Personal Loan in Mumbai up to 30 Lakh: Apply Online

Instant Personal Loan in Mumbai

Are you looking to manage unexpected expenses or fulfill your dreams in Mumbai? A Personal Loan can be the perfect solution to help you achieve your financial goals. At L&T Finance, we offer tailored Personal Loan options to meet your unique needs.

Quick Disbursement of Personal Loans in Mumbai

When you need funds urgently, quick disbursement is a perk. L&T Finance ensures that your Personal Loan is processed swiftly so you can receive the money you need without unnecessary delays. Our efficient loan processing system ensures that funds are available when you need them the most.

Key Features of Personal Loans in Mumbai

Our Personal Loans come with several benefits designed to make borrowing easy and convenient:

1. Loan Amount Range:

Borrow up to ₹ 30 Lakh based on your needs.

2. Competitive Interest Rates:

Get the best interest rates in Mumbai.

3. Flexible Tenures:

Choose a repayment period of up to 72 months.

4. Minimal Documentation:

Apply with minimal paperwork to save time and effort.

Eligibility Criteria for Personal Loan in Mumbai

Type	Criteria
Residency	Indian resident
Age requirement	21 years to 58 years
Profession	Salaried or self-employed individuals

Documents Required for a Personal Loan in Mumbai

Document Type	Required Document & Checks
Identity Proof	Passport \| PAN Card \| Driver License \| Voter ID \| Aadhaar Card
Address Proof	Utility bill of any service provider not more than 2 months old (Electricity, Telephone, Post-paid Mobile Phone, Piped Gas, Water Bill) \| Passport \| Voter ID Card \| Driving License
Income Proof	Income proofs vary for different professionals across salaried, non-salaried and self-employed.

Please find the easy detailed list of required documents here

Type	Document
Salaried	Last 3 month's salary slips / Form 16 / Last 3 month's bank statement reflecting salary credits / Salary Certificate
Self Employed	Latest Income Tax Return (ITR)
Bank Statement	Last 3 month's statement is mandatory
Residence Ownership Proof	Not mandatory

Personal Loan Interest Rates and Charges

Type	Interest Rate and Charges
Loan Processing Fees (non-refundable):	Up to 3%* of Loan Amount + applicable taxes
EMI Dishonour/Bounce Charge*	As shown in the table below
*A bounce charge is a charge for (i) dishonour of any repayment instrument; or (ii) non-payment of instalment(s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate
Sanctioned Loan Amount	Charges
< ₹ 5 Lakh	₹ 500
₹ 5 Lakh - ₹ 30 Lakh	₹ 1000
Late Payment Charges (LPC)/ Penal Charges:	2% (p.m.) on EMI overdue + applicable taxes
	*LPC revised from 3% to 2% per month on overdue EMI w.e.f. 4th Dec'23
	*Taxes applicable on LPC w.e.f. 1st Apr'24
Part Payment Charges:	Up to 5% of pre-paid amount + applicable taxes
Foreclosure Charges:	5% of POS (Principal Outstanding) + applicable taxes
Legal/ Recovery Charges:	As per actuals
Duplicate NOC Charges:	First 3 paper copies - free of cost
Duplicate NOC Charges:	From 4th Paper copy - ₹250 + applicable taxes
Repayment Swap charges (per swap):	₹ 500 + applicable taxes (applicable only for branch walk-ins)
Loan Cancellation Charge:	Nil - for 3 days from date of disbursal
Loan Cancellation Charge:	From 4th day - 5%+ applicable taxes (on the outstanding loan amount)
Document Charges:	Nil for Statement of Account (SOA), Repayment Schedule, Foreclosure Letter, Welcome Kit
Annual Maintainance Charges (AMC):	Nil

*Terms & Conditions Apply. All actual charges will be as per Key Fact Statement (KFS) shared by the company.

How to Apply for a Personal Loan in Mumbai

Apply for Personal Loan with these steps

1. Apply online in just few minutes

Select Personal Loan and click the 'Apply Now' button to start your seamless digital loan journey

2. Fill in your details

Enter your personal details, such as income details, current address, and more, to instantly check your loan eligibility

3. Get your customised offer

Explore personalised loan offers to match your needs. You may also get an option to enhance your offer

4. Set up E-mandate

Securely provide your bank details to easily register for an E-mandate, ensuring smooth loan repayments

5. Complete KYC

Verify your identity easily and securely with a quick KYC process from the comfort of your home

6. Get loan disbursement

Get your loan disbursement directly in your bank account, ensuring fast and seamless access to funds

Tips to Enhance Approval Chances

Here are a few tips to enhance your chances of approval:

1. Maintain a Good Credit Score:

A higher credit score increases your approval chances.

2. Provide Accurate Information:

Ensure all details in your application are correct.

3. Submit Complete Documents:

Incomplete documentation can delay the process.

Uses of Personal Loan in Mumbai

A Personal Loan can help you in many different ways, making it easier to handle various needs in your life. Here are some common ways people use Personal Loans in Mumbai:

1. Medical Expenses:

Unexpected health issues can sometimes lead to high medical bills. A Personal Loan can help you pay for hospital stays, surgeries, or treatments without stressing about the cost.

2. Home Renovation:

A Personal Loan can provide the necessary funds if you want to fix or upgrade your home. Whether it’s repairing a leaking roof, repainting rooms, or buying new furniture, a loan makes it easier to improve your living space.

3. Education Fees:

Education is important, but the costs can add up. A Personal Loan can help you pay for your studies or your child’s education, making sure that financial worries don’t stop you from achieving your academic goals.

4. Travel:

Planning a vacation or a trip can be exciting, but it can also be expensive. A Personal Loan can help you cover travel expenses, allowing you to enjoy your dream holiday without financial pressure.

5. Debt Consolidation:

Managing multiple debts can be difficult. A Personal Loan can combine all your existing debts into one single loan with a lower interest rate, making it easier to pay off your debts on time.

6. Wedding Expenses:

Weddings can be costly events. A Personal Loan can help cover the expenses of your big day, from the venue to the decorations, ensuring that you have the wedding you’ve always wanted.