An Effective Guide on Applying for Personal Loan in Mumbai

Mumbai is the capital of Maharashtra and is one of the most densely populated cities in India. It is the main locale for Bollywood film industry. One can also enjoy visiting historical places and relish on delicious street food in Mumbai. However, living in the city can be pretty costly. If you are in need of any kind of financial assistance for your personal purposes such as wedding planning, higher education, home renovation, etc. you could take a personal loan. Personal loans are available in the city of Mumbai at attractive interest rates. You can apply for a personal loan on your lender’s official website or on a third-party financial website. When you apply online, you can check out multiple rates of interest and other loan features, and then pick a loan that suits your specific requirements. Personal loan eligibility criteria in Mumbai: You can get a personal loan in Mumbai if you fulfill the following eligibility criteria: 1. Age: The minimum age should be at least 21 years old and not more than 60 years of age to avail a personal loan in Mumbai. 2. Occupation: You must be a salaried employee or self-employed professional to apply for a personal loan in Mumbai. 3. Income required: The minimum income should be Rs. 20,000 per month, if you are residing in Mumbai. 4. Work experience: You should have 2 years of total work experience with a minimum tenure of 1 year with your present employer. 5. Credit score: A credit score of 650 and above is considered good to avail a personal loan in the city. Documents required to avail a personal loan in Mumbai: The following documents are required to avail a personal loan in Mumbai: 1. Signed application form. 2. Identity Proof - Aadhaar Card, Passport, PAN card, Voter ID or drivers license. 3. Residence Proof - Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old). 4. Age proof - PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate. 5. Last 6 months bank statement. 6. Last 3 months salary slips, Form 16 or Income Tax Returns. Banks and NBFCs offering personal loans in Mumbai: There are several banks and NBFCs in Mumbai which offer personal loans at a lower rate of interest. You can compare interest rates and processing fee of various lenders before applying for the loan. We have listed some of the top banks to procure a personal loan in Mumbai: -HDFC Bank -ICICI Bank -Bajaj Finserv -Citibank -Yes Bank How to apply for a personal loan in Mumbai? The process of applying for a personal loan can be described in the following steps: Step 1: Visit the official website of the bank or one of the online loans marketplaces to check and compare loan offers. Step 2: Apply for a loan. Fill in your personal, financial, and employment details. Step 3: Fill the loan amount that you require, to get instant online approval. Step 4: Submit the required documents to the representative of the bank, who will get in touch with you or upload documents online. Step 5: Receive sanction letter from the bank and get the amount disbursed in your account. Conclusion: So, if you are in urgent need of funds, you always have the option to avail a personal loan in Mumbai. Various leading banks and financial institutions are willing to provide you funds with easy documentation and hassle-free process in the city.