Personal loan in Mumbai
The cosmopolitan city of Mumbai is said to be the city of dreams. Being the financial, commercial and entertainment capital of India, people migrate to Mumbai in the hope of a better future. Its residents will tell you that you can either love it or hate it, but living in Mumbai is worth it.
However, the city of Mumbai is considered to be an expensive city to live in. And people who reside here will tell you that a financial crunch can hit you at any given point in time.
So, what would you do if you live in Mumbai and need money to either renovate your home or plan a vacation or wedding of your dreams? You can borrow the required funds from a financial institution since you live in the financial capital of the country.
This personal loan for the salaried can be of up to Rs. 10 lakhs and is repaid via EMIs with flexible repayment options.
Eligibility Criteria For Personal Loan
To apply and avail a personal loan in Mumbai, the applicant has to meet Finnable’s personal loan eligibility criteria. These include:
- Age: The applicant in Mumbai must be between the age of 21 years and 45 years.
- Citizenship: Only Indians can apply for personal loan.
- Employment: The applicant has to be a full-time employee in a private or government organization.
- Work Experience: At the time of submitting the instant personal loan application, the borrower must have more than 3 months of work experience in their current organisation and a total of more than 6 months of work experience.
- Income: To be eligible for a instant personal loan, a Tier-I applicant must have a monthly income of Rs 20,000.
- Income credit: The income received should be credited into the applicant’s bank account.
Documents Required For A Personal Loan
To avail an instant personal loan online, the applicant will need to furnish the following documents:
- PAN card of the applicant
- Aadhar card of the applicant
- 3-month salary slip
- The applicant’s 3-month bank statement should be submitted in case of a missing salary slip.
FAQs - Sample Questions
1.How to get an instant personal loan in Mumbai?
Availing a personal loan in Mumbai can be done through Finnable’s personal loan app. It is a simple and easy process and can be done in 3 simple steps.
- To start with, the applicant will need to download the Finnable personal loan app. Once downloaded, fill in the requisite details including professional details.
- Choose the type of loan that is required. This can be any kind of unsecured and instant personal loan. Enter the amount required and set the terms of the loan.
- Upload the documents required by Finnable’s online app. These documents are verified instantly and the turnaround time to disburse the funds of the personal loan is within 6 hours of verification.
2. What documents do you require before processing a loan?
Finnable requires the applicant to submit some basic documents to avail a personal loan for the salaried in Mumbai. These will include:
- PAN card of the applicant. This document is the identity proof.
- Aadhar card as proof of citizenship. The Aadhar card is an important document and a borrower cannot avail a personal loan in Mumbai without one.
- The borrower needs to submit their salary slips for 3 months. This salary slip is the income proof that the lender is looking for. These are required as they provide an assurance that the borrower has had a constant flow of income for 3 continuous months.
- In case the salary slip is not available at the time of the personal loan application, the borrower can submit their bank statement. This statement should also be for 3 months. The statement can be one that has been received via email or can be downloaded from the net banking portal.
3. How is EMI calculated?
Personal loans are repaid through EMIs. EMI stands for equated monthly installment that the borrower will have to pay the lender once the personal loan has been disbursed. The EMI consists of the principal loan amount and the rate of interest that is applicable on the personal loan. This EMI is repaid throughout the loan tenure.
Once the principal loan amount and the tenure of the loan have been set, personal loan EMI can be calculated. One thing to remember is that the lender generally decides on the interest rate applicable on the personal loan.
To calculate the EMI, you can use the following formula:
EMI= PxRx[(1+R)^N]/ [(1+R)^N-1]
The loan amount is P.
The rate of interest is R.
And the tenure of the loan is N.
Instead of using this formula, the best thing to do is to use the personal loan EMI calculator available on Finnable’s website as well as the personal loan app. The personal loan EMI calculator also helps in calculating the interest amount that is paid throughout the loan tenure.
4. What are the uses of a Personal Loan?
A financial crunch can arrive at any given time. At times like this, an instant personal loan is the best way out of the problem. You can use a personal loan as a travel loan, wedding loan, vehicle loan, education loan, shopping loan, home renovation loan, etc. Being an unsecured loan, there is no need for any security, and it can be availed at any time.
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