How To Apply For Instant Cash Personal Loans In Mumbai?

Personal Finance

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 and PAN number would be sufficient to check your loan eligibility and apply for a loan in Mumbai.

Also Read: How To Get Loans Without Credit Check? How Does It Work?

Interest Rates for Personal Loan in Mumbai

The table below contains the interest rates various financial institutions offer for instant personal loans in Mumbai:

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.

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 personal loan in Mumbai. Also, note that this may vary from lender to lender:

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.

1. Identity proof (Aadhaar, PAN, Passport, etc)
2. Income proof or Bank account statements
3. Age proof (Aadhaar, Driving Licence, etc)
4. Address proof (Aadhaar, Ration card, voter’s ID, etc)
5. Recent Passport sized coloured photograph

Along with the aforementioned documents,

A Salaried individual would need

1. Salary slip for the last 3 months
2. Form 16

A Self-Employed would need

1. Balance sheet and profit & loss account, previous two years’ income computation
2. IT Returns for the last 2 years
3. Business Proof (Registration Certificate, Licence, GST)
4. Income Tax Challans or Form 26AS

Also Read: List Of Documents Required For Personal Loan

How to Apply for Personal Loans in Mumbai with Navi

The steps below will guide you to apply for an instant personal loan with Navi:

Step 1: Download the Navi app from Google PlayStore or App Store

Step 2: Enter your mobile number to get OTP

Step 3: Fill in your basic details – Name, DOB, PAN, Employment Type, Profession and Total Monthly Income

Step 4: Check loan offer

Step 5: Select loan amount and tenure

Step 6: 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 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:

*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

Before you go…

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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article. 

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