Personal Loan in Mumbai – Factors You Need to Know Before Applying

Planning to apply for a personal loan in Mumbai? The City of Dreams has a lot to offer, which is why people from all over the country come here to build a life and achieve their goals. However, the cost of living is fairly high here. Unless you have a well-paying job or a successful business, you are bound to run into some financial troubles from time to time. Now, whether you are facing a temporary cash crunch or a long-term financial rut, a personal loan can come in handy and solve some of your problems. On the other hand, if you need funds for an emergency or a particular project, these loans will be suitable for that too. Here at Loan Sumo, we are dedicated to helping you find the best personal loans from responsible and legitimate lenders.

A brief description of a personal loan in Mumbai

If you have never taken out a personal loan in Mumbai before, you are sure to have some questions. Provided by both banks and NBFCs, these loans are widely available and accessible. With the help of established lending platforms such as Loan Sumo, finding a suitable lender and loan deal becomes a breeze! Unlike home loans and business loans that are meant for specific purposes, a personal loan has a variety of uses. These are more general loans that you can obtain for any personal reason. Typically lenders do not ask what you intend to do with the money. However, they may advise you to borrow responsibly and only when it is absolutely necessary.

Personal loans in Mumbai provide you with a lump sum amount. Depending on your lender and your eligibility and credit score, you may get anywhere from Rs. 50,000 to Rs. 40,00,000. Having a spotless credit history surely helps you to get the best rates and highest amounts. However, you can get a personal loan in Mumbai even with fairly decent credit ratings, though you may not get the perfect loan terms. Banks usually have stringent qualifying criteria and lengthy processes. However, NBFCs, online lenders and lending platforms make it super easy to obtain a personal loan. The quick application process, minimal documentation and fast approval are some of the key features of these personal loans in Mumbai.

Where can you get a personal loan in Mumbai?

Some of the biggest banks and financial services companies are based in Mumbai and most of them have operations in the city. That is why it is safe to say that there is no dearth of lenders and personal loan providers. However, not all of them cater to the same group of users. That is why you will have to research and compare the various options until you find the most suitable one. Here are some of the top personal loan providers and a few details of the personal loans they provide.

Bank Name

Loan Amount

Interest Rate


Processing Fee

HDBFS Up to Rs. 20 lakhs 14.99% – 14.99% 1-5 years Up to 2%
TATA Capital Up to Rs. 20 lakhs 10.99% – 25% 1-6 Years NIL
Citibank Up to Rs. 30 lakhs 10.99% – 16.49% 1-5 Years NIL
IndusInd Up to Rs. 25 lakhs 11% – 16% 1-5 years NIL
IDFC Bank Rs. 2 lakhs – Rs. 25 lakhs 11.5% – 13.5% 1-5 Years 1% + taxes
HDFC Bank Up to Rs. 40 lakhs 10.99% – 21.25% 1-5 years Up to 2.5%
InCred Rs. 50,000 – Rs. 7.5 lakhs 16% – 28% 1-4 Years 2% – 5%
Standard Chartered Bank Up to Rs. 30 lakhs 10.99% – 14.49% 1-5 years NIL
Fullerton Up to Rs. 15 lakhs 12.49% – 33% 1-4 Years 6.0%
ICICI Bank Up to Rs. 20 lakhs 11.00% – 18.25% 1-5 Years From .75% + taxes

Eligibility requirements you need to fulfil to get a personal loan in Mumbai

After evaluating your needs well, if you have decided that a personal loan in Mumbai will fulfil the requirements, you should find out if you are eligible for it. The qualifying criteria may vary from one lender to the other, and the requirements are different for self-employed and salaried individuals. Here are some of the common eligibility requirements that you would need to fulfil no matter where you apply.


If you are self-employed

If you are salaried

Age 25-65 years 21-60 years
Employment/Income You need to be in the current business for at least 5 years (3 years for doctors)

Professionals need to have a PAT of Rs. 1 lakh and proprietors need to have a PAT of Rs. 2 lakhs

Or you need to have a turnover of Rs. 15 lakhs – Rs. 40 lakhs

You need to have a minimum income of Rs. 15000 per month.
Loan amount Up to Rs. 40 lakhs Up to Rs. 15 lakhs
Rate of interest 12.99% to 20% 12.99%-15.50%
Prepayment/ foreclosure charges Nil-5% Nil-5%
Loan processing charges 1.5%-2.5% 1.5%-2.5%

Here at Loan Sumo, our goal is to make the process of obtaining personal loans in Mumbai much easier and faster. When you rely on us, you have the assurance of finding the most suitable loan products at the earliest. We are an online lending platform. So, we do not provide the money. However, we help you connect with legitimate and trusted direct lenders who provide you with their best loan offers. Want to know more? Get in touch with us and submit your application today!