Get the Best Deals on Personal Loans in Mumbai with Aapka Bank
Let’s get some insight on personal loan in Mumbai:
- Personal loans are like an installment loan. You borrow a fixed sum of money and pay it back on a monthly installment basis with interest over the life span of the loan. The tenure ranges from 12 to 84 months. Once the full amount is paid, the account is closed. If you need more money, you can apply for a new loan.
- There are two types of personal loans - secured and unsecured. The unsecured personal loans are not backed by collateral. The lender decides if you qualify for the unsecured loan depending on your financial history. If you don’t qualify for an unsecured loan, some lenders offer secured options as well.
- The secured loans are backed by collateral like FD or savings account. In case you fail to repay the loan, the lender has right on your asset as repayment for the loan.
- The banks are one of the first places that occur to mind when thinking of loans. However, they are not the only lenders of personal loans. There are other finance companies, online lenders, NBFCs, etc. that offer personal loan.
- When you apply for a loan, the lender will pull your credit as a part of the application process. It will usually lower the credit score by a few points.
- When taking a personal loan, you must think about the interest rates and other charges. The interest rates and fees can make a significant difference in how much you are paying over the life of the loan. They widely vary from lender to lender.
- Interest rates
- Origination fees
- Prepayment penalties
Eligibility criteria for a personal loan
- Profession- salaried people working in government, private, or MNC companies and self-employed professionals such as CA, CS, Architect, and Doctors.
- Age- The eligibility criteria for age is 21 years to 60 years.
- Minimum income for loan eligibility- Rs. 25000 per month for salaried and Rs. 5 lac gross annual receipts for professionals.
- Work experience- 3 years and above
- Experience in Current company- 1 month to 1 year
- Minimum CIBIL Score- 650
- Minimum EMI as a percent of income- 65%
Documents for a personal loan
- Passport/ driving license/voters ID/PAN Card.
- Utility Bill/ Passport as address proof.
- Bank statement for the past 3 months.
- Salary slips for last 3 months.
- 2 passport size photographs.
For self-employed individuals
- KYC documents
- Proof of residence
- Income proof (audited financials for last two years)
- Latest 6 months bank statement
- Office address proof
- Proof of residence or office ownership
- Proof of continuity of business
Q3. What is the minimum amount one needs to borrow in case of a personal loan?
The minimum amount that one needs to borrow in case of a personal loan varies from banks to banks. It depends upon different banks procedures and policy and also depends upon other factors as well. But usually, the minimum amount of easy personal loan varies from Rs. 25000 to Rs.30000. It may vary, but this is the standard limit. It is advisable to go through different lenders to choose the one which fulfils your requirements. Sometimes it also depends upon the source of income of one applying for the personal loan in Mumbai.
Q4. What is the process of calculating the maximum amount of the loan?
Q5. What is the time period for which personal loan can be availed?
A personal loan is high in demand not only because it can be put to multiple uses without any restrictions imposed by the bank but also the flexible tenure it can be borrowed for. The tenure for which personal loan in Mumbai can be availed is from 12 months to 60 months. One can choose the time period as per their requirement, and it also depends upon the uses for which personal loan is borrowed. In some situation, a shorter or longer time period than the standard can be allowed by the lenders.
Q6.What are the various important documents that are required for a personal loan in Mumbai?
Q7. What is the process of personal loan approval?
The process of personal loan approval in Mumbai is very easy. It does not involve a number of lengthy and cumbersome steps, and the loan can be availed within a few days which was not possible earlier as one has wait for a longer time to get the loan approved. The approval process depends upon the lender to lender. The process can be completed within 48 hours, or it might take a week or two but not more than that. All one needs to get it documents ready so that process of personal loan can be approved at a fast rate and you can then put the amount of loan to use. Moreover, it has become easier through personal loan online approval.
Q8. What are the rates charged on a personal loan?
Personal loans are unsecured form of loans, i.e. one does not have to mortgage security in order to get the loan. Being an unsecured loan, the rate of interest charges on them are slightly higher when compared to other types of secured loans. The prevailing interest rates are different as per banks discretion, but the lowest personal loan rate in Mumbai charged is around 10.99 per cent. There are certainly other factors that also affect the rate of interest such as credit history of the applicant, the income level of the applicant, tenure for which loan is applied for and also other loans that are being taken by the applicant also affect the rate of interest on this loan.
Q9. How to compare interest loan rate?
The interest rates charged on personal loans differ from bank to bank as it depends upon a number of factors. One must compare the interest rate of different banks and other financial institutions to get low interest personal loan in Mumbai. One can compare the interest loan rate of different banks through Aapka Bank that provides you with all the details that are required in order to make an informed decision. In order to get the lowest rate on personal loan in Mumbai, one may consider Aapka Bank for all the guidance.
Q10. How to get the lowest interest rate on personal loan ?
As more and more banks, as well as other financial institutions, are offering personal loan in Mumbai, one can compare the interest and thus get the lowest interest rate as per their requirements. Earlier one has to go physically to different banks and financial institution in order to know about the interest rate, which made it difficult to get the best deal. It has now been made easier through the platform of Aapka Bank that makes available the different rate interest of various banks or NBFCs so you can choose the best interest rate for loan.