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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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*Personal loan calculator is only for illustration purposes. For actual calculations refer to your Repayment Schedule & Loan Agreement.*T&C Apply
Mumbai, being the country’s financial hub, often comes with unique financial needs—whether it’s managing higher living expenses, covering emergency costs, planning a wedding, or funding home improvements. A personal loan in Mumbai offers a quick, flexible, and hassle-free solution to meet these requirements. With IDFC FIRST Bank’s FIRSTmoney smart personal loan, you can enjoy instant approvals, competitive interest rates, and a 100% digital process without any paperwork. FIRSTmoney is designed to provide financial support without the need for collateral, giving individuals in Mumbai easy access to funds when it matters most.
Living in Mumbai is exciting, but the financial demands can often strain monthly budgets. A personal loan in Mumbai can help manage these costs effectively. Here’s why:
• High cost of living
Mumbai is one of India’s most expensive cities, with the average monthly rent for a 1BHK apartment in prime areas ranging between ₹35,000–₹60,000. Add groceries, utilities, and transport, and monthly living expenses can easily cross ₹80,000 for a family. A personal loan can bridge sudden gaps in managing these essentials.
• Rising medical costs
Healthcare in Mumbai, though advanced, is costly. A single hospitalisation can cost anywhere from ₹1.5–₹5 lakh, especially in private hospitals. A personal loan provides quick funds during such emergencies, without depleting long-term savings.
• Expensive school fees
For families, education is a major expense. Many reputed schools in Mumbai charge ₹1.5–₹3 lakhs annually per child, excluding extracurricular activities. Loans help parents manage these costs without financial stress.
• Event & lifestyle costs
From weddings to social events, expenses in Mumbai can skyrocket. A medium-scale wedding may cost upwards of ₹15–₹20 lakhs. Similarly, lifestyle upgrades, vacations, or home renovations often require additional funding, where personal loans serve as a reliable option.
Finding the right personal loan in Mumbai requires careful evaluation. Here’s how you can make the best choice:
• Compare interest rates
Typical personal loan interest rates in Mumbai start around 9.99% p.a. and can go up to 24% depending on the credit profile and lender. A common mistake to avoid here is choosing a loan only based on a quick approval. Always compare rates across banks to ensure affordability.
• Check processing time
Some lenders take days, while others like IDFC FIRST Bank disburse loans within 30 minutes. You must not ignore turnaround time when funds are needed urgently. Opt for lenders with digital approval and quick processing.
• Evaluate charges
Apart from interest, check fees and charges for personal loan such as processing fees (1–2%), late payment penalties, and EMI bounce charges. Overlooking hidden fees can cost you a hefty charge. Always read the fee schedule before signing.
• Assess repayment flexibility
Look for flexible tenures and the option to close loans early. A common mistake borrowers usually make is choosing rigid EMIs that can strain their budget. Select tenure and EMI dates aligned with cash flow.
• Review customer support & transparency
A reliable lender ensures easy digital tracking and quick resolution. Never ignore service quality as a personal loan is not always a short-term plan. Choose banks offering seamless app support and no hidden conditions for a seamless borrowing experience.
Living in Mumbai often means balancing a fast-paced lifestyle with high expenses, which makes choosing the right financial partner essential. IDFC FIRST Bank offers personal loans that are tailored to meet the city’s unique needs in the following ways:
• Enjoy low interest rates
You can benefit from low interest rates starting from 9.99% p.a. that make monthly repayments affordable in a city where the cost of living is high.
• Get a high loan amount
IDFC FIRST Bank allows you to borrow flexible loan amounts up to ₹10 lakhs, whether you need funds for small expenses or larger financial requirements.
• Repay flexibly
You have the option to choose convenient repayment tenures from 9 to 60 months that align with your income and financial commitments. You can also choose an EMI date between 3rd to 8th of a month.
• Get quick funds
The loan approval is instant, and disbursal happens within 30 minutes, ensuring that funds are available when you need them most.
• Apply in a 100% digital manner
You can complete the entire application process online, making it simple and hassle-free without any paperwork. All you need is your PAN and Aadhaar number for application and displaying of physical PAN card for video KYC.
• No need to worry about hidden charges
The bank maintains complete transparency in its terms, ensuring you face no hidden charges or unexpected costs.
With these advantages, an IDFC FIRST Bank personal loan makes managing personal finances in Mumbai smooth and reliable.
From funding weddings to covering higher education or travel, personal loans help manage large one-time expenses without disturbing long-term savings.
With fast approvals and same-day disbursals, you don’t have to delay urgent commitments—be it medical treatment or home repairs.
Unlike secured loans, you can access funds without keeping property, gold, or investments as collateral.
The loan can be used for multiple purposes—consolidating debts, upgrading your lifestyle, or planning family celebrations.
Borrowers can spread out repayments over convenient tenures, ensuring the loan fits comfortably into monthly budgets despite Mumbai’s high living costs.
The documents needed to apply for a personal loan by IDFC FIRST Bank are:
To apply for an IDFC FIRST Bank personal, both salaried and self-employed individuals must meet the following eligibility criteria:
With FIRSTmoney personal, you benefit from instant approvals, flexible repayment tenures ranging from 9 to 60 months, and competitive interest rates. Thus, taking a smart personal loan like FIRSTmoney is a practical financial decision for Mumbaikars.
Types of Fees | Applicable Charges |
Personal loan interest rate | Starting 9.99% p.a |
Processing fees of 2% including GST 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. |
Foreclosure fee | Nil |
Part payment | Not Allowed. |
EMI bounce charges | 7.5% of the EMI amount (min. ₹400 and max. ₹1000). |
Applying for a personal loan with IDFC FIRST Bank is simple, 100% digital, and hassle-free. Follow these four easy steps:
Visit the IDFC FIRST Bank website or mobile banking app and click on the ‘Apply Now’ button to begin the process.
Fill in the online application form with your basic details such as mobile number and name to proceed.
Select your preferred loan amount and tenure and link your bank account where you want to receive the funds.
Complete your video KYC by displaying your original PAN card.
The approved loan amount is transferred to your linked bank account within 30 minutes.
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You can easily apply for a personal loan in Mumbai through the IDFC FIRST Bank’s website or mobile app. Just enter your basic details, choose your loan preferences, complete your video KYC and get instant disbursal.
To apply for a personal loan by IDFC FIRST Bank in Mumbai, you must be an Indian citizen within the age range of 21 to 60 years. You should have a stable source of income, whether you are salaried or self-employed. Your eligibility is also influenced by your credit score, monthly income, and repayment history.
The loan amount depends on your income and eligibility. With IDFC FIRST Bank, you can avail personal loans up to ₹10 lakhs in Mumbai based on your financial profile, ensuring flexibility to meet your needs.
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.
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 without spending your savings upfront.
IDFC FIRST Bank personal loans can be used to fulfil both urgent and long-term financial needs. 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 low rates of interest starting at just 9.99% p.a and flexible repayment options.
No, you do not need to provide any collateral or security to get a personal loan from IDFC FIRST Bank. If you pass the eligibility criteria and your details are verified, the loan amount will be disbursed in your account within 30 minutes.
Both salaried and self-employed Indian citizens aged between 21 to 60 years can apply for a FIRSTmoney smart personal loan at IDFC FIRST Bank. You must also have a CIBIL score of 710 and above. If you meet the eligibility criteria, your loan application will be processed, and the amount will be disbursed in your account within 30 minutes. Factors such as your income, credit score and debt profile are considered when you apply for a personal loan in Mumbai.
IDFC FIRST Bank offers low-interest personal loans in Mumbai starting at 9.99%% per annum.
Are you dreaming of enhancing your home? Whether it's renovating the kitchen, installing modern storage, or revamping the interiors, FIRSTmoney's personal loan turns your dreams into reality. With a quick digital application process, competitive interest rates, and flexible repayment terms, transforming your home into a chic and cosy space is easy.
Unforeseen expenses like sudden repairs, family events, or unscheduled buys may spring up at any moment. FIRSTmoney's instant cash loan provides you instant cash without collateral or long documentation. The application process is completely online with fast approvals and same-day disbursal. The transparent terms, flexible EMIs, and no pre-closure charges make it a trusted choice when unanticipated expenses crop up.
Medical expenses, spontaneous trips, or urgent payments may put a strain on your finances. FIRSTmoney's travel personal loan for emergency needs offers same-day approvals and quick fund disbursal. With competitive interest rates, flexible repayment terms, and no foreclosure fee, you can finance emergencies without touching your savings.
Are you planning your next vacation? FIRSTmoney's travel loan finances international travel, local vacations, or luxury indulgences without hassle. Whether flights, accommodations, shopping, or sightseeing, the loan provides financial flexibility to allow you to concentrate on making memories. The application is 100% digital for seamless approvals and instant fund access.
Grand celebrations usually translate to grand expenses. With FIRSTmoney's wedding loan, you can plan everything—venues, decorations, photography, and more—without worrying about money. The 100% online process comes with instant approvals and disbursals. With tenures from 9 to 60 months and attractive interest rates, you can celebrate your special day without compromise.