Personal Loan Mumbai
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|
Personal Loan Interest Rates 2017
|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%|
|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.
Documents requirement for Personal Loans Mumbai
Following documents are required by financial institutions to process the loan application
In case of Salaried
In case of Self Employed