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Personal Loan in Mumbai

From the iconic Gateway of India to the bustling Marine Drive, Mumbai is a city that never sleeps and is always on the move. As India’s financial capital, Mumbai is a hub of opportunities, but it’s also one of the most expensive cities to live in. Managing your finances in such a fast-paced environment can be tough.

Whether you're chasing your dreams in the "City of Dreams" or handling large, unexpected expenses, a personal loan can be a practical solution. IDFC FIRST Bank offers multi-purpose personal loans in Mumbai with competitive interest rates, minimal paperwork, and flexible repayment options. Our loans come with long tenures of up to 5 years, giving you the convenience to manage your finances without worry.

With quick disbursals and no need for collateral, our personal loans can help you cover costs for weddings, medical emergencies, home renovations, or any other financial needs. Get an IDFC FIRST Bank personal loan in Mumbai and handle your expenses with ease and confidence.

Features and benefits of an instant personal loan in Mumbai

If you wish to know more about IDFC FIRST Bank as a personal loan provider in Mumbai, check out our Personal Loan section

Competitive interest rates starting at 9.99%

Competitive interest rates starting at 9.99%

Completely digital, paperless online process

Completely digital, paperless online process

Balance transfer of existing personal loans and credit cards at affordable rates

Balance transfer of existing personal loans and credit cards at affordable rates

Use a Personal Loan and save the day!

An easy personal loan in Mumbai has saved a lot of Mumbaikars in their hour of need. Whether it is an unprecedented expenditure or a necessity, a personal loan provider in Mumbai can give you just what you need.

Travel

Mumbai is among the biggest cities in the country. Getting from one part of the city to another can be stressful and time-consuming. It is one of the reasons why people turn to a private finance agency in Mumbai to get funding for their personal two-wheelers. Today, youngsters are choosing to go the eco-friendly route by investing in cycles. While cycles are cheaper than bikes, they are also an investment. Most Mumbaikars choose to finance their cycles with the help of a personal loan from banks such as IDFC FIRST Bank. Low interest personal loan, a paperless process, minimal documentation and easy instalment options are the premier reasons for availing of travel loan.

Health emergencies

A health emergency may pop up at any time, leaving you in a tight spot. The stressful lives individuals lead these days, increases their health risks. Medical loan can help you if you’re facing a health emergency. To protect yourself from such situations, you can also purchase a health insurance from a reputed financial institution such as IDFC FIRST Bank.

Weddings

The ‘Big Indian Wedding’ can really dent your pocket, especially in Tier 1 metropolitan like Mumbai or Delhi. People in the city dream of luxurious weddings, inspired by celebrities and social media. In such a situation, getting private financing in Mumbai from a bank such as IDFC FIRST Bank is a smart alternative. It helps you finance the wedding of your dreams without jeopardising your future with exorbitant EMIs. There is no end to how much help you can secure by taking out a marriage loan in Mumbai.

Travel

Mumbai is among the biggest cities in the country. Getting from one part of the city to another can be stressful and time-consuming. It is one of the reasons why people turn to a private finance agency in Mumbai to get funding for their personal two-wheelers. Today, youngsters are choosing to go the eco-friendly route by investing in cycles. While cycles are cheaper than bikes, they are also an investment. Most Mumbaikars choose to finance their cycles with the help of a personal loan from banks such as IDFC FIRST Bank. Low interest personal loan, a paperless process, minimal documentation and easy instalment options are the premier reasons for availing of travel loan.

Health emergencies

A health emergency may pop up at any time, leaving you in a tight spot. The stressful lives individuals lead these days, increases their health risks. Medical loan can help you if you’re facing a health emergency. To protect yourself from such situations, you can also purchase a health insurance from a reputed financial institution such as IDFC FIRST Bank.

Weddings

The ‘Big Indian Wedding’ can really dent your pocket, especially in Tier 1 metropolitan like Mumbai or Delhi. People in the city dream of luxurious weddings, inspired by celebrities and social media. In such a situation, getting private financing in Mumbai from a bank such as IDFC FIRST Bank is a smart alternative. It helps you finance the wedding of your dreams without jeopardising your future with exorbitant EMIs. There is no end to how much help you can secure by taking out a marriage loan in Mumbai.

Apply For Personal Loan In Mumbai  

Minimum salary required to apply for personal loan in Mumbai
 

In most Indian metropolitan cities, the minimum salary required to apply for a personal loan is ₹20,000. The same goes for Mumbai as well. Individuals must have a minimum income of ₹20,000 before they can take out a loan.

Interest rate and charges in Mumbai for a personal loan
 

Types of Fees Applicable Charges
Personal loan interest rate Starting 9.99%
Processing fees Processing Fees of upto 3.5% will be deducted from the loan amount at the time of disbursal
Late payment fees 2% of the unpaid EMI or Rs 300 whichever is higher. The late payment fees might be applicable from the date of default to the date of payment.
Stamp duty As per actuals

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How to apply for a personal loan in Mumbai

Applying for a personal loan from IDFC FIRST Bank is quick, easy and completely online. Here are the steps to apply for the loan:

Stage 1: Online application

Login to the IDFC FIRST Bank Loans App to apply for an online personal loan in Mumbai. You can also apply for a personal loan online by filling out an online application form, which has a few mandatory questions. These questions help us evaluate your candidature.

Stage 2: Approval

Your loan request will be approved if you pass the eligibility check.

Stage 3: Upload documents

Complete the verification process by uploading the documents.

Stage 4: Disbursal

After your personal information is verified, the loan amount is transferred into your account. IDFC FIRST Bank’s instant personal loan ensures you received the financial aid you need in a smooth and seamless manner.

Eligibility

Documents Required for Getting a Personal Loan in Mumbai

The documents needed to apply for a personal loan are:

  • PAN Card
  • Form 60 (To be submitted only if PAN card is not available)
  • Any 1 Official Valid Document (OVD) is mandatory from the below:
  • Valid Passport with expiry date, photograph, and signature
  • Aadhaar Card issued by UIDAI
  • Voter’s Identity Card issued by Election Commission of India
  • Driving License issued by regional transport authority
  • Job Card issued by NREGA duly signed by an officer of the State Government
  • National Population Register containing details of name and address
  • RBI Approved Account Aggregator Process/ Bank Statement

Who Can Apply

For self-employed individuals

  • Minimum age: 21
  • Maximum age: 65 (at the time of loan maturity)
  • Your business must have existed for a minimum of 3 years
  • Minimum credit score of 730

For salaried individuals

  • Minimum age: 21
  • Maximum age: 60 (at the time of loan maturity) or retirement, whichever comes first
  • Minimum monthly salary: ₹20,000 per month
  • Minimum credit score of 730
  • At IDFC FIRST Bank, you can borrow an amount ranging from ₹50,000 to ₹10 lakhs based on your eligibility score

Personal Loan in Mumbai

FREQUENTLY ASKED QUESTIONS

How to get a personal loan in Mumbai?

You can easily apply for a personal loan in Mumbai through the bank’s website or mobile app. Simply fill out the online application form, submit the required documents, and get approval within minutes. Alternatively, you can visit a branch in Mumbai to apply in person for more personalized assistance.

What are the eligibility criteria to apply for a personal loan in Mumbai?

To apply for a personal loan in Mumbai, you must be an Indian citizen within the age range of 21 to 60 years. A stable source of income, whether you are salaried or self-employed, is required. Your eligibility is also influenced by your credit score, monthly income, and repayment history.

How much of a personal loan can I get in Mumbai?

The loan amount depends on your income and eligibility. With IDFC FIRST Bank, you can avail personal loans in Mumbai that are based on your financial profile, ensuring flexibility to meet your needs.

What is the interest rate for personal loans in Mumbai?

IDFC FIRST Bank offers competitive interest rates for personal loans in Mumbai, starting as low as 9.99% p.a. The final rate may vary depending on your credit score, loan amount, and other financial factors.

How long does it take to get a personal loan in Mumbai?

Once your application is submitted and approved, the personal loan in Mumbai amount is typically disbursed within minutes, allowing quick and easy access to funds when you need them most.

What is a personal loan?

A personal loan is an amount that you can borrow from a bank when you need money for personal expenses. It helps you fulfil your financial needs and then repay it later when you have the amount.

Why should I take a personal loan from IDFC FIRST Bank?

IDFC FIRST Bank can cover you if you need financial help. These instances range from a wedding in the family to a sudden health emergency. IDFC FIRST Bank also gives you the amount you need at very low rates of interest and with easy EMI options.

Do I need to provide any security or collateral to apply for a personal loan?

No, you do not need to provide any collateral or security to get a personal loan with IDFC FIRST Bank. If you pass the eligibility check and your documents get verified, the loan amount will be disbursed in your account within 48 hours.  

Who can apply for IDFC FIRST Bank personal loan?

Salaried and self-employed individuals can apply for a pre-approved personal loan at IDFC FIRST Bank. If you meet the eligibility criteria, your loan application will be processed and the amount will be disbursed in your account within 48 hours. Factors such as your income, credit score and debt profile are considered when you apply for a personal loan in Mumbai.

What is the interest rate for a personal loan in Mumbai?

IDFC FIRST Bank offers low-interest personal loans in Mumbai , with rate starting at 9.99%% per annum, subject to your credit profile and loan tenure. 

More FAQs

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Personal Loan Blogs

Credit Score for Personal loan

FEATURED

Personal Loans for a Credit Score of 550

Personal loans are one of the easiest loans to acquire. They are unsecured loans, which means one does not need to offer collateral. They can be used for a multitude of purposes. There is minimal documentation involved and a relatively shorter processing time as well. However, one of the most important considerations when applying for a personal loan is your CIBIL score.

Team FinFIRST14 Sep 2021 • 3 mins read

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MUMBAI-ANDHERI-TECHNOPOLISE PARK - GF

UNIT NO. , GROUND FLOOR, B WING, TECHNOPOLIS KNOWLEDGE PARK, CHAKALA ROAD, OPP HOLI FAMILY SCHOOL , ANDHERI (E) MUMBAI 400093.

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