Tips to Apply for Personal Loan in Mumbai at Low-Interest Rate

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Mumbai is a fast-paced and ever growing city. It can be difficult to maintain one’s finances, especially in the trying times like the current pandemic. However, a good way to keep on achieving your current goals can be through a personal loan. This article will tell you everything you need to keep in mind before choosing to apply for a personal loan.

What is a Personal Loan?

A personal loan is an unsecured loan to gain financial aid for immediate financial requirements. Collateral or security is not mandatory to secure a personal loan and the lender tends to be flexible with the use of funds. A personal loan can be opted for with EMI as well.

Reasons to choose a personal loan

  1. A personal loan can be used for a variety of occasions
  2. There is no required collateral for the personal loan
  3. One can withdraw an additional amount as needed and personal loan interest rates only apply to the amount you use.
  4. The personal loan can be prepaid any time after 6 months without an extra charge.
  5. One can consolidate your debts with a personal loan.

When to take a personal loan

Personal loans can be taken for a variety of reasons:

  1. A personal holiday or dream vacation
  2. A medical emergency in case you don’t have health insurance
  3. To pay for a child’s education abroad
  4. When there is a wedding to plan
  5. If one wants to revamp and renovate their home

Steps to take a personal loan

There are four simple steps between your goal and financial aid through a personal loan:

  1. Visit the lender’s online portal and fill in the form, this can be done offline as well
  2. Submit the required documents for the same
  3. The documents are verified by the lending agency along with a look at your credit history and CIBIL score
  4. Information with respect to your personal loan interest rate and loan tenure is sent to you for confirmation

Can you apply for a personal loan?

There are some criteria that need to be fulfilled for someone to be eligible for a personal loan

  1. A monthly income of at least Rs. 15,000
  2. Minimum age of 22 years
  3. Documents such as your PAN card number, CIBIL or credit score and other KYC documents
  4. Address proof must be submitted
  5. Copies of pay slips and bank statements

Conclusion

Personal Loans are a good way to cover urgent financial needs. You can apply for a personal loan for any reason, from a home renovation to a child’s education. The process can be initiated through the click of a button or a simple phone call to the bank representative.

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