Housing inflation alone increased by 18% in Mumbai in 2018. Couple this with other expenses like food, travel, recreation, children’s education, and healthcare in India’s most expensive city and your monthly income may fall short for anything out of the ordinary. As such, providing for unplanned expenses and achieving your goals can become a task. At such times, a personal loan can become an apt solution for a family vacation, your child’s education, a wedding, home renovation or urgent medical costs in Mumbai.
Here’s how you can enjoy a quick and easy approval on personal loan in Mumbai.
Shortlist Lenders By Comparing Their Offerings
A reputed lender not only charges affordable interest rates, but also offers other favourable terms based on your credit profile. For instance, when you apply with Bajaj Finserv, a leading NBFC, you can access high-value personal loan in Mumbai up to Rs.25 lakh with which you can meet both personal and professional expenses with ease. Further, you can use the flexi facility to withdraw from your sanction, in parts as many times as you want. Here you are charged the personal loan interest rate only on amount you withdraw.
Moreover, you can choose to repay the loan via interest-only EMIs and principal at the end of the tenor. This way you will be able to save up to 45% on EMI. These savings can come in handy for your essential expenditure because in a city like Mumbai even the day to day living costs are higher than other Indian metros.
Check Your Credit Score and History
Your credit score reflects your creditworthiness and your credit history gives the lender deep insights into your track record of debt repayment and experience. Typically, lenders require you to have a credit score of 750 and above, which is considered good and indicates that you are a low-risk applicant.
With a good score, lenders are likely to offer you competitive terms for the personal loan you choose to borrow. Moreover, they will approve your application quickly. Conversely, a lower score shows you as a high-risk applicant. This prompts the lender to charge higher interest rates or to reject your loan application. Always maintain your credit score at 750 or more and repay your debts on time to access faster cost-effective sanctions with ease.
Evaluate Your Needs and Affordability
Based on your requirements, evaluate how much funding you will need. For instance, say that you want to take a solo trip to Malaysia for about a week and the package costs you around Rs.50,000. In such cases, if you don’t have enough savings to pay for your trip, you should apply for a loan that can cover every cost and a little extra for emergencies. However, evaluate your affordability before applying for such a loan amount. Use the personal loan EMI calculator to ascertain the EMI that will perfectly fit your budget.
Meet Eligibility Criteria of Your Lender
Once you compare various lenders and their offerings, check your preferred lender’s personal loan eligibility criteria. Since a personal loan is unsecured, lenders require you to meet certain terms that help them gauge your repayment capacity. Apply with a lender that allows you to qualify for the loan basis simple criteria. For instance, Bajaj Finserv has the following basic personal loan eligibility criteria:
- You have to be a resident Indian aged 23 to 55 years
- You have to be a salaried employee of an MNC, public or private company in Mumbai and have a minimum monthly salary of Rs.35,000
Furnish The Personal Loan Documents Needed By Lender
Once you meet all or most of your lender’s eligibility criteria, gather all the documents required in order to support your eligibility. When you submit them in one go, you can hasten your approval. Following are the common documents needed by most lender:
- KYC documents
- Employee ID card
- Last 2 months’ salary slips
- Last 3 months’ bank statements of your salary account
Note that your lender may also ask you to submit additional documents during the processing of your application based on your profile.
Finally, apply online or visit the lender’s nearest branch to apply for a personal loan in Mumbai to help you meet your needs easily and conveniently. Before applying, check your pre-approved personal loan offer from Bajaj Finserv to view your customised deal. Make the most of it to enjoy a hassle-free, one-step online application and get instant approval!