Personal Loan Rates 20181612 views
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 .
Quotes from 18 banks | Instant Approval | Maximum Loan Eligibility
Table of Contents
- 1 Top Banks Offering Personal Loan in Mumbai
- 2 Personal Loan Interest Rates in Mumbai
- 3 Personal Loan Calculator 2018
- 4 About Personal Loan in Mumbai
Top Banks Offering Personal Loan in Mumbai
|Bank Name||Main Branch Address||Rate of Interest|
|State Bank of India (SBI)||Jehangir Boman Behram Rd, RBI Staff Colony, Mumbai Central, Mumbai, Maharashtra 400008||10.65% - 15.05%|
|HDFC||Chembur, 170 - 171, Anchorage Building Central Avenue Road, Mumbai, Maharashtra 400071||11.25% - 21.25%|
|ICICI||G2, City Park, Central Avenue, Hiranandani Business Park, Powai, Mumbai, Maharashtra 400076||10.99% - 18.49%|
|Axis||Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra 400025|
15.50% - 24.00%
|Punjab National Bank||Post Office, Maharshi Dayanand Saraswati Marg, Chembur East, Mumbai, Maharashtra 400071||11.20% - 14.95%|
|Bank of India||Lukhi Empire, Main S.V. Road, Swami Vivekanand Rd, Yadav Nagar, Dahisar East, Mumbai, Maharashtra 400068||11.90% - 13.90%|
|Bank of Baroda||Alfa, Ground Floor, hiranandani Park,Powai, Mumbai, Maharashtra 400076||11.75% - 16.75%|
|Central Bank of India||Sadhana Primary School, Road No. 24, Swamy Vallabhdas Rd, Sion West, Sion (E), Mumbai, Maharashtra 400022||10.20% - 12.45%|
|IDBI Bank||267, Little Angels Educational Trust, Sulochana Shetty Marg, Jain Society, Sion West, Mumbai, Maharashtra 400022||12.00% - 14.00%|
Personal Loan Interest Rates in Mumbai
|Interest Rates||10.75% - 25.00%|
|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 Calculator 2018
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
- 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 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|
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
- 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.