Short Term Personal Loan In Mumbai

Apart from being the financial capital of India, Mumbai is one of the most happening and busy mega cities of the country. People come to this city from all over India to fulfil their dreams. Bollywood is one of the biggest film industries of India as well. However, living a fast-paced life in Mumbai is a preference for many and anyone can face the requirement of a sudden Short Term Personal Loan In Mumbaiwhile living in this city of dreams.

Eligibility Criteria for a personal loan

• You must be a resident Indian citizen to get a personal loan in Mumbai.

• You must be aged between 21 years to 60 years

• You must be either a salaried or, a self-employed individual.

Documents required for a personal loan

• PAN Card / Aadhaar Card/ Driver’s license.

• Recent passport-sized photographs

• The last 6 month’s bank statement

In case you are a salaried professional

• The minimum eligible salary is 25K per month.

• 1 year of work experience with proof of at least 6 months completed under your current employer is required.

• The last 2 month’s salary slips.

In case you are a businessman or, self-employed individual,

• The annual turnover is required.

• The audited copies of yearly balance sheets and annual profit statements after-tax are required.

Fees and rate of interests applicable for a personal loan

• The rate of interest for a Short Term Personal Loan In Mumbai varies from 9.6% to 36% per annum depending on the lender and your eligibility criteria.

• A processing fee of 1.5%-3% of the total loan amount is applicable.

• Bank charges 2%-5% pre-payment or, loan foreclosure charge depending on the remaining principal amount.

• You need to pay at least 3 to 6 EMIs before you apply for a loan foreclosure.

Hope this helps you to get a hassle-free Short Term Personal Loan In Mumbai.

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