Personal Loan

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Personal Loan in Mumbai

Personal loan is a type of unsecured loan. This loan is offered by almost all the leading banks and NBFCs in Mumbai. The funds taken from this type of loan are typically used for personal needs of the borrower. The loan borrower does not need to disclose the reason behind taking a personal loan to the bank or NBFC. One can take a personal loan in Mumbai home or vehicle repair, to pay unexpected medical bills, for wedding, travel, credit card outstanding balance transfer etc. Mostly people take a personal loan to fulfill their personal emergency needs.
Banks and NBFCs in Mumbai offer a personal loan to their customers for tenure of 1 year (12 months) to 5 years (60 months). The loan is approved on the basis of the applicant's credit score, financial history, current financial obligations (other loans and credit cards), ability to pay back the loan and his/her relationship with the lender. In personal loan, the loan borrower is charged 11.29% to 35% interest rate by banks and NBFCs in Mumbai.

Why Choose Ruloans To Apply For Personal Loans in Mumbai?

Ruloans is one of India's fastest growing loan distributors. With its head office in Mumbai, Ruloans has a PAN India reach with a touch base of more than 600 cities across nation. Ruloans holds a team of finance and loan experts at its end to help its customers borrow right. Ruloans offer personal loans from various banks and NBFCs in Mumbai.

Hassle free process

One can easily apply for a personal loan in Mumbai online on Ruloans. You can check your eligibility, upload your documents, compare your options and choose the lender of your choice, all at one place! It's the easiest process available online.

Benefits of applying with us

Ruloans is partner with various leading banks and NBFCs in Mumbai. You can compare your options and get benefits of customized loan plans if you apply for a personal loan in Mumbai via Ruloans.

Compare your loan options

You can easily compare interest rates, eligibility criteria and other terms asked by various banks and NBFCs in Mumbai on Ruloans' online portal.

Free expert guidance and advice

Ruloans has an expert team of loan managers with mammoth experience in the industry. Ruloans offers you free guidance and advice for your personal loan in Mumbai related queries.

Privacy policy

As you can upload your personal loan related documents online on Ruloans, you can trust us with your data privacy. Your documents are transferred directly to your loan lender without any security breach.

What are the Features & Benefits of a Personal Loan in Mumbai?

People from Mumbai get a personal loan to fund a wedding, a family trip or to pay their medical bills. As banks and NBFCs offer easy personal loans in Mumbai, people often go for it. But before you choose for one such loan, know the features and benefits attached to it...

  • Most of the leading banks and NBFCs in Mumbai offer quick and easy personal loan. Thus a personal loan is the most popular and easily available loan product in Mumbai.
  • As a personal loan is a type of unsecured loan, it requires very minimum documentation. Banks and NBFCs do not ask for any property documents as the loan borrowers do not require to keep anything as mortgage.
  • As personal loan is easily available and requires minimum documents, it's approved quickly too. Banks and NBFCs approve a personal loan within 24 to 48 hours* after submitting all the required documents.
  • One does not require disclosing how he/she will utilize the funds taken from a personal loan.
  • Banks and NBFCs in Mumbai offer flexible personal loans. The tenure, interest rate and loan amount is decided by the banks/NBFC considering various factors from the borrower.

What are the Eligibility Criteria to avail a Personal Loan Mumbai?

Banks and NBFCs have very specific eligibility criteria while approving any personal loan in Mumbai. The criteria changes as per the profession of the loan borrower. Each bank and NBFC has different criteria to approve a personal loan but we have given a generic list of the same:

Particulars Salaried Borrowers Self-Employed Borrowers
Age 21 years to 60 years 23 years to 60 years
Income Rs. 15,000 (Rs. 20,000 in metros) Turnover of minimum Rs. 24,00,000 (differs for professional and non-professional)
Maximum Loan Amount Approved Rs. 15,00,000 Rs. 15,00,000 to 20,00,000
Minimum Loan Amount Approved Rs. 75,000 Rs. 75,000 to Rs. 3,00,000
Loan Tenure 12-72 months 12-48 months
*The eligibility criteria differ from bank to bank. The above details are generic, not specific.

What are the Documents Required to avail a Personal Loan?

Particulars Salaried Borrowers Self-Employed Borrowers
Identity Proof Passport, Driving License, Voters ID or PAN Card Passport, Driving License, Voters ID or PAN Card
Address Proof Passport or utility bills Passport or utility bills
Additional Documents Salary slips for last 3 months Proof of highest professional degree
2 year employment continuity document Latest Income Tax Return Balance sheet
Profit and Loss for last 3 years certified by CA
*The list of documents differs from bank to bank. The above given list is generic, not specific.

How to Apply For a Personal Loan on Ruloans

Applying for a personal loan on Ruloans involves few easy steps:

How to Apply For a Personal Loan in Mumbai on Ruloans?
Step 1 Go to the 'How to Apply For a Personal Loan in Mumbai on Ruloans page on our website and click on 'Apply Now' box.
Step 2 Fill out the initial personal and financial information. Once completed, our loan calculator checks your eligibility with its highly efficient algorithm.
Step 3 Our loan calculator presents you a list of banks and NBFCs most suitable for you as per your eligibility criteria. The list will include the name of the financial institutions, interest rates, required document list etc.
Step 4 From the given list, you can choose the financial institute of your choice. You can start filling up the form and upload the required documents. Here, if needed, you can call or mail our experts for advice. The contact details are given on our website.
Step 5 Your application will be sent electronically to the bank you selected. You will be informed about the status of your application via SMS, email or you can track it via website too.

Frequently Ask Questions

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