Instant Online Personal Loan in Mumbai

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How it Works!

Quikkloan made the effortless process for the customers. Apply Personal Loan Online, Compare the best personal loan offer from the various Banks & NBF, upload the documents online, get disbursal in 24Hrs.

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Group 12261  Eligibility Criteria
Salaried Individuals between 21 to 58 years, Minimum Net Monthly Salary of Rs. 20,000 and Employed for at least 1-2 years

Group 12265  Get ready with Documents
PAN & Aadhaar Card, Latest 3 month Bank statement, Two latest salary slip / latest Form 16, Cancelled Cheque

Group 12264  Get Disbursal in 1 Day*
Personal Loan up to 25 Lakh, Instant approval and Fast Disbursal through Partnered Banks / NBFC, No Collateral and Minimum Documentation

Top Banks

Offering Lowest Personal Loan Interest Rates in Mumbai



Interest Rates

Loan Amount


Processing Fee

Apply Online


9.60% to 13.60% per annum

Up to 15 Lakh

Up to 5 Years

Nil – 1% of the Loan Amount + GST

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11.25% to 22.00% per annum

Up to 20 Lakh

Up to 5 Years

Up to 2.25% of loan amount+GST

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10.75% to 21.30% per annum

Up to 15 Lakh

Up to 5 Years

Up to 2.50% of the loan amount

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Axis Bank

12%-24% per annum

Up to 15 Lakh

Up to 5 Years

As applicable by the bank

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Kotak Bank

10.99%-24% per annum

Up to Rs.15 Lakh

Up to 5 Years

Upto 2.50% of loan amount + GST

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YES Bank

10.99% per annum

Up to Rs.40 Lakh

Up to 5 Years

Up to 2.50% of the loan amount +GST

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Tata Capital

10.99% per annum

Up to Rs.25 Lakh

Up to 6 Years

Up to 2.50% of the loan amount+GST

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As applicable by the bank

Up to Rs.25 Lakh

Up to 5 Years

3.50% of the loan amount

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IndusInd Bank

11.25% per annum

Up to Rs.15 Lakh

Up to 5 Years

Up to 2.50% of the loan amount+GST

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DCB Bank

10.22% per annum (one year MCLR)

Up to Rs.5 Lakh

Up to 5 Years

2% of the loan amount+GST

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Bajaj Finserv

12.99% per annum

Up to Rs.25 Lakh

Up to 5 Years

Up to 4.13% of the loan amount+GST

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Aditya Birla Finance

14%-26% per annum

Up to Rs.50 Lakh

Up to 5 Years

Up to 2% of the loan amount+GST

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16% per annum

Up to Rs.25 Lakh

Up to 5 Years

Up to 2% of the loan amount+GST

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HDB Financials

Up to 36% per annum

Up to Rs.20 Lakh

Up to 5 Years

Up to 2 % of the loan amount

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Fullerton India

12.99%-36% per annum

Up to Rs.25 Lakh

Up to 5 Years

Up to 3% of the loan amount

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Personal Loan Eligibility in Mumbai


Eligibility Criteria



Minimum Age



Maximum Age



Minimum Income

Rs.35,000 monthly

Rs.2 lakh(annual)

Credit/Cibil Score

Above 750(out of 900)

Above 750(out of 900)

Minimum Job/Business Stability

1-2 Years

2-3 Years

Minimum Work/Business Experience

1-2 Years

3 Years

Minimum Profit After Tax


Rs.1-2 lakh(annual)

Personal Loan in Mumbai at a Glance


Interest Rates

Starting at 10.99% per annum

Loan Amount

From Rs 1,00,000-Rs.25,00,000


Up to 5 Years

Processing Fee

1.50%-2.50% of the loan amount+GST

Minimum Monthly Income


Cibil Score

Above 750 (out of 900)

Prepayment/Foreclosure Charges

2%-6% of the principal outstanding +GST


Personal Loan in Mumbai?

A personal loan is a short-term loan which could be used for any legitimate purpose. You won’t be required to pledge any form of collateral or security. It can be used to meet immediate personal expenses with instant approval and disbursal of the loan amount.  A personal loan has several advantages including relatively simple documentation, flexible loan tenures and no restrictions on how you use the money.


This loan comes in handy to meet multiple needs such as:  

  • Medical Emergencies
  • Wedding Expenses 
  • Debt Consolidation
  • Home Renovation/Extension
  • Higher Education
  • Travelling Expenses
  • Purchasing High End Consumer Durables Value

How to Apply for Personal Loan in Mumbai?

You can apply online for a personal loan in Mumbai. The online process of applying is really simple, quick and secure hence is preferred by many borrowers these days. Talking about the process, it starts when a borrower first sends an online application which is followed by receiving the related quotes, then submitting the required KYC documents and finally instant approval and disbursal of the loan amount. In just a few steps, you would be able to apply online for a personal loan in Mumbai hence can cater all your financial needs. 


Steps to Apply for Personal Loan in Mumbai

Step 1: Fill Loan Query Form

Step 2: Get the Quotes

Step 3: Submit the Required Documents

Step 4: Get Instant Approval & Disbursal

CIBIL Score Required for Personal Loan in Mumbai

When it comes to availing an instant cash loan in Mumbai, a score of above 750 out of 900 is considered to be good enough in grabbing the best deal. The higher score you have, the better it is for your creditworthiness. Yes, a good score is an indication that your credit profile is worthy enough to give away the loan. Hence, your loan profile is considered to be less risky as far as repayment is concerned. Availing a loan would be easy if you have a good score as lenders would be able to trust you as far as repayment is concerned. 


Talking about a score, it is nothing but a three-digit numeric summary that includes your repayment history. Yes, your repayment history plays a crucial role in defining your credit score after all both are directly proportional. If your score is higher, which means you can be trusted for personal loan repayment hence can easily be given a loan. Thus, your three-digit numeric summary plays a critical role in your overall journey hence helps in getting a personal loan easily. 

Minimum Salary Required to Avail Personal Loan in Mumbai

If you are someone who wants a personal loan in Mumbai, you should have a minimum monthly income of Rs.35,000. Individuals earning such an income would be able to get the loan easily from the lenders. Yes, the higher income you have, the more chances of you getting a loan easily as you can repay the loan without any default. With higher income it becomes easy to manage the expenses hence no hassle in repaying the loan. Thus, lenders prefer such applicants who have a good monthly income as loan repayment would be easy in such a case.  

Personal Loan EMI Calculator

Calculate your monthly installments in a hassle-free manner as now you have a smart online device called a personal loan EMI calculator. Yes, this online tool with its well-designed algorithms fetches the right values hence ensuring that you have a hassle-free journey. The device starts working soon you enter:

  • Loan Amount
  • Tenure
  • Interest Rate

After you feed these credentials into the device, it will churn out the exact values for you and that too in the least time frame. The tool gives you the accurate values of not only EMI but Interest Outgo and Total Amount Payable also so that you can have a calculative journey for instant loan in Mumbai. You can use this device anytime and clear your confusion regarding your monthly installment. Let’s understand the same, with the help of an example. 

Suppose, an individual has taken a loan of Rs.18 lakh for a tenure of up to 5 years at an interest rate of 14.50% per annum. Now, what would be the EMI that he needs to pay to the lender. Let’s find out with the help of this smart device.



Table Showing EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Loan Amount (in Rs.)

Interest Rate(per annum)

Tenure (in Years)

EMI (in Rs.)

Total Interest Amount(in Rs.)

Total Amount=Principal +Interest (in Rs.)
































Table Showing Principal, Interest, and Balance Amount


Principal (in Rs.)

Interest(in Rs.)

Balance Amount(in Rs.)






















Personal Loan Fee & Charges

When it comes to apply for Mumbai personal loans, there are certain charges like processing fee, prepayment and part payment that you need to bear. A borrower needs to pay a one-time, non-refundable  processing fee at the time of availing the loan. Whereas, prepayment and part payment charges are optional. A borrower will pay the charges if he avails any of the facility.


Feature & Benefit Of Personal Loan

The Best feature and benefit Of a Personal loan 

Instant Approval: Personal loan in Mumbai comes with instant approval. Yes, if a borrower is good on eligibility, it is obvious for him/her to expect the instant cash loan in Mumbai with instant approval. Always try to improve your eligibility in order to get instant approval. 

Fastest Disbursals:  With instant approval comes quick disbursal. Soon after approving your credit profile, the next step that lenders do is to give the fastest disbursal. With quick disbursal, one can expect to have a speedy loan amount in the bank account. 

No Collateral/Security: A personal loan in the capital city can easily be availed without any collateral or security. Yes, a borrower doesn’t need to give any sort of security to the lender and can easily avail the required funds. 

Minimal Documentation: A borrower can easily avail this unsecured loan with just minimal documentation. Yes, with basic KYC documents like Identity Proof, Address Proof and Income Proof, availing this unsecured credit is really simple and quick.   

Multi Purpose Loan: A borrower can avail an urgent loan in Mumbai for various reasons. Yes, it is a multi-purpose loan thus comes handy to meet numerous personal needs. 

Hassle-free Process: The process of availing a personal loan is really simple and quick. Within a few minutes, you can expect to have an instant approval followed by a quick disbursal.

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Documents Required For Personal Loan

Mentioned are the personal loan documents for salaried and self-employed.



Group 13142 Complete Online Application

Fillup the Online loan Application in just 2 minutes


Group 13143Provide Identity Proof

Voter id/ Passport/ Driving License / Aadhaar Card


Group 13144 Address Proof

Aadhaar /Passport/ Telephone or Electricity Bill/ Ration Card


Group 13145Bank Statement

Latest 3 Months Bank Statement or Passbook


Group 13147Income Proof

For Salaried – Latest 3-month Salary Slip

                    For Self Employed –  ITR and Current Bank Statement of 3 months

Frequently Questions

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How much can I borrow when I apply for a personal loan?

The loan amount will be sanctioned by the bank based on your eligibility. Generally, the loan amount ranges from Rs.1,00,000 to Rs.25,00,000, depending on your repayment capacity and income.

Can I make a partial payment on my personal loan?

You will have to check with your lender if they allow part payments. It differs from one bank to another.

Is it mandatory to have a guarantor

Most banks do not ask for a guarantor to process a personal loan. If they do, they will let you know about it when you are applying for a personal loan.

How will I get the loan amount?

The disbursed amount will be credited to the bank account mentioned in your personal loan application form.

Can I pre-close my personal loan?

Most banks allow their personal loan customers to pre-close their loan post 6 months from the date of disbursement. Please check with your lender if you can pre-close your loan.

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