Best Personal Loan in Mumbai

Look For the best options to get personal loans in Mumbai

A personal loan is an unsecured loan that individuals take to meet their personal needs. An individual can take a personal loan either from a bank or a non-banking financial company. Unlike a car loan, gold loan, or a home loan, the rate of interest on the personal loan is higher. There is a greater risk in personal loans as this loan is not secured against any kind of asset or security. As the name states, this loan is meant for fulfilling any kind of financial personal needs. You can apply for a personal loan for several purposes like

• For the expansion of the business
• For a vacation
• For purchasing precious ornaments
• For the higher education of the child
• For meeting medical expenses
• Renovation or restoration of a home
• To improve the operations of the business
• Clearing the bills of your credit card
• For the down payment of your car or a flat
• For the marriage and many more

Financial emergencies hit unprecedented. Be it for family, business, or medical emergency, the sudden requirement of money is a common experience that all of us go through at a certain point in life. Most of the time, when you face the financial bottlenecks, borrowing money remain the last resort. But, the lending institution must be a reputed one and a reliable one where you will not pose any chance of being deceived or cheated. If you need a financial arrangement anytime soon and looking for the right financial institution to borrow a substantial sum to manage the situation, browse through the 1850+ verified personal loan providers in Mumbai. All of these lenders are of great repute in the market and has the experience of running the show for quality a while now. Hence, all of these can be trusted blindfolded. You no longer have to search incessantly for the right lending authority through the market. Sulekha makes the process of searching easier for you. All you have to do is just fill up a form and submit the same and wait until you receive a call from the executive. Once you get in touch with the executive, you can easily get to know all the details regarding the lenders available at Sulekha. You will also receive the contact numbers and calls from the lenders near you. If you wish to know more about why you should choose Sulekha, how you should select a lender, what are the terms and conditions associated with the personal loans, or what are the associated costs involved with the loaning process, read on.

Why choose Sulekha?

There are plenty of business directories available these days which offer several business solutions under one roof. Sulekha is surely one of the best among the available ones in the market today. Here are some of the reasons that make Sulekha the smartest choice for all.

• At Sulekha, you can make a price comparison involving the multiple options available
• You can grab more than a thousand options at a time for any category of business under one roof at Sulekha
• As long as you are searching through Sulekha, you do not have to put in any physical effort to search the physical market

The wide gamut of Sulekha offers 1850+ verified personal loan providers in <city>.

Things to remember while choosing personal loan provider in Mumbai

Choosing the financial institution or the lending authority is never an easy task and must be done meticulously. Here are some of the aspects that must be kept in mind while settling for any personal loan lender.

• Years of experience
• The interest rates charged
• The terms and conditions offered
• The credibility of the lender in the market
• Feedback and reviews of the lender given by the previous clients

Charges involved with personal loans provider in Mumbai

In the case of personal loans, interest rates refer to the charges involved. Though, the interest rates vary from one to moneylender to another, the average interest rate that you can expect ranges between 10% and 25%. Factors like tenure of the loan, amount of the loan, the lender concerned primarily impacts the interest rates. If you wish to settle for the best personal loan lender near you, consider going through Sulekha.

Top 10 banks provided Personal Loan in Mumbai

• ICICI Bank
• HDFC Bank
• Axis Bank
• Kotak Mahindra Bank
• IndusInd Bank
• CitiBank
• Yes Bank
• Standard Chartered
• RBL Bank
• Fullerton

Features & Benefits for Personal Loan:

• Immediate approval
• Loan disbursal in 24 hours
• Flexibility
• Minimum documentation
• Loans up to Rs.25 lakh
• Customized personal loan schemes
• Attractive rate of interest as compared to other financial institutions
• Cover for loan liability

Eligibility Criteria for Personal Loan in Mumbai

The eligibility of personal loans varies from one Bank/NBFC to another. Apart from this, the general criteria include the age, CIBIL, income, occupation, and capacity to repay the loan. If you wish to get a personal loan, it is important to have a regular income source. While applying for a loan, an individual needs to submit some documents that include

• Above 21 Years of Age
• Age should not over 65 years
• Salaried professional or self-employed
• Good Credit Score
• Resident of India
• Income should be at least INR 15,000

Documents Required for Mumbai Personal Loan

• PAN Card
• Address Proof
• ID Proof (Passport/Driving License/Voter ID Card)
• Salary slip of last 3 months (salaried person)/ Income proof (self-employed person)
• Proof of continuity of business (self-employed person)
• Proof of Residence (Utility bills)
• Passport-size photographs and many others

Repayment and Pre-closure of Personal Loan

You can repay the personal loan over a period of 12 months to 60 months. You can opt for the auto-debit system. Every month affixed amount would be deducted from your account i.e. EMI. You can also pre-close your personal loan by fulfilling some formalities. For this, you need to consult the executive to understand the process and filing the pre-closure form.

Factors you need to keep in mind while applying for a Personal Loan

If you wish to get a personal loan, it is important to pay attention to some key factors such as

• The reputation of the agent (credibility)
• Type of loan provider (bank/non-banking financial company)
• The experience of the agent
• Feedback of previous clients
• Credit score
• Monthly Salary/Income
• Amount of loan
• The purpose of taking a personal loan
• Repayment period
• The rate of interest
• EMI
• Processing fees
• Prepayment options
• Loan disbursement time and many others