Personal Loan in
Mumbai

Personal Loans ranging from Rs.25K to Rs.25L with a tenure starting from 6 months.

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Personal Loans in Mumbai

Personal Loans in Mumbai can be secured without much effort from various financial institutions and NBFCs who charge fair interest rates. The loan amount ranges from Rs. 25,000 to Rs. 25 Lakhs with a tenure period of one to five years. Personal Loans in Mumbai can be secured instantly as the whole process right from applying for the loan to the documentation and disbursing the money takes less time as compared to other loans. This makes it ideal for times of contingencies. Moreover, personal loans are unsecured loans and do not require an asset to be provided as a collateral by the borrower and the best part- you have flexibility of repayment.

Personal loans have a major advantage of being used for a variety of purposes. Usually, a personal loan is obtained for paying off medical bills, home renovation, wedding expenses, personal durable goods and travel expenses. You can use a personal loan if you want to pay off multiple unpaid loans by opting for debt consolidation or balance transfer.

Mumbai, a city full of dreamers, attracts migrants from all over India belonging to different cultures and ethnicities. It is the most populous city of India housing the maximum number of billionaires and millionaires. It provides a contrasting image of slums on one side and expensive bungalows on the other. The travel and accommodation expenses can be overwhelming for a common man and may make it hard for him to make ends meet. Overall, the high cost of living attracts a lot of borrowers.

A decent credit history, adequate monthly salary and minimum age are important for getting your loan approved. After you apply for a personal loan, your credit report containing your credit history and your final credit score is reviewed by the lender. Thus, if you have a good credit score, lenders would give you a personal loan at low-interest rates and vice versa.

Many people fall into the trap of borrowing from private lenders who charge a very high rate of interest. At times, the interest rates can go as high as 30%. In order to save yourself from paying a huge interest rate, it is best to carry out detailed research and gather relevant information before taking a personal loan. The interest rates, processing fees, flexibility of tenure and pre-payment charges should be compared and the best option should be chosen. After the inception of certain online platforms, the borrowing procedure has become simplified and transparent. Online lending platforms such as IndiaLends.com provide the borrowers with the best deal at low interest rates. Applying for a personal loan online can help you sit back and relax as most of the work is done by the online platform itself. When you apply online, your application is sent to various banks and NBFCs according to your profile who make a lending decision after reviewing your application. Online platforms like IndiaLends operate without charging any extra fees or attached hidden costs.

Personal Loan: An Overview

A Personal loan is a form of credit offered by financial institutions for the borrower’s personal use.
It is an unsecured loan and doesn’t require collateral as security or a guarantor to avail the loan.

*The figures provided in the table are indicative subject to change from time.

How it Works

A Personal loan is a form of credit offered by financial institutions for the borrower’s personal use.
It is an unsecured loan and doesn’t require collateral as security or a guarantor to avail the loan.

1

Registration

register

Apply online in less than 2 minutes

2

Quick Verification

verification

We will review your application and give you a decision within minutes

3

Loan Disbursal

receive loan

Receive the loan amount within two days.

Basic Eligibility Criteria

  • eligibility

    Good Credit Score

  • eligibility

    Above 21 years of Age

  • eligibility

    Salaried professional

  • eligibility

    Resident of India

  • eligibility

    Valid Bank Account

  • eligibility

    PAN Card and Voter ID Card/Driving License

  • eligibility

    Bank Statements for the last three months

  • eligibility

    Salary Slip for last three months

Find out your customized interest rate for a Personal Loan in Mumbai

A Personal loan is a form of credit offered by financial institutions for the borrower’s personal use.
It is an unsecured loan and doesn’t require collateral as security or a guarantor to avail the loan.

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Become a IndiaLends Partner

Become an IndiaLends Partner to earn incentives and rewards!

  • Earn up to 2% for loan Referral
  • Refer for credit report and earn Rs.20 on successful credit report pulled
  • Refer app to another Partner and earn Rs.750 on their first successful disbursal.

** These amount ranges are for total disbursal during the month.

Personal Loans in Mumbai Reviews

Your reviews motivate us and help us make our service even better

    • user
    • Ralson Raju

      The site keeps information confidential and it is a reliable site to use for credit. They will surely give you tips to improve your credit score if you fail to avail a personal loan.

      5.0

    • user
    • Suneela Isaac

      My experience with IndiaLends was amazing. Their process for personal loan was simple and quick, thanks to the good customer support.

      3.0

    • user
    • Akash Pathak

      Everything about my experience with IndiaLends is just great. All the services they provide are fantastic and I feel that anyone who is in need of Personal loan should apply with them. They also have their own IndiaLends which is easy to use and informative.

      3.0

    • user
    • Tarandeep Kaur

      The online experience with IndiaLends was much simpler than getting a personal loan offline. Their executives picked up my documents from my doorstep. The interest rate charged was as promised and at best rate.

      4.0

Frequently Ask Questions

Q. How much can I borrow and for how long?

A. You can get personal loans starting from Rs. 25,000 up to Rs.25 lakhs for 1 to 5 years.

Q. Can I repay my loan early?

A. Yes, you can pre-pay your loan as and when you want.

Q. How does Indialends assess my credit worthiness and how long does this take?

A. Each consumer wishing to borrow on the Indialends portal will need to go through a rigorous verification and credit assessment process. The assessment is based on information collected from various data sources like the application form, credit bureaus, bank statements, pay slips, verification reports, social media, etc. The above process is automated and happens within seconds. Hence, you can get an approval shortly after you submit your application.

Q. Why was my application rejected?

A. The reason your application was rejected was because your credit profile did not match the criteria stipulated in the Indialends policy at the time. However, Indialends might be able to approve your application at a later date, if by then your credit file has improved or there have been changes in the Indialends credit policy.

Q. What is my repayment schedule?

A. Repayment of the loan will happen monthly on an EMI (equated monthly installment) basis where the amount will be calculated based on amortizing balance. One or two of the installments might be different which will depend on the timing of the loan.

Q. What happens in the case of a missed payment or non-payment by a borrower?

A. If the monthly payment for a borrower is delayed for any reason, a penalty fee and penal interest might be charged to the borrower. The borrower’s credit file will also get impacted which will restrict him / her to get credit in the future. Legal action may also be taken against the borrower.

Q. What information is shared with the lenders browsing through the profiles?

A. Lenders will have the ability to view detailed profiles of the borrowers, information like financial information, employment information, etc. The personal information of the borrower remains protected as per our privacy policy.

Q. How do I alter my loan request?

A. Loan requests can only be cancelled prior to loan disbursal. In case you want to make any changes to your request please reach out to support@indialends.com. The support team will help you in making the modifications.

Q. How can I make monthly payments?

A. You can pay your EMIs using electronic transfer of funds, ECS.

Q. How will you disburse the loan amount?

A. Soon after the loan is approved, the funds will be transferred right into your bank account.