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Personal Loan in Mumbai

For years, Mumbai has been hailed as the commercial capital of the country. This moniker is not without reason. There seems to be an air of entrepreneurship in Mumbai. Millions stream into this city every day to chase their dreams, and this city has an enviable quality of making hundreds of those dreams come true as well.

Because this city is so commercial minded, the concept of taking loans to fulfil needs is not alien to its residents. Whether they wish to buy a house or a car, they do not hesitate to take a loan and enjoy their house or car. They do not believe in a conservative approach at all. For the same reason, the personal loan is a very popular loan product in Mumbai.

A personal loan is a costlier loan for a borrower. This is because he or she can take this loan without having to keep any security with the lender. A steady source of income needs to be proven to the lender which would convince the lender that the loan can be regularly repaid. The lender would also assess the repayment history of earlier secured and unsecured loans taken by the borrowers.

The basic documents required to availan instant personal cash loan in mumbai are the income documents and KYC (know your customer documents). The PAN Card, which is also one of the KYC documents, would allow the lender to obtain the current credit score of the borrower. For income documents, salaried individuals need to submit salary slips and IT returns. A self-employed person would need to submit IT returns and also financial statements of his or her business.

With the increase in number of people accessing the internet for all types of transactions including financial ones, banks are making it more convenient to apply for personal loans using the internet. The borrower can log on to the website of the bank in order to apply, or use the personal loan app in mumbai. The approval process would take place in a few days as compared to the weeks it used to take earlier, not to speak of the huge amounts of documentation required.

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