Instant Personal Loan in Mumbai

Mumbai, the financial and entertainment capital of India, hosts diverse industries, including diamond polishing, IT, textiles, and healthcare. As the country’s most populous city, it serves as an economic hub. Bajaj Finserv offers flexible personal loans in Mumbai to meet varied financial needs. With high sanctions up to Rs. 55 lakh and 100% transparency, enjoy quick approvals and competitive rates. Looking for private finance in Mumbai? Apply online or visit a branch for hassle-free processing and timely disbursal, ensuring seamless financial management.

Features and benefits of personal loan in Mumbai

  • Flexibility in repayment

    Flexibility in repayment

    Pay interest only on the funds used with our Flexi loan facility, and reduce your EMIs by up to 45%.*

  • Account access online

    Account access online

    Our customer portal enables 24x7 access to your loan account and its relevant details.

  • Repayment over flexible tenors

    Repayment over flexible tenors

    Choose an appropriate tenor of up to 96 months.

  • Minimum documents

    Minimum documents

    Besides meeting simple eligibility criteria for a personal loan, provide just a few basic documents for verification.

  • Nominal Rates

    Nominal Rates

    With us, you get an attractive interest rate, transparent terms and conditions, and pay no hidden fees.

  • Money directly in account

    Money directly in account

    We take only 24 hours* to credit the amount to your account.

  • Receive approval instantly

    Receive approval instantly

    Bajaj Finserv offers instant loan approval on online application form submission to help you meet urgent expenses easily.

*Conditions apply

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Eligibility Criteria for Personal Loan in Mumbai

Fulfill the eligibility criteria to qualify for a higher loan amount in Mumbai. Check the maximum amount using an personal loan eligibility.

  • Nationality

    Nationality

    Indian, resident of India

  • Employment

    Employment

    Must be a salaried employee at a reputed MNC or a private/ public limited company

  • Credit score

    Credit score

    Above 685

  • Age

    Age

    Between 21 years to80 years*. 80 years* or younger, at the end of the loan tenure.

  • Income

    Income

    Minimum salary requirement is Rs. 35,000 per month. Refer to our eligibility page for other details

Bajaj Finserv ensures easy-to-meet eligibility criteria to make unsecured loans more accessible. The documents required are also minimal. Provide all the valid documents to process your application faster.

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Documents Required to get a Personal Loan in Mumbai

To apply for a personal loan in Mumbai with Bajaj Finserv, you’ll need to provide the following documents required for personal loan:

  • KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
  • PAN card
  • Employee ID card
  • Salary slips of the last 3 months
  • Bank account statements of the previous 3 months
  • Piped gas bill
  • Pension order
  • Letter of Allotment of Accommodation Issued by Employer
  • Property / Municipal tax receipt
  • Utility bill
  • Real-time image / photograph
  • Ration card

Current Interest Rate on Personal Loans

Check the online interest calculator to find accurate repayment details based on the latest personal loan interest rate. It helps you plan better and choose the best loan option.

Type of fee

Applicable charges

Rate of interest

10% to 31% p.a.

Processing fees

Up to 3.93% of the loan amount (inclusive of applicable taxes).

Flexi Facility Charge

Term Loan – Not applicable

Flexi variant - A fee will be deducted upfront from the loan amount (as applicable below)

  • Up to Rs. 1,999/- for loan amount less than Rs. 2,00,000
  • Up to Rs. 3,999/- for loan amount from Rs. 2,00,000 to Rs. 3,99,999
  • Up to Rs. 5,999/- for loan amount from Rs. 4,00,000 to Rs. 5,99,999
  • Up to Rs. 7,999/- for loan amount from Rs. 6,00,000 to Rs. 9,99,999
  • Up to Rs. 8,999/- for loan amount from Rs. 10,00,000 to Rs. 14,99,999
  • Up to Rs. 9,999/- for loan amount from Rs. 15,00,000 to Rs. 19,99,999
  • Up to Rs. 10,999/- for loan amount from Rs. 20,00,000 to Rs. 24,99,999
  • Up to Rs. 11,999/- for loan amount from Rs. 25,00,000 to Rs. 29,99,999
  • Up to Rs. 12,999/- for loan amount of Rs. 30,00,000 and above

*All the Flexi charges above are inclusive of applicable taxes

*Loan amount includes approved loan amount, insurance premium, and VAS charges.

Bounce charges

Rs. 700 - Rs. 1,200 per bounce.
“Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason

Pre-payment charges

Full Prepayment

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full prepayment.
  • Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.
  • Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as of the date of full prepayment.

Part-prepayment

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) of the principal amount of the loan prepaid on the date of such part-prepayment.
  • Not Applicable for Flexi Term Loan (Flexi Dropline) and Flexi Hybrid.

*Foreclosure will be processed post clearance of first EMI

Penal charge

Delay in payment of instalment(s) shall attract Penal Charge of Rs. 8 - Rs. 12 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (as per respective state)

Payable as per state laws and deducted upfront from loan amount.

Annual maintenance charges

Term Loan: Not applicable

Flexi Term Loan (Flexi Dropline): Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges.

Flexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during the initial tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure.

Broken period interest / Pre-monthly Instalment interest

Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows:

EMI Date : 2nd
Scenario 1: If Loan is disbursed on 1st or post 10th of the month:

For Term Loan: BPI amount will be capitalised, i.e added to Principal amount on Due date / Deducted from disbursement
For Flexi Loans: BPI amount will be capitalised, i.e added to Principal amount on Due date / Added to first instalment

Scenario 2: If Loan is disbursed between 3rd and 10th of the month:
First instalment will consist of interest for actual number of days

EMI Date : 7th
Scenario 1: If Loan is disbursed on 1st to 6th or post 10th of the month:

For Term Loan: BPI amount will be capitalised, i.e added to Principal amount on Due date / Deducted from disbursement
For Flexi Loans: BPI amount will be capitalised, i.e added to Principal amount on Due date / Added to first instalment

Scenario 2: If Loan is disbursed between 7th and 10th of the month:
First instalment will consist of interest for actual number of day

Note: Additional cess if any, will be applicable to all charges according to state law.

*Terms and conditions apply.

Uses of Personal Loan in Mumbai

Bajaj Finserv provides various personal loans in Mumbai tailored to meet diverse needs. Whether you’re planning a trip or facing unexpected expenses, here are some popular loan types:

Apply for Personal Loan in Mumbai

Planning to apply for a personal loan in Mumbai? Here’s a quick guide to make the process simple and hassle-free:

  • Visit the personal loan page and click on ‘APPLY’
  • Enter your mobile number and OTP.
  • Fill in the application form with your basic details and click on’ PROCEED’
  • Enter the loan amount and tenure you need. Choose from our three unique variants- Term, Flexi Term, and Flexi Hybrid.
  • Complete your KYC and submit your application.

Our Personal Loan branches in Mumbai

Frequently asked questions

What are the loan eligibility criteria for borrowers in Mumbai?

Here are the personal loan eligibility criteria you need to meet. You must:

  • Be an Indian national residing in India
  • Be within 21 years to 80 years* of age. 80 years* or younger, at the end of the loan tenure.
  • Be employed at an MNC, private or public limited enterprise
  • Have a CIBIL score of above 685
Why should I go with Bajaj Finserv for a personal loan?

Bajaj Finserv offers personalised deals for existing customers, as well as these features and benefits on personal loans:

  • A long tenor of up to 96 months
  • A high loan value of up to Rs. 55 lakh
  • Hassle-free documentation
  • Quick approval
  • Easy access to an online account
  • Up to 45% lower EMIs, and more
Which documents are necessary?

The few documents required are – your employee ID card, salary slips, account statements, KYC documents, and photographs.

What happens if my CIBIL score is low?

A low CIBIL score incurs a higher rate of interest on a personal loan in Mumbai. Also, you may have to follow stricter eligibility requirements. Extremely low scores shall lead to your application being rejected. In this case, you can mention additional income sources or increase your credit score before applying for a new loan.

How much minimum salary is required to avail of a personal loan in Mumbai?

The minimum salary required to get our personal loan is Rs. 25,001.

Is it mandatory to have a guarantor for personal loan?

Our personal loan is unsecured, and you do not need to have a guarantor to apply for it.

Can I make a partial payment on my personal loan?

Yes, you can make part-prepayments towards your personal loan. Please note that there may be charges associated with the part-payment. Please read the personal loan interest rate carefully.

Who is eligible for a personal loan in Mumbai?

Salaried or self-employed individuals with a stable income, good credit score, and meeting the lender's eligibility criteria can apply for a personal loan.

How long does it take to get a Personal Loan in Mumbai?

Personal loans in Mumbai are typically processed within 24 hours, subject to document verification and eligibility.

Can I get a Personal loan in Mumbai without Documents?

Basic documents are mandatory for loan approval, including ID proof, address proof, and income proof, as required by the lender.

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