Navi Mumbai City

Located on the west coast of Indian state of Mumbai, Navi Mumbai is the planned township of Mumbai. The city was formed to decongest the Mumbai city. The government of Maharashtra developed the new urban township of Mumbai in 1971 with the assistance of City and Industrial Development Corporation of Maharashtra (CIDCO).     

About Personal loan

It is a consumer loan granted for personal loan. The purpose of the loan can range from buying furniture, financing a holiday or renovating a house. There is no limitation on the where a person can use a personal loan amount. These are unsecured loans; therefore, there is no need to provide any kind of collateral. Personal loans are good for financing your urgent cash requirements as the processing is much faster than loans such as home loan. The lenders will calculate your eligibility criteria after checking your credit score. If you have a god credit score you can get a personal loans in few s hours time. Many of the lenders also provide online loan approval services, so the loan is disbursed in few hours time to the borrowers.

  Features

  • The   borrower can choose the tenure as per his or her comfort. The repayment tenure ranges between 12 months to 60 months. Some banks also provide the loan for 7 years.
  • In case of persona l loan, there is no need of collateral.
  • Personal loan are generally offered on fixed interest rate regime.
  • You can make the repayment facility through post date cheques or ECS or auto debit.

Benefits of taking a personal loan

  • It is the easiest and quickest way of getting a loan. The documentation process is very fast.  
  • The borrower is free to use the loan amount for any purpose.
  • You can take the loan for any purpose.
  • You can claim a tax deduction on personal loan taken for the purpose of the renovation of the house. If you provide the requisite documents, you can claim a tax deduction of upto Rs 2 lakh on the interest paid on personal loan under Section 24B.
  • The interest rate on personal loans is relatively lower than the interest rate on credit cards

Documentation process for personal loan in Navi Mumbai

Salaried

Self-employed

Any one ID proof-Passport, driving license,  voter ID and PAN card

Proof of identity, address proof and DOB proof for KYC

Residence proof- leave and license agreement, water and electricity bills not older than 3 months

Residence proof- leave and license agreement, water and electricity bills not older than 3 months

Salary slips for last 3 months

Audited financial for the last two years for income proof

2 passport size photograph

Address proof of office

Latest 3 months bank statement  (where salary income is credited)

Proof of residence or office ownership

 

Proof of business continuity

Eligibility criteria &charges for people applying personal loan in Navi Mumbai

Criteria

Salaried

Self-employed

Age

21-60 years

25-65 years

Income

Minimum Rs 15,000

Turnover of Rs 15-40 lakh and minimum PAT of Rs 1 lakh for professionals and 2 lakh for proprietorship , should be in current business for at least 5 years and minimum 3 years for doctors

Rate of interest

12.99%-15.50%

12.99% to 20%

Loan processing charges

1.5%-2.5%

1.5%-2.5%

Prepayment/ foreclosure charges

Nil-5%

Nil-5%

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