The star-studded city of Mumbai is undoubtedly the financial capital of India. From Bollywood to NSE, from seaports to some of the biggest MNCs, Mumbai supports a well-utilized lifestyle. So, it’s not surprising that a huge segment of the population needs a personal loan for their expected and unexpected expenses.
Do you have plans to take a personal loan in Mumbai? Then you should know the answers of the most common questions Mumbaikars seeking a personal loan ask.
1. How do I get for a low-interest personal loan in Mumbai?
A personal loan interest rate varies from person to person and from bank to bank. Certain type of online lenders and fintech lending platforms like MoneyTap offer comparatively lower interest rates.
So, before applying for a personal loan in Mumbai, ensure that you follow the steps and the tips given below to get a low-interest personal loan:
- Research before you choose your lender: In Mumbai, there are various banks, NBFCs, fintech companies like MoneyTap offering personal loans. Each lender or lending platforms have their own set of criteria to decide the best interest rate for you. Usually, newer online lenders and lending platforms have the capability to offer you a personal loan with a low-interest rate. Make sure to compare the loan terms and interest rates to decide the best offer for you.
- Check your loan eligibility: Once you choose your lender, next thing you need to do is check whether you are eligible for the personal loan.
The eligibility criteria for most banks or lenders are as follows:
- Monthly income of minimum ₹ 15,000
- Age between 21 to 60 years
- An Indian Citizen
- Apply online or at the branch: Depending on your choice of your lender, you either apply online or visit a branch. Applying for a personal loan online is a faster and a convenient way to go about it.
- Keep your documents ready: The documents required by most lenders are as follows:
- Filled application form
- Address proof
- Age proof
- Identity proof
- Income proof
- Passport size photograph
- Business continuity proof, if self-employed
Once you apply for a personal loan, the bank or the lender will check your eligibility and your creditworthiness to decide on your loan application.
Tips for Getting a Low-Interest Personal Loan in Mumbai
As a rule of thumb, don’t accept the first offer that comes your way. Instead, do the following:
- Check your credit score – if your credit score is high, you can negotiate to get a low-interest rate.
- Pay down your existing debts – a low debt-to-income ratio means you have a good repayment capacity.
- Shop around – it’s essential to check what each lender has to offer as each lender’s criteria for determining the interest rate is different.
2. Can I take a personal loan in Mumbai to finance my wedding?
Yes, absolutely! A personal loan is a very flexible financial product. You can use it for any purpose you deem fit.
MoneyTap provides instant cash loan of up to ₹ 5 Lakh to help finance your wedding. The loan application process is fast, the interest rate is low, and the disbursal is quick.
3. How much monthly income is required to get a personal loan in Mumbai?
To get a personal loan in Mumbai, the minimum income requirement depends on where you are applying.
Most banks have a minimum income requirement between ₹15,000 to ₹ 20,000. In cities like Mumbai, the income limit could be higher.
4. How long does the disbursal process of a personal loan in Mumbai?
Usually, most banks may take 7 days to disburse the loan amount. Some banks may take weeks or even months.
Once your loan is approved, you may either receive an account payee draft/cheque or the loan amount may get directly credited to your bank account electronically.
5. How do I get a personal loan in Mumbai despite a low CIBIL score?
A low CIBIL score lowers your chances of getting a personal loan in Mumbai. If you have a low CIBIL score, you can explore these options to get the loan:
Get a co-signor – Apply for a personal loan with your spouse or a family member with a good CIBIL score as a co-applicant.
Other Sources – Look at other options such as NBFCs or online lenders. With a low credit score, you may get the loan but with a higher interest rate.
Check whether your employer has a tie-up with any lender – Such tie-ups can increase your chances of getting a personal loan in Mumbai.
Guarantor – Getting a guarantor (family or friend) may help you get the loan based on the guarantor’s CIBIL score.
Collateral loan – Pledge gold, land, fixed deposits to get a secured loan.
6. Can I take out a personal loan in Mumbai to pay off my other debts?
Yes. Debt consolidation by taking a personal loan to pay off your high-interest debts makes good financial sense.
High-cost debts like credit card debts can be stressful. It takes a toll not only on your health but also affects your long and short-term financial goals.
The mounting multiple EMIs and exorbitantly high-interest rates may compel you to dig into your savings and empty them. A low-interest personal loan can help you consolidate your debt.
7. Where can I get a quick business loan for self-employed in Mumbai?
You can apply for a business loan with most banks, NBFCs and fintech startups. But if you want a quick business loan applying online through an online lending platform makes sense. Because they have quick turnarounds with their fast approvals, processing and disbursals. Also, traditional banks have stringent eligibility criteria. So, for a startup, it’s almost impossible to get a business loan from them.
In such a situation, an unsecured personal loan for business from an online lending platform like MoneyTap is a good idea. MoneyTap offers personal loans in Mumbai with easy terms and conditions. It’s also quick with its approvals and disbursements.
MoneyTap Personal Loan in Mumbai
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