Top 5 Ways to Avail a Quick Personal Loan in Mumbai

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Mumbai is popularly considered as the commercial, financial, and entertainment capital of
the country. It is one of the top 5 centres of commerce and influences more than 6% of
India’s GDP with a total population of above 20 crore.
The steady growth of financial and commercial sectors in this city is not only influencing
the country’s economy, but it is also helping various businesses, including MSMEs as well
as a flourishing market for financial products.
An individual can avail a personal loan in Mumbai to suffice their short-term financial
requirements. Such advances are called instant loans because they are sanctioned in a
modicum of time to eligible applicants. Further, they are unsecured loans and do not
require any collateral which makes them beneficial.
Almost every financial institution offers personal loans, and an individual can apply for a
loan option by visiting the organisation directly or online.
Here are the 5 ways to best avail a quick personal loan in Mumbai –
1. Meet the required eligibility criteria
An applicant must check the eligibility criteria beforehand to keep their application from
being rejected.
As per the general eligibility requirements, a salaried individual must be an Indian resident
between the age of 23 and 55 years employed with an MNC, private or public enterprise.
Meeting all eligibility improves the chances of availing a personal loan in Mumbai.
2. Maintain a high CIBIL score
CIBIL or credit score is a numeric expression ranging from 300 to 900. The score is
generated using the data accumulated in the CIR. A CIR or Credit Information Report is a
borrower’s payment history, and this is utilised to gain insight regarding an individual’s
credibility.

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An individual is required to hold a minimum score of 750 to avail a personal loan.
Individuals who hold a minimum score or higher stand a chance to negotiate for more
affordable interest rates.
3. Lower your FOIR
Fixed Obligation to Income Ratio or FOIR is another parameter which can affect an
individual’s personal loan in Mumbai application. Financial institutions consider that if less
than 50% of an applicant’s monthly income is utilised to meet their obligations, the
remainder can be considered to accommodate a loan obligation, i.e. the EMIs.
An individual who holds a low FOIR has fewer obligations, which makes them eligible to
avail a personal loan to meet their financing needs.
4. Close existing debts
Paying off existing debts improves your repayment capacity, thus making you eligible for
a high-value loan. It also strengthens your credit history, thus depicting you as a borrower
carrying high creditworthiness.
Also, lenders are more inclined towards offering loans to borrowers who have low to no
existing debts. It is thus ideal to close existing debts before applying for a personal loan to
successfully avail it quickly.
5. Provide all necessary documents accurately
You must also check the document requirement and arrange for all that is necessary
before applying to fast-track loan processing.
Documents required will include among others –
● KYC documents like proof of identity and proof of address.
● Employee ID card if you are a salaried applicant.
● Salary slips of the previous 2 months and salary account statement of the previous 3
months as income proof. To avail the benefits of paperless loan, keep the above-
mentioned essential documents handy.
Financiers like Bajaj Finserv keep eligibility as well as document requirement to a
minimum for streamlined processing.
Further, they make the process of financing hassle-free and quick via their pre-approved
offers. You can enjoy these offers on several financial products, which also include
personal loans, business loans, home loans, etc. You can check your pre-approved offer
by sharing a few essential details online, such as your name and contact number.

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Other than availing a fast approval, an individual can enjoy a few significant benefits by
applying for a personal loan online. Availing a personal loan in Mumbai can be beneficial
for individuals looking for high-value advances to meet their diverse funding requirements.

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