Making dreams come true in Mumbai with a personal loan

Making dreams come true in Mumbai with a personal loan

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Mumbai is India’s financial and commercial capital. It is also a city of dreams. Be it those who have been residing in Mumbai for years or just a new entrant, everyone has a Mumbai dream.

But making dreams come true in Mumbai can be an expensive affair. Compared to so many places, Mumbai tends to get a bit heavy on the pockets for those who haven’t saved for an emergency or an event. So if you are a resident of Mumbai and are looking for funds what do you do? How about a personal loan?

Sounds good, doesn’t it.

If you are already looking for a personal loan in India’s maximum city, there might be a point where you may be confused about the different deals, different interest rates and different personal loan charges across financial lenders. Worry not. Just a simple 4-step process can bring you closer to your personal loan in Mumbai. If you follow key steps carefully, you will get closer to the personal loan that you may want to use for a wedding in the house, for a medical surgery, for home renovation or for a fun-filled family vacation.

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Check eligibility: It is always better to look at your eligibility before you apply for a personal loan in Mumbai. Top lenders like Tata Capital have personal loan eligibility criteria based on the borrower’s profession and source of income. There are no personal loan charges for finding out your eligibility. They are simple rules.

To be eligible for a personal loan, you have to either a salaried person, aged 21-58 years, with a minimum salary of Rs 20,000 per month. You should be working in that company for the last two years.

If you are a self-employed professional or business person aged 25-65 years with a 3-year business record in Mumbai earning an income of Rs 2 lakh per year, you too can get a personal loan.

EMI amount: Before you apply for a personal loan in Mumbai, it is always better to understand the liabilities you will incur once the loan is disbursed to you. Personal loans are cheap and come with minimal paperwork. But, it is good to know the EMI that you may pay after getting the loan. You may be asked to pay 10.99% to 19%, a processing fee of Rs 999 plus GST and given a tenure between 1 to 6 years. Use the personal loan EMI calculator of Tata Capital to calculate the EMI.

To use it, enter the loan amount you wish to avail, interest rate, and loan tenure in months and press ‘calculate’ button …voila, you can see your EMI amount. If the personal loan EMI is higher or lower than what you can afford, lower the principal loan amount or use a higher repayment tenure. When used properly, a personal loan EMI calculator is a great indicator to you on the impact of personal loan repayment on your family budget.

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Tata Capital understands you and hence offers three unique personal loan options. The Step up flexi EMI personal loan lets you increase the EMI every year in sync with an increase in your annual income. The Step down flexi EMI personal loan reduces EMI every year. The Bullet flexi EMI personal loan has the unique feature of making prepayments at periodic intervals to suit your requirements. Don’t worry there are no hidden personal loan charges.

Enter correct details: Once you know your eligibility and indicative EMI, start applying. Every personal loan application process in Mumbai begins with asking some details of the borrower. So, you are expected to furnish your name, location, date of birth, mobile number, work nature (salaried or self-employed), the name of employer/company, mode of salary receipt (cheque, bank transfer), monthly income and current monthly salary.

If you are on the social media, some basic details for your personal loan application can be easily taken with basic login. These details are stored and used by the financial institutions to decide whether a personal loan should be given to you or not.

If you want to have the branch experience, head to one of the branches where they can give you all the details and help you while applying for a personal loan. Note that all offices usually remain closed on the 1st and 2nd Saturdays of every month. So, if you are visiting the branch for a personal loan in Mumbai, check if they are open on that day.

Get quote: Once you fill everything properly, you will instantly get a quote from the lender. A processing fee is a payable upfront when the loan is approved. This is a type of personal loan charges. This fee will be deducted from the personal loan disbursal amount given to you.

If you do not like the instant quote, you can shop around at different lenders like Tata Capital who can provide you with a much better deal. If you are okay with the personal loan quote, we would urge you to submit the documents. Mostly, a personal loan in Mumbai is approved within 72 hours of submission of complete documentation. Do remember a personal loan in Mumbai is an unsecured loan. So, you don’t have to put up any collateral or security with the lender.

Just because you live in the city of dreams and hopes does not mean things are beyond your reach. A personal loan can and will help you get what you desire and dream of.