10 Best Personal Loans in Mumbai

December 11, 2018 Off By mumbaiabout

personal loan in mumbai

Looking for a Personal loan in Mumbai ? we know how hard it is to choose the right loan provider. At the same time it is also important to understand the process and information related to personal loans. Hence, let us first understand a little about personal loans and then we can see the 10 best personal loan providers in mumbai.

What is a Personal Loan ?

A personal loan provides the borrower with funds from a lending institution (generally a bank), whereby the full loan amount is paid in a lump sum that can be used at the borrower’s discretion. The borrowed amount must be repaid in Equated Monthly Installments (EMIs). The lender will charge an interest rate on the amount borrowed.

What purpose can the personal loan be used for ?

You can use the personal loan for any purpose other than speculative purposes.

Who can Get a Personal Loan in Mumbai ?

Anyone who is a citizen of India, can get a personal loan in mumbai, provided you can show a proof of income.

For Salaried individuals, banks require you to show a proof of atleast 5,000 INR to 50,000 INR, depending on the bank and the amount you want to borrow from the bank.
Self Employed Individuals with a proof of minimum annual income of around 1lakh to 2lakh can apply for a personal loan.

Apart from the income proof, your age should also be between 20 to 65 years.

(NRIs too can get a personal loan in mumbai. However, foreign nationals cannot easily get a personal loan in mumbai)

How much time does it take to get a personal loans in mumbai ?

Personal Loans in Mumbai are provided in 5 minutes also. And it can take upto a weeks time too.

The first case is more like an instant loan or a pre approved loan. Most banks today provide a pre-approved loan based on your credit rating and income sources. You can check any pre-approved loan after logging in your bank  account. Banks also provide pre-approved loans to people not having an account with a given bank. However in some banks,for Preapproved loans, you may be required to hold an account with the bank.

The second case is a full approval. In this, the bank would go through all your details, mainly income proofs and repayment capacity. And legitimate id proofs. Then you would be approved to take a personal loan in mumbai. This is slightly lengthier and may take upto a week in some cases.

How much amount can you get as a personal Loan in mumbai ?

The amount of personal loan that you can receive from the bank would vary depending on the bank and your repayment capacity. Hence, the bank checks your details of salary or income, and other assets before approving an amount. The typical range of a personal loan in mumbai is around 10k to 40lakhs. However, you need to check with the bank to know the exact amount they can provide to you.

What documents do you need to get a personal loan in mumbai ?

Basically, you need 4 common documents to get a personal loan anywhere in mumbai. They are listed below.

  • Income Proof
    – Salary Slips for last 3 months (For Salaried Individuals)
    – Last 3 years IT Return (For Self-Employed Individuals)
  • Bank Statement
  • Photo ID Proof
  • Address Proof

Apart from the above 4 documents, you may be required to provide some additional documents depending on the bank’s process and legalities. But the above 4 are a must for getting a personal loan in mumbai. Generally, you would not be required to provide a collateral for a personal loan.

What are the charges to get a personal loan in mumbai ?

Processing fees, Interest charges and Foreclosure charges (if you decide to prepay the loan amount) are the 3 main expenses for a personal loan in mumbai.
Processing Fees: This is a one time processing fees charged by the lender. It varies from 1.5% to 2.5% of the loan amount.
Interest Charges: It is the monthly interest that you need to pay to the lender along with the monthly principal amount. This would generally vary between 11% to 20% depending on the bank, credit score and relation with the bank. Generally, banks also have a tie up with some organizations and might offer you a lower rate if you are employed with any such organization.

ForeClosure Charges: This is a prepayment charges levied by the lender(only if you decide to prepay the loan). It varies from 0% to 5% depending on the bank. Usually, all banks allow for a prepayment of loan amount after a specific minimum tenure like 6 months or 1 year.

10 Best Personal Loan Providers in Mumbai

1. Tata Capital Personal Loan – www.tatacapital.com

2. ICICI Bank Personal Loan – www.icicibank.com

3. HDFC Bank Personal Loan – www.hdfcbank.com

4. IndusInd Bank Personal Loan – www.indusind.com

5. IDFC Bank Personal Loan – www.idfcbank.com

6. Standard Chartered Personal Loan – www.sc.com

7. Capital First Personal Loan – www.capitalfirst.com

8. Bank of India Personal Loan – www.bankofindia.co.in

9. Canara Bank Personal Loan – canarabank.com

10. SBI Bank Personal Loan – www.sbi.co.in


Can we get personal loan in mumbai without documents ?
No, you cannot get a personal loan in mumbai without documents.

Can we get personal loan in mumbai without income proof ?
No, you cannot get personal loan in mumbai without income proof.

Can I get instant personal loan in mumbai ?
Yes, a lot of banks provide instant personal loan. Pls check with your bank for this.

Who provides personal loans in mumbai for bad credit ?
For people with bad credit score, you will have to check with multiple banks. However, it is difficult to get a personal loan with a bad credit, but with some effort, some banks may be ready to provide you with a personal loan. Alternatively, you can also check with private non-banking financial institutions.


We have provided you all the necessary details you need to know before you apply for a personal loan in mumbai. We would recommend you to take the personal loan from the above listed lenders as they have good rating from the borrowers and are also well known financial institutions in mumbai. As a final note, we suggest you to follow all the procedures and documentations for the personal loan to safeguard your interests.

Related Articles



Review Date
Reviewed Item
Personal Loan in Mumbai
Author Rating