Urban Money
Eligibility calculator

Eligibility calculator

Personal Loan in Mumbai

Need funds for various purposes such as medical expenses, home renovations, or debt consolidation? Explore the options available from leading lenders in Mumbai. Benefit from competitive interest rates, flexible repayment terms, and a hassle-free application process. Whether you are a resident of Mumbai or planning to relocate to the city, a personal loan can provide you with the financial assistance you need. Apply now and fulfil your financial goals.

Mumbai Personal Loan: An Overview

Mumbai, the vibrant and bustling city on the western coast of India, is a hub of opportunities and aspirations. Known as the financial capital of the country, the city attracts countless individuals seeking to fulfil their dreams, whether it's starting a business, pursuing higher education, or managing unexpected expenses.

In such a fast-paced and dynamic environment, personal loans in Mumbai have emerged as a popular financial solution for individuals looking for quick and convenient access to funds. These loans provide a lifeline to those in need, enabling them to bridge the gap between their financial goals and their current situation.

Get instant L&T Finance
Personal Loans in 2 minutes

Get instant

in 2 minutes

  • Digital Process

  • Instant Approval

  • No Physical Document

Apply Now

Check Personal Loan interest rates available in Mumbai from India's leading banks.

Left ArrowRight Arrow

HDFC Bank Personal Loan in Mumbai starting at.

10.5% - 24%

ICICI Bank Personal Loan in Mumbai starting at.

10.5% - 16%

Axis Bank Personal Loan in Mumbai starting at.

10.49% - 22%

IDFC FIRST Bank Personal Loan in Mumbai starting at.

10.49% - 36%

YES Bank Personal Loan in Mumbai starting at.

10.99% - 20%

Kotak Bank Personal Loan in Mumbai starting at.


RBL Bank Personal Loan in Mumbai starting at.

14% - 23%

Federal Bank Personal Loan in Mumbai starting at.

10.49% - 17.99%

IndusInd Bank Personal Loan in Mumbai starting at.

10.25% - 26%

State Bank of India Personal Loan in Mumbai starting at.


IDBI Bank Personal Loan in Mumbai starting at.

11% - 15.5%

Punjab National Bank Personal Loan in Mumbai starting at.

10.4% - 16.95%

karnataka bank Personal Loan in Mumbai starting at.

12% - 17%

karur Vysya Bank Personal Loan in Mumbai starting at.

11% - 14%

HSBC Personal Loan in Mumbai starting at.

9.99% - 16%

Features of an Instant Personal Loan in Mumbai

If you're looking for an instant personal loan in Mumbai, here are some features that lenders commonly offer to cater to the needs of the city's residents:

Quick Approval: Instant personal loans are designed to provide fast approvals, allowing you to receive funds quickly. Lenders in Mumbai often prioritise quick processing to meet the city's fast-paced lifestyle.

Online Application: Most lenders offer online platforms or mobile apps where you can conveniently apply for a personal loan from the comfort of your home or office. This eliminates the need for lengthy paperwork and reduces the time taken for loan approval.

Minimal Documentation: Mumbai residents often seek hassle-free loan options, and lenders understand this requirement. Instant personal loans typically require minimal documentation, making the application process smooth and efficient.

Competitive Interest Rates: Lenders strive to offer competitive interest rates on personal loans in Mumbai. It's important to compare rates from different lenders to ensure you're getting the best deal available.

Flexible Repayment Options: Personal loans in Mumbai often come with flexible repayment options to suit individual preferences. You can choose the loan tenure and monthly instalment amount that aligns with your financial capabilities.

No Collateral Requirement: Instant personal loans are generally unsecured, so you don't have to provide any collateral or security to avail of them. This makes it easier for individuals without significant assets to obtain a loan.

Prepayment and Foreclosure Options: Some lenders allow you to prepay or foreclose your loan before the end of the tenure. This can help you save on interest payments if you have surplus funds and wish to repay the loan early.

Credit Score Consideration: While lenders typically consider credit scores, they may also evaluate other factors such as income stability and employment history. This approach can be beneficial for individuals who have a lower credit score but have a steady income.

Dedicated Customer Support: Lenders understand the importance of responsive customer support in Mumbai's fast-paced environment. They provide dedicated helplines or customer service channels to address any queries or concerns you may have throughout the loan process.

IFSC Code Finder

Locate any details of Bank branch in India.



Personal Loan EMI Calculator

  • 50 K
  • 1 Cr
  • 1
  • 5
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount


Interest Payable

Total Amount Payable

Get your latest Credit Score, FREE

Best Personal Loan Offers in Mumbai From Top Banks/NBFCs

As a financial hub, Mumbai offers many personal loan options from top banks and non-banking financial companies (NBFCs). These institutions understand the diverse needs of Mumbai residents and provide competitive loan offers tailored to their requirements.

Banks/NBFCs Interest Rates(p.a.)
Axis Bank 10.49% onwards
IndusInd Bank 10.49% onwards
IDFC Bank 10.49% onwards
HDFC Bank 10.50% onwards
ICICI Bank 10.50% onwards
Kotak Mahindra Bank 10.99% onwards
Tata Capital 10.99% onwards
Bajaj Finserv 11.00% onwards
Federal Bank 11.49% - 14.49%

Who Can Apply for a Personal Loan in Mumbai?

In Mumbai, personal loans are available to a wide range of individuals who meet the eligibility criteria set by banks and NBFCs. The general requirements for applying for a personal loan in Mumbai include:

Age Criteria: The applicant must be at least 21 years old at the time of application and should not exceed the maximum age specified by the lender (typically around 60-65 years).

Employment Status: Both salaried individuals and self-employed professionals/business owners can apply for personal loans in Mumbai. The specific employment requirements may vary between lenders.

Income: Lenders typically have minimum income requirements to ensure borrowers have the financial capacity to repay the loan. The income criteria may differ for salaried individuals and self-employed individuals.

Credit History: Banks and NBFCs assess the creditworthiness of applicants based on their credit history and credit score. A good credit score (above 750) increases the chances of loan approval and may also affect the interest rate offered.

Residential Status: To apply for a personal loan in Mumbai, you generally need to be a resident of the city. Some lenders may have specific requirements related to the length of residency or address verification.

Note: The eligibility criteria may vary between lenders, and checking with individual institutions is advisable to understand their specific requirements.

Required Documents for Personal Loan in Mumbai

Document Description
Identity Proof Valid passport, Aadhaar card, PAN card, voter ID card, or driving licence.
Address Proof Aadhaar card, passport, utility bills (electricity, water, gas), ration card, or rental agreement.
Income Proof For salaried individuals: salary slips, bank statements, Form 16, or income tax returns (ITR). For self-employed individuals: ITR, balance sheets, profit and loss statements, business registration documents, or GST returns.
Employment Proof Employment certificate or an offer letter from the employer, appointment letter, or business ownership documents for self-employed individuals.
Bank Statements Typically, the last 3 to 6 months' bank statements reflect salary credits, savings, or other financial transactions.
Loan Application Form The lender's prescribed application form, duly filled and signed with a passport-size photograph of the applicant

How to Apply for Personal Loan Online In Mumbai?

  1. Check your eligibility: Before you apply for a personal loan, it is important to check your eligibility. You can do this using a personal loan eligibility calculator or contacting a lender directly.
  2. Choose a lender: Once you have checked your eligibility, you must choose one. Many lenders offer personal loans in Mumbai, so you should compare the offers from different lenders before you make a decision.
  3. Apply for the loan: Once you have chosen a lender, you can apply for the loan online. The application process is usually quick and easy.
  4. Provide documents: The lender will ask you to provide some documents to verify your identity and income. These documents typically include a copy of your PAN card, Aadhaar card, latest salary slip, and bank statement.
  5. Get approved: If your application is approved, the lender will disburse the loan amount into your bank account.

How to Choose the Right Personal Loan in Mumbai?

Choosing the right personal loan in Mumbai requires careful consideration and evaluation of various factors. Here's a step-by-step guide to help you make an informed decision:

Assess Your Needs: Determine the purpose of the loan and the amount you require. This will help you narrow your options and choose a loan that suits your financial needs.

Interest Rates: Compare the interest rates offered by different lenders in Mumbai. Lower interest rates can significantly reduce the overall cost of borrowing. Look for lenders offering competitive rates and consider whether the rate is fixed or variable.

Reputation and Credibility of the Lender: Research the reputation and credibility of the lenders you are considering. Look for lenders with a strong track record, positive customer reviews, and good customer service. It's important to work with a reliable lender that provides transparent terms and conditions.

Loan Disbursement Time: Consider the loan processing and disbursal time frames of different lenders. If you require funds urgently, opt for lenders who offer quick approval and disbursal processes.

Customer Support: Evaluate the customer support services provided by the lenders. Check if they have responsive helplines, online chat support, or dedicated customer service channels to address any queries or concerns.

Flexibility in Repayment: Look for lenders that offer flexible repayment options such as part-prepayment, loan foreclosure, or EMI restructuring. Flexibility in repayment allows you to manage your loan effectively based on your financial situation.

Compare Offers: Finally, compare the loan offers from multiple lenders based on the above factors. Consider the overall package, including interest rates, fees, loan features, and customer service, to choose the loan option that best suits your needs.


In conclusion, obtaining a personal loan in Mumbai can be a viable solution for individuals in need of financial assistance. Mumbai offers a wide range of banks and financial institutions that provide personal loans to meet various needs such as medical emergencies, education expenses, home renovations, and more. With competitive interest rates and flexible repayment options, residents of Mumbai can explore these loan options to fulfil their financial requirements.


How long does it typically take for a personal loan to be approved in Mumbai?

The approval time for a personal loan in Mumbai can vary depending on the lender and the applicant’s profile. Generally, the loan approval process takes around 2-7 working days to complete.

Is obtaining a personal loan in Mumbai with a bad credit score possible?

While having a good credit score enhances the chances of loan approval, some lenders in Mumbai may offer personal loans to individuals with a bad credit score. However, such loans might come with higher interest rates and stricter terms.

Are prepayment or foreclosure options available for personal loans in Mumbai?

Yes, many lenders in Mumbai offer prepayment or foreclosure options for personal loans. Prepayment allows borrowers to repay the loan amount before the completion of the loan tenure, while foreclosure allows borrowers to close the loan by making a lump-sum payment.

What are the consequences if I default on my personal loan in Mumbai?

Defaulting on a personal loan in Mumbai can have serious consequences. It can negatively impact your credit score, making it difficult to obtain loans in the future. The lender may also initiate legal action, leading to potential asset seizures or wage garnishments.

Can I apply for a personal loan from multiple lenders simultaneously in Mumbai?

While applying for a personal loan from multiple lenders in Mumbai is possible, it is important to exercise caution. Making multiple loan applications simultaneously can raise concerns about your creditworthiness and might have a negative impact on your credit score.

Are self-employed individuals or freelancers eligible to apply for personal loans in Mumbai?

Yes, Mumbai self-employed individuals and freelancers can apply for personal loans. However, lenders may have specific requirements such as a minimum income threshold, business vintage, and income and financial stability documentation.

Can an existing personal loan be transferred to another lender in Mumbai?

Yes, it is possible to transfer an existing personal loan to another lender in Mumbai through a process known as a loan balance transfer. This allows borrowers to avail of better interest rates, improved terms, or additional features offered by the new lender.

What is the process for closing a personal loan in Mumbai?

To close a personal loan in Mumbai, borrowers must repay the outstanding loan amount and any applicable charges. They should contact the lender to understand the closure process, including necessary documents and payment modes. Once the loan is fully repaid, the lender will provide a closure letter or a No Objection Certificate (NOC) stating that the loan has been settled.