There’s plenty of reason to need access to quick funding in India’s financial capital and most populous city, Mumbai. You may need to strike a lucrative business deal, relocate to a new locality, support your child’s education or host an important celebration. An alternative to dipping into your savings and liquidating assets is to avail of a personal loan in Mumbai. Obtaining finances from this unsecured loan need not take time as you can apply for one via your computer or smartphone.
Follow These 5 Steps to Obtain a Personal Loan Online in Mumbai.
Shortlist Lenders By Weighing Loan Features
Before settling on a particular lender, evaluate the various offerings in the market at present. One lender may offer you a low personal loan interest rate, while another may require less documentation and offer a speedy disbursal. Still, a third may let you obtain larger financing coupled with longer tenors.
Currently, Bajaj Finserv Personal Loan in Mumbai gives you access to collateral-free funding up to Rs.25 lakh accompanied by its flexi loan facility. With this feature, you can borrow from your sanction in parts, as per your needs, without needing to make fresh applications. Further, you incur interest-only on the portion you borrow and can reduce your EMIs by around 45% when you choose to pay interest-only EMIs throughout the tenor and pay the principal only at the end of the term. This helps you manage your cash flow more easily.
Meet Your Preferred Lender’s Eligibility Terms
Once you have zeroed in on the lender you’d like to partner with, peruse through the personal loan eligibility criteria that you need to meet. These terms normally pertain to your age and financial profile. Lenders usually require that you have a stable source of income. For a city like Mumbai, you may need to earn around Rs.35,000 to qualify for the loan.
Additionally, lenders look for a credit score of around 750 as this assures them of repayment. In case you do not yet have the required score, you can work at bolstering it before applying. Finally, you should be around 23 to 55 years of age to secure a loan without any hassles.
Keep Necessary Documents at Hand
After qualifying on the basis of eligibility terms, gather the necessary documents that are needed to support them. You must produce these documents at the time when your loan application is being processed.
Some documents should be kept at hand include your KYC documents, employee ID card, bank account statements, and salary slips. The full list of documents that you must produce differs from lender to lender.
Use a Loan Eligibility and EMI Calculator
Before you submit your loan application, wisely determine the amount of funding you require. While you shouldn’t settle for too little, you shouldn’t apply for a principal that’s beyond your means. As a rule of thumb, your EMI payments from all borrowings combined should not exceed 50% of your income.
For high-salary individuals, personal loan amounts are normally generous, whereas for individuals who earn a low salary, personal loans in Mumbai usually come with reduced principals, so as to keep EMIs manageable. While thinking about your principal, make use of an eligibility calculator to know the maximum amount you can obtain. Then, use the EMI calculator to put in the interest and tenor to forecast your EMIs. This will help you plan repayment easily.
Apply Via Your Preferred Lender’s Website Online
Now that you know exactly how much funding you require, take the next step and make an application through your lender’s website. Today, practically every lender has an online form via which you can make your application. A quick glance through your lender’s personal loan product page will reveal a link through which you can apply for your personal loan online.
While you benefit from a speedy loan application when you apply online, you get instant approval when you check and avail your pre-approved personal loan offer. A one-step verification will give you access to financing on customised terms with expedited loan disbursal as well.