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At Mumbai Lonvala, we understand that life often presents unexpected expenses or opportunities. Our Personal Loan service offers a flexible and hassle-free solution to address your immediate financial requirements. Whether it's medical expenses, education expenses, home renovations, or a dream vacation, our Personal Loans provide quick access to funds with competitive interest rates and flexible repayment options.

Personal Loan

Features of Personal Loan

Personal loans offer flexibility, convenience, and quick access to funds for various financial needs such as debt consolidation, home improvement, medical expenses, and more. With no collateral required, borrowers can enjoy the freedom of unsecured financing. These loans come with fixed loan amounts, defined repayment terms, and options for both fixed and variable interest rates.

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Check Your Personal Loan Eligibility

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Personal Loan Interest Rates

Eligibility Criteria

  • You must be a Salaried Employee
  • Age: 23-55 years old
  • Net Monthly Income must be more than Rs. 20,000.
  • No defaults in the last 24 months.
  • You must be residing in Delhi/NCR, Bangalore, Pune, Chennai,Mumbai or Hyderabad.

What does a personal loan cover?

Documents Required after Digital Approval

  • Aadhaar Card
  • PAN Card
  • 4 Cheques from your Salary Account
  • Current Address Proof
  • Permanent Address Proof (in case the permanent address is different from the address on Aadhaar card)

A personal loan is a type of loan that can be used for various personal expenses or financial needs. While the specific coverage of a personal loan can vary depending on the lender and loan terms, here are some common purposes for which personal loans are used:

It's important to note that while personal loans offer flexibility in terms of usage, the loan terms, interest rates, and eligibility criteria can vary depending on the lender. It's advisable to carefully review the terms and conditions of the loan and ensure that you can comfortably repay the borrowed amount.

Types of loans

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Buisness Loan

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Buisness Loan

Home Loan

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Mortgage

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Mortgage

Cash Credit

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Cash Credit

Gram Panchayat/Gavthan Property Loans

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Gram Panchayat/Gavthan Property Loans

FAQs

What is a Personal Loan?

A Personal Loan is an unsecured loan provided by financial institutions that allows individuals to borrow a fixed amount of money for personal use. Unlike secured loans, Personal Loans do not require collateral. The loan amount is repaid in fixed installments over a specified period, including interest charges.

The loan amount you can borrow depends on various factors such as your income, credit history, and the lending institution's policies. Typically, lenders offer Personal Loans ranging from a few thousand to several lakhs or more. It is advisable to assess your repayment capacity and borrow an amount that you can comfortably repay.

The eligibility criteria for Personal Loans may vary among lenders. However, common requirements include being a salaried or self-employed individual, meeting the minimum age requirement (usually 21 to 65 years), having a good credit score, and meeting the lender's income criteria. Additionally, you may be required to provide supporting documents such as identity proof, address proof, income proof, and bank statements.

The time taken to process and disburse a Personal Loan depends on the lender and the completeness of your application. Typically, lenders aim to process Personal Loan applications within a few business days. However, the exact timeline can vary. Completing the application accurately and providing all the required documents can help expedite the loan approval and disbursal process.

The interest rates for Personal Loans can vary based on factors such as the lender's policies, your credit score, loan amount, and repayment tenure. It is advisable to compare interest rates from different lenders to get the best possible deal. Generally, Personal Loan interest rates can be fixed or floating, and they may range from a few percentage points above the base rate.