How to Apply for Instant Cash Personal Loans in Mumbai?
A personal loan is a form of credit that could help you sail through in times of financial emergency. Although it has no restriction on its end use, it is advisable to take a personal loan if you are lacking funds and there is an immediate need for it. So, if you’re relocating, renovating your house or there is a significant unplanned expense, you can apply for a personal loan. However, there are certain parameters that are evaluated to get your loan approved. This blog helps you understand the process of applying for a personal loan in Mumbai.
Features and Benefits of Personal Loan in Mumbai
Here are the features of taking a personal loan in Mumbai and its benefits.
1. Flexible end use: Personal loans can be used for multiple purposes, such as meeting unexpected medical expenses, house renovation, debt consolidation, and more.
2. No collateral/security required: Since personal loans are unsecured loans, you could borrow money without pledging any security/collateral.
3. Flexible repayment tenure: Personal loans usually come with a flexible repayment tenure of up to 7 years. You can choose the loan tenure according to your convenience.
4. Minimal documentation: Many lenders would only need a few documents to validate your profile and check your repaying capacity. With Navi, your Aadhaar card and PAN card number would be sufficient to check your loan eligibility and apply for a loan in Mumbai.
Instant Personal Loan in Mumbai Details
| Loan Amount | Up to ₹20 Lakh |
| Interest Rate | 9.9% to 45% p.a |
| Foreclosure Fee | Nil |
| Tenure | Up to 72 months |
Interest Rates for Personal Loan in Mumbai
The table below contains the interest rates various financial institutions offer for instant Cash loans in Mumbai:
| Banks/NBFCs | Interest Rate (p.a.) | Processing Fee |
| Navi Personal Loan | 9.90% onward | Check with the lender |
| HDFC | 10.50% onward | Up to 2.5% |
| Yes Bank | 13.99% onward | Up to 2.5% |
| Kotak Mahindra | 10.25% onward | Up to 2.5% |
| Axis Bank | 12.50% onward | Check with the lender |
| IndusInd Bank | 11% onward | 2.5% and above |
| IDFC FIRST | 12% onward | Up to 3.5% |
| Home Credit | 19% onward | Up to 5% |
| Aditya Birla Capital | 14% onward | Up to 2% |
| IIFL | 24% | 2% onward |
Important: This table is for educational purposes only and the final rate offered is solely at the concerned lender’s discretion. Navi doesn’t take responsibility for any interest rate changes that may occur in the due course of time.
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Eligibility Criteria for Instant Personal Loans in Mumbai
There are a set of eligibility criteria that you need to meet to avail of an instant cash loan in Mumbai. Also, note that this may vary from lender to lender:
| Age criterion | 18 – 65 years. (For some lenders, the minimum age could be 21 years) |
| Occupation criterion | A salaried individual or a self-employed individual |
| Nationality | Indian or NRI |
| Income criterion | The income levels vary across lenders in Mumbai |
| Credit score | 750 or above is preferred |
Calculate Your Personal Loan EMI
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Years)
Years
Monthly EMI
0
Total Interest
Total Amount
Documents Required to Apply for Personal Loans in Mumbai
The financial institutions in Mumbai would need the following list of documents that need to be submitted.
- Identity proof (Aadhaar, PAN, Passport, etc)
- Income proof or Bank account statements
- Age proof (Aadhaar, Driving Licence, etc)
- Address proof (Aadhaar, Ration card, voter’s ID, etc)
- Recent Passport sized coloured photograph
Along with the aforementioned documents,
A Salaried individual would need
- Salary slip for the last 3 months
- Form 16
A Self-Employed would need
- Balance sheet and profit & loss account, previous two years’ income computation
- IT Returns for the last 2 years
- Business Proof (Registration Certificate, Licence, GST)
- Income Tax Challans or Form 26AS
The steps below will guide you to apply for an instant personal loan with Navi:
- Download the Navi app from Google PlayStore or App Store
- Enter your mobile number to get OTP
- Fill in your basic details – Name, DOB, PAN, Employment Type, Profession and Total Monthly Income
- Check loan offer
- Select loan amount and tenure
- Link your bank account
Upon verification, the loan amount will be disbursed in just a few minutes based on your eligibility.
How to Calculate Personal Loan EMI in Mumbai
You can calculate your EMI options from an online personal loan EMI calculator. Enter your loan amount, tenure and interest rate, you will be able to see your monthly obligations.
Let’s understand this with an example. let’s say that you want to borrow a loan amount of 2 lakh for a tenure of 5 years at an interest rate of 11% p.a.
The EMI you need to pay would be Rs.4,348, and your yearly breakdown would be as follows:
| Year | Principal Paid | Interest Paid | Total Payment | Outstanding Loan Balance |
| 2022 | Rs.20,779 | Rs.14,009 | Rs.34,788 | Rs.1,79,221 |
| 2023 | Rs.34,155 | Rs.18,026 | Rs.52,181 | Rs.1,45,066 |
| 2024 | Rs.38,107 | Rs.14,074 | Rs.52,181 | Rs.1,06,958 |
| 2025 | Rs.42,518 | Rs.9,663 | Rs.52,181 | Rs.64,440 |
| 2026 | Rs.47,437 | Rs.4,743 | Rs.52,180 | Rs.17,003 |
| 2027 | Rs.17,003 | Rs.391 | Rs.17,394 | Rs.0 |
*Note that the table is for illustration purposes only
Things to Remember Before Taking a Personal Loan in Mumbai
1. Compare interest rates: Research and compare the interest rates at which the lenders offer personal loans in Mumbai. This can help you get a loan amount at good interest rates if you have a good credit score.
2. Choose the right lender: Before applying for a personal loan, it is necessary to have all the background information about the lenders and their eligibility parameters. Compare interest rates and other terms and conditions before applying.
3. Maintaining a good score: Note that if your credit score is 750 or above, you would get a personal loan at attractive interest rates. If your credit score is low, you can try to improve your credit score by paying your bills on time.
4. Assess all other fees and charges: Note that a personal loan could have additional charges such as foreclosure charges, processing fees and such. Make sure to check all these before applying for a loan in Mumbai.
Final Word
Personal loans could help you manage your unplanned expenses. But make sure you keep the mentioned things in mind before applying for a home loan. Choose an amount that would suffice your unplanned expenses. Note that the higher your loan amount, the higher your EMIs would be.
If you are in Mumbai and in urgent need of cash, you can download the Navi app. Enter your details, Aadhaar, and PAN number to check your eligibility and get an instant personal loan to fulfil your expenses in Mumbai.
FAQs on Personal Loans in Mumbai
Ans: It depends on the specifications followed by the individual lenders. Generally, it ranges from 1 year to 5 years. However, with Navi, you have a period of 36 months to repay the loan.
Ans: Yes, personal loans are multipurpose loans and can be used for fulfilling any personal needs including medical requirements.
Ans: The loan is repaid through EMI. You need to repay the relevant instalment each month for a period of up to 36 months, as selected by you.
Ans: The loan amount varies across lenders. Do check with the financial lenders in Mumbai for the maximum amount that they are willing to lend you.
Ans: Yes, you can get a personal loan amount of your choice, provided that you have a good credit history. However, Navi will decide the maximum loan amount based on your income and other eligibility parameters.
Personal Loan in Your City
