personal loan in Mumbai
- Personal Loan

Personal Loan In Mumbai: All That You Need To Know!

Mumbai is India’s financial capital. With a population of more than 18 million people, it’s one of the fastest growing and most populated cities in the world. People from every walk of life live and work in this city of dreams. And in Mumbai, one needs money to fulfill his or her monetary dreams. We, at Ruloans understand these needs of every Mumbaikar as even we operate from the heart of the city. Living in Mumbai is quite expensive so if you are unable to fulfill your small dreams or find yourself inadequate at a moment to pay your bills, we suggest you to get a personal loan.

There are many banks and NBFCs in Mumbai which provide personal loans with easy EMI options and require minimum documentation. But choosing from a plethora of banks and NBFCs can be a little difficult.  Here we have listed a few of those financial institutions with their other details:

Bank Loan Amount Processing Fee Interest Rate Tenure
Qbera Up to Rs. 7,50,000 From 2% to 4% 12% to 24% Up to 2 years


Up to Rs. 25,00,000 Up to 2.5% 10.99% to 20.70% Up to 5 years
ICICI Up to Rs. 20,00,000 Up to 2.25% 10.99% to 17.99% Up to 5 years
Tata Capital Up to Rs. 20,00,000 Nil 11.49% to 21% Up to 6 years
Capital First Up to Rs. 15,00,000 Up to 1.5% 12% to 18% Up to 5 years
Standard Chartered Bank Up to Rs. 30,00,000 Rs. 1180 10.99% to 14.49% Up to 5 years
HDBFC Up to Rs. 20,00,000 Up to 2% 12.99% Up to 5 years
IndusInd Up to Rs. 15,00,000 Up to 3% 12% to 19% Up to 5 years
Fullerton Up to Rs. 15,00,000 From 1.5% to 6% 14% to 33% Up to 4 years
Kotak Mahindra Bank Up to Rs. 15,00,000 Up to 2.5% 10.99% to 17.99% Up to 5 years
Aditya Birla Finance Limited Up to Rs. 30,00,000 Up to 1% 11% to 13.75% Up to 5 years

The above details are as of December 2017.

The interest rates, tenure, loan amounts can change as per the applicant’s eligibility and credit score.

Followings Are The Eligibility Criteria And Documents Required Getting A Personal Loan In Mumbai:

Particulars Salaried Borrowers Self-Employed Borrowers
Age 21 years to 60 years 23 years to 60 years
Income Rs. 15,000 (Rs. 20,000 in metros) Turnover of minimum Rs. 24,00,000 (differs for professional and non-professional)
Minimum Loan Amount Approved Rs. 75,000 Rs. 75,000 to Rs. 3,00,000
Maximum Loan Amount Approved Rs. 15,00,000 Rs. 15,00,000 to 20,00,000
Loan Tenure 12-72 months 12-48 months

*The eligibility criteria differ from bank to bank. The above details are generic, not specific.

Particulars Salaried Borrowers Self-Employed Borrowers
Identity Proof Passport, Driving License, Voters ID or PAN Card Passport, Driving License, Voters ID or PAN Card
Address Proof Passport or utility bills Passport or utility bills
Bank Statement Latest 3 months of Salary Account Last 6 months
Salary slips for last 3 months Proof of highest professional degree
Additional Documents 2 year employment continuity document Latest Income Tax Return Balance sheet
Profit and Loss for last 3 years certified by CA

*The list of documents differs from bank to bank. The above given list is generic, not specific.

To know whether you are eligible to get a personal loan in Mumbai

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