Loan Amount
Up to ₹50 Lakh
Interest Rate
Starting at 9.99%* p.a.
Loan Tenure
12-84 Months

Get a Personal Loan in Mumbai Instantly

Mumbai, the financial capital of India, is also home to several industries, including IT, consumer goods, textiles, and entertainment. Although the city offers various economic opportunities for its residents, the cost of living is relatively high and can sometimes strain one's finances.

If you have an urgent need for funds, you can avail a collateral-free Personal Loan from Poonawalla Fincorp of up to ₹50 Lakh. Enjoy a competitive interest rate, a seamless online application process, and swift approval with just a few clicks. Apply now!

Why Choose Poonawalla Fincorp

collateral icon No Collateral
Required
quick icon Quick Approval
Zero Icon No Hidden
Charges
No use icon No End-use
Restrictions
Document Icon Minimal Paperwork
Online Icon Online Application
Process

Personal Loan EMI Calculator

Use our Personal Loan EMI calculator to know our monthly payments. Enter the Personal Loan amount, tenure, and interest rate to calculate your EMIs. Try now!

Optimise Your Personal Loan Experience
With Monthly Budget Planning

Monthly Payable Amount₹8,791
Principal Amount
₹100000
Interest Payable
₹5,493

Loan Amount

Interest Rate

%
9.99%
30%

Tenure

Months
12 Months
84 Months

Apply for a Personal Loan Online in Just 3 Steps

Step1

Click on “Apply Now”

Tap the “Apply Now”button to initiate your application.

Step2

Enter Details

Enter your DOB, PAN card number, monthly income, KYC details and residential details.

Step3

Upload Documents

Upload the necessary documents for quicker approval.

On successful verification, the loan amount will be disbursed into your bank account instantly.

Get exclusive offers thoughtfully customised just for you

Eligibility Criteria for a Personal Loan in Mumbai

You can apply for an instant Personal Loan online with attractive interest rates if you fulfil our basic criteria:

  • Age: Between 21 and 60 years.
  • Citizenship: Indian.
  • Employment Type: Full-time job at a private or public sector organisation.
  • Work Experience: Minimum 1 year with at least 1 month at current job.
  • Net Monthly Salary: At least ₹30,000 per month.

Documents Required for a Personal Loan in Mumbai

Upload a few documents to apply for our instant personal loan:

  • KYC Documents: Voter ID, Driving License, Aadhaar Card, PAN Card or Passport.
  • Income Documents: Salary slip for the last 1 month and bank statements for the last 3 months.
  • Address Proof: Passport, Rent Agreement or Utility Bills.
  • Employment Proof: Official mail ID or Employee ID card.

Interest Rate and Charges for a Personal Loan in Mumbai

Get a loan for personal use with competitive interest rates and minimal charges:

Interest Rate
9.99%* p.a. onwards
Loan Amount
₹1 Lakh to ₹50 Lakh
Loan Processing Fees
Up to 3% plus applicable taxes
Lowest EMI Per Month
Starting from ₹2,124* per Lakh for 60 months
Loan Tenure
12 – 84 months
Prepayment/Foreclosure Charges
1. Before repayment of first six EMI:
i) If Foreclosure or Prepayment is done including balance transfer from another financial institution – 4 % on amount being prepaid plus applicable taxes.
2) After repayment of first six EMI:
i) If Foreclosure or Prepayment is done from own funds of the Borrower- Nil charges.
ii) If Foreclosure or Prepayment is done any other source including by balance transfer from another bank/financial institution- 4% on amount being prepaid plus applicable Taxes.
Default Charges
24% p.a. + taxes
Repayment Instrument Dishonour Charges
₹500 per bounce plus applicable taxes
Stamp Duty
At actuals (as per state)
Hidden Charges
Nil

Default Charges: Penalty will be charged for nonpayment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.pdf

*T&C Apply

Different Uses of a Personal Loan in Mumbai

Here are the different ways you can use an instant personal loan in Mumbai:

  • Consolidating high-interest existing debts

  • Covering unexpected expenses for medical emergencies

  • Travelling to overseas destinations for your dream vacation

  • Renovating your old home or the interiors of your new home

  • Pursuing higher education in India or abroad

  • To cover wedding expenses or urgent personal expenses

Who Can Get a Personal Loan in Mumbai

You can easily go ahead with your online personal loan application if you fall under one of the following salaried categories:

  • Salaried individuals

  • Salaried Company Secretaries

  • Salaried doctors

  • Salaried Chartered Accountants

Tips for a Successful Personal Loan Application

To ensure quick approval and disbursal of your instant loan in Mumbai, here are some strategies that you can keep in mind:

  • Check the Personal Loan eligibility criteria before applying.

  • Try to keep your credit utilisation ratio below 30%.

  • Check your credit score before you apply for an online Personal Loan

  • Maintain a low debt-to-income ratio to showcase income stability.

  • Ensure you have the necessary documents such as bank statements, identity proof, etc.

  • Avoid multiple loan applications across different apps and lender websites.

  • Try to close your existing personal loans before applying for a new personal loan online.

mpact of Personal Loan on Your Credit Score

Here are some impacts of your credit score on your Personal Loan:

Timely Repayments Improve Your Score

Paying your Personal Loan EMI consistently on or before the due date helps strengthen your credit profile and shows that you're a reliable borrower.

Over-borrowing May Affect Your Score

When the Personal Loan amount is high compared to your income, it increases your credit usage, which can bring down your credit score.

Credit Checks Can Cause Minor Dips

Every time you apply for a loan, a credit check is performed, which may lead to a temporary, small decrease in your score.

Late Payments Can Harm Your Record

Missing a Personal Loan EMI can have a serious impact on your credit score and may reduce your chances of getting approved for future credit.

Common Mistakes to Avoid When Applying for a Personal Loan

Look out for some common mistakes below to avoid while applying for an instant Personal Loan:

Eligibility Requirements

Applying without confirming if you meet the lender’s eligibility criteria, such as income, age, or credit score, can lead to rejection. Always review the criteria before submitting your loan application.

Overlooking Rates and Charges

Focusing only on the Personal Loan EMI and ignoring other factors like interest rate, processing fees, or penalties can become costly. It’s important to evaluate the full cost of the loan, not just the monthly payment.

Choosing a Longer Tenure

Opting for a longer repayment period without checking might lower your monthly EMI, but it increases the total interest paid. It's important to balance affordability with the overall cost of the loan.

Entering Incorrect Information

Discrepancies in your documents or application details can result in delays or rejection. Always ensure that all the information you provide is accurate and up to date.

Not Reviewing Credit Report

Applying for a Personal Loan without checking your credit score or report in advance may lead to surprises. Unaddressed errors or low scores can result in rejections or higher interest rates. Reviewing your credit profile in advance gives you a chance to fix any issues.

Poonawalla Fincorp Branch Address in Mumbai

Poonawalla Fincorp Limited
Address: Unit No. 73, 7th floor, Kalpataru Square, Kondivita Lane, Andheri-Kurla Road, Andheri (East), Mumbai, Maharashtra -400059
Contact Number: 1800-266-3201 (Toll Free)
Timing: 10 am – 6:30 pm (Weekly off on first and second Saturdays and all Sundays)

Get Funds Quickly With
Minimal
Documentation

1

Click 'Apply Now' Fill out the online form to start your loan application.

2

Upload Documents Provide your KYC documents to complete the verification.

3

Get Funds Get the loan amount
disbursed to your bank account.

Happy Customers, Happy Us

Get exclusive access to simplified
Personal Finance
Information at
Poonawalla Fincorp’s FinHub

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Frequently Asked Questions

What are the different types of personal loans?

Different types of Personal Loan include:

  • Personal Loan for Medical Emergencies

  • Personal Loan for Wedding Expenses

  • Personal Loan for Travel

  • Home Renovation Loan

  • Personal Loan for Salaried Employees

  • Personal Loan for Students

  • Personal Loan for Women

  • Personal Loan for Education

How does a Personal Loan work?

Personal loans provide a lump sum loan amount that you repay in monthly instalments over a set period.
You repay this amount over time through EMIs, which consist of both principal and interest. Since it is an unsecured loan, it requires no collateral but relies on your credit profile and repayment history.

What are the uses of an instant personal loan in Mumbai?

You can use a Personal Loan in Mumbai for medical emergencies, to tackle sudden expenses, maybe for a wedding or home renovation, etc.

What are the flexible repayment options for Poonawalla Fincorp’s Personal Loan?

The tenure for our personal loan ranges from 12 to 84 months, which you can tailor as per your convenience and repayment capacity.

Can I use a Personal Loan to finance my child's education?

Yes, you can avail of a Personal Loan to pay for your child’s education. You can cover the admission and tuition fees, accommodation costs, travel expenses, cost of study material, etc., with the loan.

What to do if my Personal Loan is rejected?

If your Personal Loan gets rejected, check the reason; it could be because of a lower credit score or high existing debt. Work on improving your credit profile or reducing outstanding dues before reapplying.

What is the maximum Personal Loan amount I can get in Mumbai?

With Poonawalla Fincorp, you can get an online personal loan amount of up to ₹50 Lakh, with just a few clicks. Apply now and get affordable personal loan interest rates.

Does Poonawalla Fincorp offer a Personal Loan to self-employed individuals?

Currently, Poonawalla Fincorp personal loans are available for salaried professionals employed with public or private sector organisations. Self-employed individuals may explore other tailored financing products.

What documents do salaried applicants need for a Personal Loan?

Salaried individuals typically need to provide some personal details such as income proof (salary slips & bank statements), identity proof (Aadhaar, PAN, etc.), and address proof (utility bills, rent agreement, etc.) when applying for a personal loan.

Can I get an instant Personal Loan with a low credit score?

Yes, you may still be eligible for taking a personal loan even with a lower credit score, depending on your income stability and overall financial profile. However, Personal Loan interest rates or terms may vary, and improving your credit score can help you secure better loan offers.

Can I get multiple personal loans at the same time?

Yes, you can apply for another personal loan even if you already have an existing loan. Your approval will depend on factors like your debt-to-income ratio, creditworthiness, and payment track record.
But it's better to pay off an existing personal loan before taking a new one.

Is getting a Personal Loan online easy?

Yes, the Personal Loan application process has become simple, especially for residents of Mumbai. With minimal documentation, flexible repayment options, and basic loan eligibility criteria, you can easily get an unsecured Personal Loan at attractive fixed interest rates.

What are the processing fees for collateral-free loans?

Poonawalla Fincorp levies a personal loan processing fee of up to 3% plus taxes.