Personal Loan Mumbai

Find Instant E-approval, Special Offers, Best interest rates 2017 and lowest EMI from all major personal loan providers in Mumbai through oneclickfinances.

Personal loan in Mumbai Details

Interest rates 11.49% – 26.00%
Max. Loan Amount 30 Lakh
Processing fees 0– 3.00%
Prepayment Charges Nil – 5.00%
Min. Income Rs.18500/- p.m
Loan Repayment Upto 7 years
Lowest EMI per month Rs.2199
Minimum Loan Rs.50000

Personal Loan Interest Rates 2017

Bank Interest Rates
HDFC Bank 11.29 - 19.50%
ICICI Bank 11.29 - 17.99%
Bajaj Finserv 11.49 - 16.00%
Fullerton India 19.50 - 37.00%
Kotak Mahindra 11.50 - 20.00%
IndusInd Bank 12.99 - 17.00%
Standard Chartered 11.99 - 15.00%

Processing fees/prepayment charges

Banks Processing Fee Pre Payment Charges
Bajaj Finserv Upto 2.00% Upto 4% post 1st EMI clearance
ICICI Bank 0.8% - 2.00% Zero or 5.00%
Axis Bank 2.00% Nil
Kotak 1.5 - 2.00% 5.00%
HDFC Bank 0.8% - 2.00% 4.00%
Fullerton India N.A Upto 7.00%, 0% after 3 year

Mumbai Personal Loan Overview

Mumbai – the commercial, financial and entertainment hub of India – is also one of the wealthiest cities in the country. It generates over 6 per cent of India’s GDP and is also among top commercial centres globally.

For Mumbaikars, consumer durables such as air-conditioners, refrigerators, built-in ovens and microwaves are not luxury but a necessity. Though the average salary is high, still people find that their earnings are less as compared to their expenditure. To meet the shortfall, banks and other financial institutions offer personal loans at competitive rates and flexible tenure.

Generally, people prefer personal loans to meet expenditures on renovation of home, medical emergency, marriage functions and festivals as they get a lump sum on credit without any hassles and get flexibility in repayment.

Many people plan vacation to foreign destinations which can be very expensive and may burn a deep hole in their pocket. In such a situation, they avail personal loans to meet the expenses and then repay the loan in easy EMIs.

You can check out for:

Documents requirement for Personal Loans Mumbai

Following documents are required by financial institutions to process the loan application

    In case of Salaried

  • Identity proof
  • 3 to 6 months Bank statements
  • Residence proof
  • Salary slip
  • Guarantors & their same set of documents

    In case of Self Employed

  • Balance Sheets
  • Profit & Loss Account
  • Partnership Deed & other mandatory documents etc.