Best Personal Loans in Powai, Mumbai
Powai is an important suburb located along with Powai lake towards the north-east of Mumbai. It has grown tremendously over the past few decades and is now a big residential and commercial area. It hosts the landmark Indian Institute of Technology, Bombay which is one of the most reputed educational institutions in India. The place is also known for the Hiranandai Gardens, an integrated residential township. Many corporates have offices in this posh suburb and it serves as a link between the western and eastern parts of Mumbai.
Personal loans in Mumbai are given by most major banks and financial institutions to individuals without asking for the requirement or need. They are unsecured loans given from Rs. 50,000 to Rs. 40,00,000 which means that you need not mortgage anything or show an asset. The most common reason for taking a loan is debt consolidation. Some of the other reasons include medical, travel, home renovation, wedding and so on.
You need to have a good credit history and adequate salary to get a loan sanctioned. Other factors like years of employment, company you work for etc will determine the most important factors like amount, tenure and rate of interest. Some of the banks in Mumbai give you the flexibility to pre-close the loan without any additional charges. Most banks have a pre-closure charge in the 4%-5% range.
There are multiple banks which offer a personal loan in Mumbai such as HDFC Bank, ICICI Bank, Kotak bank, Axis bank and so one. There are also multiple NBFC’s in Mumbai such as Bajaj Finserv, Fullerton, Tata Capital, etc which offer unsecured personal loans.