Mumbai is the financial hub of India. Being the city of dreams, people from across the country move to the city to fulfil their dreams. While the city offers ample opportunity to help you achieve your goals, it is also one of the costliest cosmopolitan cities of India to reside in. The cost of living in Mumbai is quite high as compared to any other city in India.
As a salaried person in Mumbai, chances are you may find yourself in need of an instant personal loan owing to several financial requirements. You may need to take a personal loan to fulfill your personal needs or pursuits. For instance, you may need a loan to handle wedding expenses, to pursue higher education, renovate your home or for other purpose. This is when you as a salaried person can take advantage of availing a personal loan at incredibly low-interest rates in Mumbai.
To know more about availing a personal loan in Mumbai, keep on reading.
Instant personal loan in Mumbai will be beneficial:
● To plan your wedding
● To buy high-end latest Tech gadgets
● To renovate your home
● To purchase gifts for your loved ones on special occasions
● To pay your higher education fees
And, if you are thinking about how to avail a personal loan in Mumbai, then you don’t have to worry, it is a quick and straightforward process. There are several options to get personal loans in Mumbai. You can either go for Banks or NBFCs (Non-banking Financial Companies). Generally, banks do offer you pre-approved personal loan based on your income. If you have a high income and pay your credit bills on time, you will be offered personal loans without any collateral. Also, NBFCs offer personal loans without any collateral, i.e. you don’t have to keep any of your assets as security.
To avail personal loan, just visit the lender’s official website or that of a third-party financial solution provider’s website and apply. Applying online for a personal loan makes it easy for you to check out multiple interest rates instantly at no cost. Once you find the right option that suits your needs the best, you can opt to get a personal loan.
Benefits of instant personal loan
Hassle-free application: You can apply for a personal loan online using your mobile. Through the lenders’ website or app, you can apply for a loan anywhere, anytime. Furthermore, the documents required to avail the personal loan online can be uploaded online; it neither involves paperwork nor a visit to the lender’s office.
Pocket-friendly EMIs: In case you are wondering about the EMIs, then stay worry-free. Because the EMIs are pocket-friendly starting at Rs. 2,500/lakh. However, depending on various other factors such as credit score, eligibility criteria, your age, income and employment status, the EMI amount and the interest rate is decided. Moreover, a personal loan is offered for a tenure of 12-60 months, unlike other loan options which are usually of a longer tenure.
Quick disbursal: Online money lenders offer instant personal loan disbursal, unlike traditional lenders, making personal loans the right option to meet your financial needs in case of emergencies.
Minimum documentation: No more lengthy and time-consuming paperwork. Submit a few required documents such as address proof, identity proof, and income proof.
Increase your credit score: Yes, you read it right; it will boost your credit score. When you avail an instant personal loan and pay the EMIs on time, the lenders are assured about your healthy credit behavior which consequently increases your credit score. And, it is easy to avail more unsecured loans in the future if your credit score is high.
What is the eligibility criteria to apply for a personal loan in Mumbai?
Eligibility criteria for personal loans in Mumbai:
- You should be a citizen of India
- Your age should be in between 21-60 years
- You should be working as an employee in public, private or a government organization
- Your monthly minimum salary should be Rs. 20,000
- You have a good credit score, above 650
List of documents required to get an instant personal loan in Mumbai
● Address proof such as Aadhar card, voter card, utility bill, driving license or passport
● Identity proof such as Aadhar card, PAN card, or passport
● Income statements such as bank statement or salary slip
● Passport size photograph
Applying for an instant personal loan in Mumbai is easy, convenient, and quick. Flexibility in the loan repayment tenure, low EMI options, no paperwork has made personal loan one of the best loan products available in India. Next time, whenever you are in need of quick financial assistance, don’t forget about the best option i.e. a personal loan available for you instantly.