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.
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.
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.
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.
You can easily compare interest rates, eligibility criteria and other terms asked by various banks and NBFCs in Mumbai on Ruloans' online portal.
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.
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.
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...
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.|
|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.|
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.|
Yes, banks do charge a processing fee of 2-3% on the loan amount. But you can negotiate with the bank to reduce the fee.
Personal loans can be prepaid in parts or fully at any point of time. Some banks charge a prepayment penalty while some don't. Very few banks allow the part-prepayment. Thus read all the loan documents carefully before signing.
Yes, you can club your spouse's income in order to boost your eligibility to get a personal loan.
A. It is not mandatory to apply for a bank account before taking a loan from it. But if you have an account with the bank, you become eligible for a relationship discount. Some banks also provide you additional services along with relationship discount.
A: Yes, you can track your application via SMS and email. We also provide the facility to track your application on our website via login menu.