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Personal Loan in Mumbai

Mumbai is the city of dreams. Home to the biggest corporations, the city attracts thousands of dreamers to its shores. People from all over India move to Mumbai in search of opportunities and to build a career. However, doing so is far from easy. Living out your dream in Mumbai is more expensive than in any other place in the country. But taking out a personal loan in Mumbai can help. You can get a jumpstart to the life of your dreams with a personal loan in Mumbai. If you choose to take a personal loan from IDFC FIRST Bank, you can get it without having to visit the bank, as all the procedures can be completed online. The EMI on personal loans availed through IDFC FIRST Bank is low owing to the low rates of interest. Apply for a personal loan in Mumbai online to get started!

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

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 rates of interest, a paperless process, minimal documentation and easy instalment options are the premier reasons for availing of easy personal loans in Mumbai.

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. Personal loans in Mumbai 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 personal 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 rates of interest, a paperless process, minimal documentation and easy instalment options are the premier reasons for availing of easy personal loans in Mumbai.

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. Personal loans in Mumbai 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 personal loan in Mumbai.

Minimum salary required to apply for personal a 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 10.49%
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

How to apply for a personal loan

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

Eligibility

Documentation

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

Who Can Apply

For self-employed individuals

  • Minimum age: 25
  • Maximum age: 65 (at the time of loan maturity)
  • Your business must have existed for a minimum of 3 years

For salaried individuals

  • Minimum age: 23
  • Maximum age: 60 (at the time of loan maturity) or retirement, whichever comes first
  • Minimum monthly salary: ₹20,000 per month
  • At IDFC FIRST Bank, you can borrow an amount ranging from ₹20,000 to ₹40 lakhs based on your eligibility score

Personal Loan in Bangalore

FREQUENTLY ASKED QUESTIONS

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.

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 FinFIRSTSep 14 • 3 mins read

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