Mumbai is ranked among the top 5 Indian cities that have the highest lifestyle costs and is the 16th most expensive city in the world. The high standard of living in Mumbai can also come in the way of saving for a rainy day or achieving your dreams, be it holidaying overseas or the education of your children abroad. A personal loan can help you easily bridge any financial gaps without draining your savings. If you wish to apply for a personal loan in Mumbai, here’s a step by step guide that can help you secure the best terms.
Keep Your Credit Score High
When reviewing your loan application, lenders prefer that you have a credit score of 750 and above. This indicates that you are a low-risk applicant who has repaid all past dues on time. Therefore, you can secure a loan at competitive interest rates and also hasten your approval. On the other hand, a lower score puts you in a high-risk category, due to which you have to pay higher interest rates or even face rejection.
Choose The Right Lender
Before applying for a personal loan online, compare various lenders and their offerings. This way, you can find a personal loan for a low salary in Mumbai or an offering that allows convenient repayment. You can narrow down on a lender, who offers beneficial services to improve your experience. For instance, Bajaj Finserv, a leading NBFC, offers high-value personal loans of up to Rs.25 lakh that can help you finance both personal and professional needs without any restriction. You can choose the flexi loan facility to withdraw multiple times throughout the tenor and pay interest-only EMIs on the amount you utilise. Moreover, you can repay the principal at the end of the tenor to cut down your EMIs by up to 45%!
Meet Prescribed Eligibility Terms and Prepare Documents
Once you shortlist a lender, check their specified personal loan eligibility criteria. These terms help your lender gauge your past record with debt and repayment behavior. Meeting all or most of the criteria can get you quick approval for a personal loan in Mumbai. Look to lenders like Bajaj Finserv who have simple eligibility criteria as follows:
- You have to be an Indian resident whose age is between 23 and 55 years.
- You have to be a salaried applicant employed in an MNC, public or private organization in Mumbai earning a salary of at least Rs.35,000.
You can also use the eligibility calculator to know the amount you are eligible for within minutes!
Next, gather all the required documents in order to support your eligibility. Submitting all of these in one go can hasten your approval. Take a note of the following documents:
- KYC documents
- Employee ID card
- Last 2 months’ salary slips
- Last 3 months’ bank statements of your salary account
Once you have your documents handy, you are all set to apply for a personal loan with your preferred lender. By choosing a top lender, you can enjoy the option to apply online or offline as per your convenience. To apply online, visit your lender’s website, fill out the application form, and submit it. Once the lender verifies it, they will get back to you in case of queries and also ask you to submit your documents.
Receive Money in the Bank
If satisfied with your documents, the lender approves your loan and intimates you. The turnaround time of your application and approval varies from lender to lender. Apply with lenders who offer quick approval for best results or when you have an urgent need for finances. For instance, Bajaj Finserv approves your loan and deposits the funds directly into your bank account within just 24 hours of approval.
To get started, check your pre-approved personal loan offer by submitting simple details like your name and contact number. Submit your application via this offer to enjoy a hassle-free and instant approval and secure a personal loan in Mumbai in minutes.
Bajaj Finserv also presents many pre-approved offers on multiple financial services such as personal loans, home loans, EMI finance, and business loans and more. They can make your loan procedure hassle-free and less time-consuming.
You can explore your pre-approved loan deals now after sharing your basic details such as name and mobile number.