Did you know that almost 47% of citizens living in Mumbai come from outside the state? Living and settling in a new city, especially a city like Mumbai, comes with its share of pros and cons. At home in your own hometown, you can always count on your family for any help including monetary help. But in a city like Mumbai, that social circle is not available when you want personal loans. Thankfully, you just need to be online to get an instant personal loan in Mumbai.
Irrespective of whether you are salaried or not, today technological advancements enable you to take a personal loan online. Interested? Read on to know important tips.
Personal loans online up to Rs 25 lakh
Personal loans in Mumbai can be taken online within minimum hassle through various lenders which offer flexible personal loan options in a quick and easy way at competitive interest rates. Be it education, wedding or vacation, all it takes is a few clicks to get a personal loan online starting from Rs 75,000 if you are at Mumbai. You can get a maximum of Rs 25 lakh personal loan. There is no requirement of any collateral or security for personal loans.
If you are applying from Mumbai, you should be in the age group of 22 to 58 years. If you have a minimum monthly income of Rs 15,000, then you are eligible. Remember that you should be in the same job for six months and should have a minimum of one-year work experience.
EMI is small for longer loan tenure
Simply visit the loan provider’s website and check your EMI using the personal loan EMI Calculator. Some websites will have a quick apply option. Key in details like your full name, email ID, mobile number and city of residence i.e. Mumbai. The mobile number is required because an OTP will be sent to verify the genuineness of the personal loan application.
A personal loan online is given for tenure ranging from 12 months (1 year) to 72 months (6 years). Tata Capital gives personal loans starting at 11.25%. For instance, a 6-year instant personal loan online in Mumbai for Rs 4 lakh will have an EMI of Rs 7742.
Upload required documents
Getting personal loans online requires you to simply fill out a form that takes less than 10 minutes. Next, you can upload the necessary documents. Your personal loan should be approved within minutes. Usually, loan companies give you the loan within a week. Once the loan provider has all your documents and the verification process is completed, it generally takes about 72 hours for the personal loan amount in Mumbai to be credited to your bank account.
Do bear in mind you can go for the fixed amount of loan and interest. Else, you can pay higher/lower EMIs in the initial months, and then lower/higher EMIs at the later months depending on your income.
In this way, you can easily get instant personal loan online in Mumbai. So, what are you waiting for? Log on to the website and apply today.