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Personal Loan in Mumbai

Mumbai has been one of the booming and futuristic cities for business and employment in India. Many opportunities are popping up every day in different fields for job and business. Mumbai is a dream city for thousands of aspirants who migrate from their home towns to work hard and build a successful career. Getting work is easy here but fighting the competition and surviving is equally difficult. Hence, many people depend on personal loans to meet urgent finances and emergency expenses. Personal loans are really helpful when there is a need to organise urgent liquid cash.

In a city like Mumbai, where the costs are unpredictable, keeping an instant personal loan app handy is a smart thing to do. Taking a loan is no more a burden like traditional times. The repayment tenure, EMIs and interest rate can be flexibly decided by the borrower. The loan providers in Mumbai give easy access to instant loan apps. Approval and disbursal also take less time when the required loan documents are authentic and 100% verified.

Mumbai is a fast-paced city where time is money. Instant loan apps save a considerable amount of time that goes in personally visiting the lender and applying for a loan. Instead download the loan app, fill in the form and proceed with the process right from your comfort zone. Also, the documentation is paperless or requires soft copy for submission.

Personal Loan Interest Rates in Mumbai

Interest rate is one factor that forces borrowers to think twice before opting for a loan. It is an additional amount to be paid above the sum of loan. Considering different income slabs of employed and self-employed individuals in Mumbai, the interest rate starts from 10.45% with a repayment tenure extending up to 2 years.

Feature and Benefits of Personal Loan in Mumbai

There are a range of features and benefits related to personal loan in Mumbai

Speedy Update

Any one who applies for a loan wants the money to be disbursed as soon as possible. The online instant loan process gives quick update about the loan status. On approval, the money is transferred to the borrower’s bank account in 24hours.

Manageable Documentation

The scenario has changed for good. Photo copies of mandatory documents are no longer required as document verification is done in a hassle-free manner online. Upload soft copies or enter authorised codes given on the personal documents such as the Aadhar card number, PAN number, Driving license etc.

Customized Interest Rate

Depending upon the borrower profile and income slab, interest rates are charged accordingly. This ensures suitable interest is applied that doesn’t make loan a burden to repay.

Account management

Online loan apps give a personalised dashboard from where borrowers can apply for loans, complete legal formalities and check the loan status, all from the mobile phone.

No collateral loan

No security requirement against the loan saves borrowers from mortgaging an asset or property. Personal loans are unsecured loans that eliminate the need for loan security.

How to Apply For Personal Loan in Mumbai

You can apply for loan in Mumbai both the online and offline way. If you have time to personally visit the lender’s office or your bank branch, then go ahead and fill in the loan application form to start the process. Whereas, if you are good with online apps, download instant loan app such as Simply Cash to apply for personal loans easily. Start with filling the loan application form, submit the mandatory documents online, wait for verification, on approval loan amount will be disbursed in the selected bank account.

Documents Required and Eligibility Criteria

Confirm the eligibility criteria to avoid loan rejection.

  • 1Borrower must be a citizen of India
  • 2Borrower must be working in/with either private or public sector
  • 3Borrower must fall in an age group of 21 to 58 years
  • 4Borrower must earn at least 15,000 per month
  • 5Standard KYC documents - Aadhar card, Driver’s licence, PAN card
  • 6Income documents – recent salary slips for salaried individuals and bank statement for self employed
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