing fees will increase marginally.

    People Also Look For

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  • Personal Loan Interest Rates January 2020
    Bajaj Finserv10.99% - 16.00%
    Fullerton India14.00% - 33.00%
    HDFC Bank10.75% - 21.45%
    ICICI Bank10.99% - 18.40%
    IndusInd Bank10.99% - 16.00%
    Kotak Bank10.99% - 20.99%
    RBL13.00% - 18.00%
    Standard Chartered Bank11.50% - 18.00%
    Tata Capital10.99% - 18.00%