Get the Best Deals on Personal Loans in Mumbai with Real Finserv
If you need cash on an urgent basis for meeting any needs, the personal loan can be a good option. However, there is a lot that goes behind the process of loans, such as the eligibility criteria, credit score, documentation, and more. When you decide to take the personal loan, it is important to remain well-informed about everything so that you can receive the loan on the best terms and conditions.
If you are looking for personal loans in Mumbai, connect with Real Finserv. Real Finserv is a one-stop destination for all your loan-related needs. We are India’s leading financial service marketplace. While we don’t offer you the loan; we certainly help you get one! Real Finserv is one of the best platforms to get an insight into various types of loans and your eligibility criteria for the same. Not just that, you can get information on leading financial institutions, banks, and NBFCs offering a personal loan on the best interest rate. Real Finserv can help you in getting the best deal. You can easily make the comparison and study the terms and conditions before making the final decision. And all these services are offered without charging any penny from you.
We have established our services intending to make common people self-dependent by offering them assistance for securing a loan when they are in need. We can make the hassle of personal loan apply in Mumbai easier for you. You can get all personal loan related information under one roof. We make sure that you get the best arrangement for a personal loan in India by comparing your points of interest against the qualification criteria of different banks and NBFCs. Our experienced and skills help us empower the loan seeker with the right information so that they can make the best decision.
Let’s get some insight on personal loan in Mumbai:
One of the best things about a personal loan is that it can be used for any purpose unlike business, education, or home loan, which is allotted for a specific purpose. Whenever in life you face any difficulty, a personal loan can come at your rescue and enable you to recover your life and get on track in a short span of time. In fact, personal loans can be taken for various amounts and have different repayment terms. The time frame depends on the motivation behind the advance as well as on the loan provider.
- Personal loans are like an installment loan. You borrow a fixed sum of money and pay it back on a monthly installment basis with interest over the life span of the loan. The tenure ranges from 12 to 84 months. Once the full amount is paid, the account is closed. If you need more money, you can apply for a new loan.
- There are two types of personal loans - secured and unsecured. The unsecured personal loans are not backed by collateral. The lender decides if you qualify for the unsecured loan depending on your financial history. If you don’t qualify for an unsecured loan, some lenders offer secured options as well.
- The secured loans are backed by collateral like FD or savings account. In case you fail to repay the loan, the lender has right on your asset as repayment for the loan.
- The banks are one of the first places that occur to mind when thinking of loans. However, they are not the only lenders of personal loans. There are other finance companies, online lenders, NBFCs, etc. that offer personal loan.
- When you apply for a loan, the lender will pull your credit as a part of the application process. It will usually lower the credit score by a few points.
- When taking a personal loan, you must think about the interest rates and other charges. The interest rates and fees can make a significant difference in how much you are paying over the life of the loan. They widely vary from lender to lender.
- Interest rates
The interest rates usually range from 5% to 36% depending on the lender and your credit score. It is observed that the better your credit, the lower your interest rate. Also, for longer loan durations, the rate of interest is usually higher.
- Origination fees
Some lenders charge a fee for covering the cost of processing loans. Origination fees can typically range from 1 to 6% of the loan amount.
- Prepayment penalties
Some lenders charge a fee if you pay off your loan early as early repayment means lenders are missing out on some of the interest which otherwise, they would have earned.
When you go for a personal loan, you must get clarity on all the costs that are adding up and associated with the loan. This will help in determining the total amount of money you need to pay.
Eligibility criteria for a personal loan
- Profession- salaried people working in government, private, or MNC companies and self-employed professionals such as CA, CS, Architect, and Doctors.
- Age- The eligibility criteria for age is 21 years to 60 years.
- Minimum income for loan eligibility- Rs. 25000 per month for salaried and Rs. 5 lac gross annual receipts for professionals.
- Work experience- 3 years and above
- Experience in Current company- 1 month to 1 year
- Minimum CIBIL Score- 650
- Minimum EMI as a percent of income- 65%
Documents for a personal loan
- Passport/ driving license/voters ID/PAN Card.
- Utility Bill/ Passport as address proof.
- Bank statement for the past 3 months.
- Salary slips for last 3 months.
- 2 passport size photographs.
For self-employed individuals
- KYC documents
- Proof of residence
- Income proof (audited financials for last two years)
- Latest 6 months bank statement
- Office address proof
- Proof of residence or office ownership
- Proof of continuity of business
Next time you or someone you know is in need of a personal loan provider in Mumbai, get in touch with our team. We assure of assistance in fetching loan at the best deal.
Q1. Where can a Personal Loan be used?
Personal loans can be used for any purpose such as medical emergency, wedding expenses, business expansion, house renovation, vacation expenses, etc. It can be utilized towards debt consolidation, paying for the down payment of new house or meeting educational expenses. The uses for which personal loan in Mumbai can be utilized is limitless. The banks do not put any restrictions on its use. This is the very primary reason that demand for a personal loan is high as any kind of expenses can be met without much burden on its users. Hence personal loan is becoming the first choice of many people.
Q2.What is the eligibility criteria for applying for personal loan?
For applying for Personal Loan in Mumbai, one must need to follow certain requirements such as there must be a regular source of income whether you are salaried or self-employed. This is an essential factor as it determines whether you are capable of repaying the loan back or not. Another important requirement in case of a salaried employee is the company where he/she is working, and also, the credit history plays an important role in determining the rate of interest. Also, one must be minimum of 21 years of age and not exceeding 60 years of age. One can easily apply and get personal loan online as well.
Q3. What is the minimum amount one needs to borrow in case of a personal loan?
The minimum amount that one needs to borrow in case of a personal loan varies from bank to bank. It depends upon different banks' procedures and policy and also depends upon other factors as well. But usually, the minimum amount of easy personal loan varies from Rs. 25000 to Rs.30000. It may vary, but this is the standard limit. It is advisable to go through different lenders to choose the one which fulfils your requirements. Sometimes it also depends upon the source of income of one applying for the personal loan in Mumbai.
Q4. What is the process of calculating the maximum amount of the loan?
The maximum amount that one can avail through personal loan varies from person to person. It usually depends upon the financial capability of the person in repaying the loan. For salaried employees, the maximum amount is decided on the basis of their salary. The loan amount is decided in such a way that it EMI of the personal loan should not exceed 30 to 40 percent of their salary. And in the case of self-employed, the maximum amount of personal loan is calculated on the basis of their profit. For this statement of profit and loss is analyzed.
Also, if there are other loans, then they are also taken into consideration. Credit history also plays an important role in availing a low-interest personal loan in Mumbai.
Q5. What is the time period for which personal loan can be availed?
A personal loan is high in demand not only because it can be put to multiple uses without any restrictions imposed by the bank but also the flexible tenure it can be borrowed for. The tenure for which personal loan in Mumbai can be availed is from 12 months to 60 months. One can choose the time period as per their requirement, and it also depends upon the uses for which personal loan is borrowed. In some situations, a shorter or longer time period than the standard can be allowed by the lenders.
Q6.What are the various important documents that are required for a personal loan in Mumbai?
The documents that are required for the personal loan may vary from bank to bank. But some key documents are required by every bank or financial institution. These includes:
• Document showing the proof of income.
• Proof of Address
• Documents relating to the proof of identity
• Any other documents as specified by the lender.
It is important to go through all the requirements of the lender before applying for the loan so that there is no headache afterwards. The whole process has been made simpler by applying for a personal loan online.
Q7. What is the process of personal loan approval?
The process of personal loan approval in Mumbai is very easy. It does not involve a number of lengthy and cumbersome steps, and the loan can be availed within a few days which was not possible earlier as one has wait for a longer time to get the loan approved. The approval process depends upon the lender to lender. The process can be completed within 48 hours, or it might take a week or two but not more than that. All one needs to get it documents ready so that process of personal loan can be approved at a fast rate and you can then put the amount of loan to use. Moreover, it has become easier through personal loan online approval.
Q8. What are the rates charged on a personal loan?
Personal loans are unsecured form of loans, i.e. one does not have to mortgage security in order to get the loan. Being an unsecured loan, the rate of interest charges on them are slightly higher when compared to other types of secured loans. The prevailing interest rates are different as per banks discretion, but the lowest personal loan rate in Mumbai charged is around 10.99 per cent. There are certainly other factors that also affect the rate of interest such as credit history of the applicant, the income level of the applicant, tenure for which loan is applied for and also other loans that are being taken by the applicant also affect the rate of interest on this loan.
Q9. How to compare interest loan rate?
The interest rates charged on personal loans differ from bank to bank as it depends upon a number of factors. One must compare the interest rate of different banks and other financial institutions to get low-interest personal loan in Mumbai. One can compare the interest loan rate of different banks through Real Finserv that provides you with all the details that are required in order to make an informed decision. In order to get the lowest rate on personal loan in Mumbai, one may consider Real Finserv for all the guidance.
Q10. How to get the lowest interest rate on personal loan?
As more and more banks, as well as other financial institutions, are offering personal loan in Mumbai, one can compare the interest and thus get the lowest interest rate as per their requirements. Earlier one has to go physically to different banks and financial institutions in order to know about the interest rate, which made it difficult to get the best deal. It has now been made easier through the platform of Real Finserv that makes available the different rate interest of various banks or NBFCs so you can choose the best interest rate for loan.