Personal Loans in Mumbai

Note on PL• Personal loans are financial instruments that are extremely

versatile as a source of credit• They are unsecured in nature so one need not provide an

evidence of owning property to mortgage or provide a guarantor as a backup

• The loans can be used for any reason after approval by the loan seeker including travel, medical needs, home renovation, wedding, expensive purchases or even to pay a deposit, fund education, transfer an existing loan or consolidate debts. Banks/NBFCs will not ask for a reason

• The eligibility criteria for personal loans are quite set and banks insist on most of them being met before granting one. Some of these include salary, company you work for, previous debts, CIBIL score etc.

Bit about Mumbai• Mumbai is the capital of the state of Maharashtra in the west of India• It is a port city and was artificially laid out by connecting the 7 ancient islands in

the region through reclamation• The city is well known as the financial hub and nerve of the country with its

many corporate institutions. It is also one of the top ten commercial centres in the world

• Mumbai is a unique elongated city with an area comprising north to south being dotted by its many suburbs

• The area is also a highly metropolitan city comprising an eclectic mix of traditional and modern thinking

• It is also the scientific capital of the country with many institutions like BARC, NPCL, TIFR and the Dept of Atomic Energy among others naming it their home

• Some major landmarks of the city include the Marine drive, Churchgate station, High court building, Siddhi Vinayak Temple, Haji Ali Dargah, Gateway of India, Badra-Worli Sealink and other monuments

Banks providing PL

• HDFC Bank : HDFC bank is one of the top private sector banks in India. It was primarily an arm of the government and know as the Housing Development and Finance Corporation started as a housing loan company

• ICICI Bank :ICICI bank is one of the largest private sector banks in India. It has a large network of branches and ATM’s spread across the country. They offer services in public ad private banking, investments, trading, insurance etc

Banks providing PL

• Citibank : Citibank is a part of the over 100 year old financial multinational behemoth known as the Citi Group. They have a diversified portfolio of interests while also offering personal banking services

• Kotak Mahindra Bank : Kotak Mahindra is a relatively new entrant in the sector of banking having started their operations in 2003. They are already the fourth largest operating across 363 locations in the country

Banks providing PL

• Axis Bank : Axis Bank is the third largest banking group in the country. They are an aggressive mover in the space with the record of having the most number of ATM machines in the country. They provide various baking services

• Bajaj Finance : Bajaj Finance also known as Bajaj Finserv was earlier a part of Bajaj Auto but is now an independent entity. It is a large Non-Banking Financial Institution or NBFC. The also provide personal finance services among their large portfolio of operations

Banks providing PL• Tata Capital : Tata Capital is a company under the aegis of

the group Tata Sons Ltd, one of India’s largest and diversified corporate. Tata capital is an NBFC providing services in many areas of finance through their over 100 branches

• Fullerton : Fullerton India Credit Company is a part of the group Temasek Holdings headquartered in Singapore. Fullerton is an NBFC known for their credit services catering to over 1 million customers through a network of 400 branches. They also provide loans to SME’s and rural enterprises

PL eligibility• Salaried

– Age – 23 to 53 yrs – Minimum monthly salary – Rs. 20,000 – Minimum Work-ex 2 years

• Self employed– Age - 28 to 65 years – Minimum turnover - 40 lakhs p/a – Profit of 2 lakhs – Duration of operation (doctors)- Minimum 3 years – Duration of operation (others)- Minimum 5 years

• You can check https://cashkumar.com/personal-loan-eligibility-calculator

PL interest rates

• Interest rate varying from 12.99% to 20.00% • Payable through EMI • Easy repayment choices ECS, AD or PDC• Loan approved upto 20 Lakhs for salaried individual • 40 lakhs for self employed • Tenure from 12 – 60 months• Click on the link Kotak Mahindra Bank Interest Rate

for more particular details

PL documents required• Salaried:

Application form and your latest photograph (2)Proof of identity: Copy of passport/voter ID card/driving license/PAN cardProof of address: Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport Bank statement : Last 3 months bank statementIncome proof : Salary slip for last 3 months/ current dated salary certificate with the latest Form 16Existing EMI: If any existing loan, please submit sanction letter, Payment Track Record.

PL documents required• Self-Employed:

Application form and your latest photograph (2)Proof of identity for Residence: Copy of passport/voter ID card/driving license/PAN cardProof of address: Leave and License Agreement / Utility Bill (not more than 3 months old) / PassportIncome proof (audited financials for the last two years).Office Address Proof: Maintenance Bill, Utility BillOffice Ownership Proof: Property Documents, Maintenance Bill, Electricity BillBusiness Existence Proof: Saral Copy for 3 yrs, Shop Establishment Act, Any Tax Registration Copy, Company Registration licenseIncome Proof: Latest 2 years Income Tax Returs including Computation of Income, Profit and Loss Account, Balance Sheet, Audit Report, etc.,Bank Statement: Latest 6 months bank statement both current and savings.Existing EMI: If any existing loan, please submit sanction letter, Payment Track Record

• Check https://cashkumar.com/documents-required-personal-loan for more details

Locations in Mumbai for PL• Some locations are ..• Andheri• Chembur• Navi Mumbai• Dadar• Worli• Thane• Mulund• Bandra• Powai• Borivali

How to Apply

• You could try https://cashkumar.com/personal-loan

or https://cashkumar.com/hdfc-bank-personal-loan• You would get your eligible interest rates

immediately or via the Cashkumar team• Call us on +919535800900 for more details