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Introduction to Personal Loans in Mumbai

Mumbai is India’s financial and entertainment capital and is home to a lot of industries like textiles, IT, diamond polishing, finance, healthcare, etc. Many top companies in India have their headquarters in Mumbai. Being an economic hub, the city offers varied opportunities to youth.

But at the same time, Mumbai is also the very costly city. Surviving here with a nominal income is very difficult. Hence, to fulfil your financial needs, you can get a personal loan. lendingplate provides quick personal loan in Mumbai.

Whether you are planning for your child’s marriage or have a medical emergency, the personal loan will fulfil all your needs. You can go to the lendingplate website and apply for personal loan in Mumbai. The Loan amount can range from ₹10,000 to ₹2.50,000, with a repayment tenure ranging from 3 to 15 months.

Personal Loan EMI Calculator

Want to plan your payments with our personal loan EMI calculator monthly? Get clear numbers in seconds to make smarter borrowing decisions.

Amount
25000
Duration
12 M
Interest Rate
36 %
Monthly EMI

₹2512

Total Interest ₹5144
Total Amount ₹30144

Features and Benefits of Personal Loans in Mumbai

lendingplate offers you instant personal loan in Mumbai. It gives you the loan at the best interest rates and also assures fast approval. Here are some of the features and benefits of a quick personal loan in Mumbai

Multipurpose Loan

Whether you are planning for a wedding or a foreign vacation, we offer loans for multiple occasions, fulfilling your needs.

No Collateral Required

We don’t ask for any collateral or security for a quick personal loan in Mumbai. We offer collateral-free personal loans.

Attractive Interest Rates

We value our customers, and hence, we offer the loans at the best interest rates in the market. This makes the loan affordable to you.

Digital Process

The entire loan process at lendingplate is online. You don’t have to visit the branch. This makes the loan process very convenient for customers.

Instant Approval

If the applicant is eligible for a loan, then we give quick approval and disburse the amount in his bank account within 24 hours.

Budget Friendly EMI

You pay the EMI based on your affordability. We won’t burden you with high repayment instalments.

Eligibility

To get personal, you need to fulfil certain eligibility criteria. The eligibility of your loan is determined based on your credit score, salary, employment history and present obligations. If you fulfill the eligibility criteria, then only you can apply for a personal loan. You need to meet the following criteria: -

  • The minimum age limit is 21 years.
  • The applicant shall be an Indian Citizen.
  • The minimum Credit Score required is 750.
  • Your minimum salary shall be ₹20,000 per month.
  • Salary shall be credited every month to your bank account.

Documents

Presenting the necessary loan documents will streamline your loan application process. Here is a list of documents required for an Instant Personal Loan in Mumbai.

  • Photo identity Proof: Government-issued ID, such as an Aadhaar Card, PAN Card, or Passport.
  • Address proof: Aadhar Card, Utility Bill or Passport are valid as proof of address.
  • Income Proof: Bank statements or salary slips from the last three months to verify financial standing.
  • Job Continuity Proof: Appointment Letter from Present employer.

How to Apply for a Personal Loan in Mumbai?

Document Submission

After submission ofthe online application form, you need to upload the documents. Log on to the lendingplate website and upload the required documents like PAN card, Aadhar Card, etc

Online Application

If you meet the eligibility criteria, then you can apply for a personal loan online. You will need to fill in the basic details asked in the online form and submit it.

Verification

Your loan application will be reviewed by our team. After review, they will decide whether to approve your loan or not.

Loan Disbursement

As soon as the loan is approved, your bank account will be credited with the loan amount within 24 hours.

Loan Approval

If you meet all the eligibility criteria, then your loan will be approved.

Check Loan Eligibility

When you apply for personal loan in Mumbai, you will need to check your eligibility for a personal loan. You can go to the lendingplate website and check your loan eligibility. You can also use a personal loan calculator for the same.

Interest Rates and Charges on Personal Loans in Mumbai

We at lendingplate maintain complete transparency with our interest rates as well as other charges mentioned below –

Charges Details about the Charges
Processing Fee 1% - 5% of loan amount
Conversion Fee 1 - 5% of the amount
Interest Rate 12% - 36% per annum
Foreclosure 5% of the amount [Nil when prepaid on or after your]
Mandate Return Fee 500/- [inclusive of GST]

lendingplate’s Personal Loan Available Across India

Frequently Asked Questions

Any Indian citizen who has a monthly income of ₹20,000 can apply for personal loan in Mumbai.

In order to apply for a personal loan in Mumbai, you need to have a minimum credit score of 750.

If you meet the requirements and all your documents are legit, then you will get loan approval in 24 hours. The loan amount too will be credited to your bank account within 24 hours.

In case you don’t pay the personal loan on time in Mumbai, then you will have to face penalty charges. This will negatively impact your credit score. You won’t be able to get loans from any banks or NBFCs.

There are certain scenarios under which you can claim tax benefits on a personal loan. This includes loans taken for home renovation, home construction, education expenses, starting a business, etc.

lendingplate offers personal loans only to Indian citizens. NRIs are not eligible for personal loans in Mumbai.

The maximum personal loan amount one can get is ₹ 2.50 lakhs.

You can use the personal loan calculator to check the eligibility criteria before applying for a personal loan.

Personal Loan as per Budget

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Personal Loan as per Salary

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