Beaming with opportunities, Mumbai is home to the largest urban population in India. Every year, scores of individuals migrate to this city to realise their career aspirations. However, it also adds to Mumbai’s already high living costs. Thus, residents might find it overwhelming to cope with unprecedented or large-scale expenses.
Applying for an instant loan in Mumbai can help ease the financial burden as it can be obtained easily against straightforward eligibility criteria and documentation. Also, personal loans don’t require any asset as collateral and ensure repayment flexibility.
If you plan to avail a personal loan in Mumbai, follow the step-by-step process mentioned here to increase the chances of approval.
Step 1: Determining your requirement
It is crucial first to reckon the amount you need based on what expenses you must cover. Structure a proper plan on how you plan to use the funds available. Having a clear perspective on your requirement also helps you communicate the same to a lending institution or NBFC.
Step 2: Check eligibility for a loan
Meeting the personal loan eligibility criteria is crucial to ensure quick approval. You will need to provide all the required documents for a personal loan and fit the set standards. The individual applying for a personal loan needs to be an Indian citizen, be a salaried/self-employeed individual, and fall in the age range of 23 to 58 years.
A personal loan application requires individuals to present the following standard documents.
- OVDs for KYC
- Electricity, maintenance and utility bills
- Financial statement of previous six months
- Employment certificate
- Salary slip of last three months
In the case of a self-employed individual, the document requirements are listed below –
- KYC documents
- Electricity, utility and maintenance bills
- Tax registration copy
- Business property, electricity and maintenance bills
- Income tax returns of the previous two years, including the audited balance sheet and P/L statements
- Financial statement for the last year
Step 3: Calculate the monthly instalments
Evaluate the EMI you can pay every month. To that end, assess your monthly revenue, the interest rate payable, and the loan’s tenor. It will also help you determine the period by which you can repay the entire sum without straining your finances.
Step 4: Compare lenders
When applying for an instant loan in Mumbai, weigh in the benefits offered by lenders since a small personal loan may entail varied features. A few standard features you may want to consider when comparing lenders are –
- Instant approval: Check the approval period before approaching any lending institution. Particularly, if you plan to use the loan to address any emergency, this aspect is essential. Also, consider a few factors to obtain instant finance for crises to streamline the process further.
- Zero collateral: Most lenders extend personal loans without collateral. However, it’s still wise to check if a particular financial institution requires the same to avoid hassles later.
- Repayment options: Check the tenure by which you need to repay a loan. In most cases, reputed lenders allow borrowers to repay over a period of up to 60 months.
- Loan amount: Lastly, verify the highest loan amount a financial institution offers. For instance, NBFCs such as Bajaj Finserv extend instant personal loans of up to Rs.25 lakh to eligible applicants.
To ease out the application process, you can also opt for pre-approved offers extended by reputed financial institutions. These offers are available on other products, including business loans and credit cards. Check their pre-approved offers by providing your name and contact details.
To fund the high-end living standards in Mumbai, an individual requires substantial financial backing. An instant loan in Mumbai can help in minimising this burden. However, one should apply for it judiciously to ensure it doesn’t become a liability.