BEST WAY TO APPLY PERSONAL LOAN IN MUMBAI

Mumbai, being the most populous city in the country, is an expensive city to live in. It is the home for new opportunities and as more and more people are moving to the city, it is getting more difficult for people to manage their expenses and are looking forward to financial help. If you live in Mumbai and require immediate financial assistance, an instant personal loan Mumbai is your best option.

How to Apply for a Personal Loan in Mumbai

The process for a personal loan is simple and quick if you are eligible and have the required set of documents. You can apply for a personal loan sitting at the comfort of your homes or by visiting any financial institution near you. The steps for applying for a personal loan in Mumbai are outlined below.

1. Fill the application form with all your personal, financial, and employment information.
2. Upload the required documents for personal loan approval. Personal loans require very little documentation. Check your lender’s website for information on the documents you must submit. You must check other terms and conditions also.
3. Your lender will double-check your documents and credit history.
4. Your lender will send you the approved interest rate and loan term for your approval once the verification process is complete.
5. The personal loan will be sanctioned and the loan amount will be disbursed once your application is approved.

Documents Required for a Personal Loan in Mumbai

The required documents to be submitted vary from lender to lender, however, some general documents that are required by every lender are mentioned below-

• Ration card, electricity bill, utility bill, passport, voter ID card are all acceptable forms of address proof.
• Identification documents include a voter ID, a valid passport, a birth certificate, a PAN card, an Aadhaar card, and a driver’s licence.
• Photograph in passport size
• Application form, signed and accompanied by a photograph
• Bank statement from the previous six months
• Documents for salaried individuals include the last three months’ payslip and Form 16/Income Tax Returns.
• Documents for self-employed people — Last three years’ profit and loss statements, signed and certified by a CA, and last three years’ income tax returns

In Mumbai, Are You Eligible For A Personal Loan?

The eligibility factors also vary from lender to lender. However, some basic eligibility criteria to obtain a personal loan are-

• The applicant’s age should be between 22 and 58.
• The individual’s monthly income should be at least INR 15000 — INR 30000, depending on the terms and conditions of your lender.
• The applicant must have spent the previous six months in the same position.
• The candidate must have at least one year of work experience.
• A good CIBIL score, typically greater than 750, is also required to obtain a personal loan in Mumbai.

The Bottom Line

It is not an easy task to apply for a personal loan if you have the required set of documents and you are eligible to avail a personal loan. What is important is that you conduct thorough research and compare various lenders to find the best personal loan interest rate so that you can select the best loan for you. You should use various tools such as personal loan eligibility criteria to check your eligibility for obtaining a personal loan. You can also Personal loan EMI calculator. This tool helps you to calculate your monthly installments according to the interest rates just by entering your desired loan amount and your loan tenure. You can alter the amount and the tenure according to your repayment capacity and select the best loan for you with the appropriate EMI’s. The best way for applying for a personal loan in Mumbai is to conduct efficient research and do comparison between various lenders and third party companies.

What you have to do is visit the lender’s website and check the terms and conditions. Be careful about checking the other hidden charges as well before applying for the loan. After your complete research and studying, fulfill your dreams with the help of Personal loan Mumbai.