Money represents one of the crucial yet annoying things that were invented for us. It is strange that we work for money and we spend it to satisfy our daily needs like food, clothing and shelter. In fact, your lifestyle almost depends on how much cash you have to take care of the present situation. But we may not always have enough money to take care of the current expense that is why Personal Loans were invented. Personal loan can be availed for various reasons, for example – financing a wedding, for house renovation or it could be any personal reason. Especially if you are living in an expensive place like in Mumbai in India then you might need various kinds of loans such as Mumbai Home Loan, Mumbai Loan against Property, Mumbai Car Loan or Mumbai Personal Loan.
Among all types of loans, personal loan is easiest to avail. They are usually simple to apply for, which makes it convenient option for financial requirements. Additionally, personal loans are unsecured types so borrowers need not provide any collateral when availing it. But many people are not aware of step-by-step process of when getting personal loan in Mumbai, so here we make it in 5 simple steps for you to understand the process better.
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Search for best lender – Lender could be any body – a bank or any financial firm ready to offer personal loan. Search for the best lender in terms of best interest rate and other fee. Basically do a inclusive and detailed market research of various option available like interest rate they offer, late fee and pre-payment charges and don’t forget to read the terms and conditions. Remember negotiation in possible in all kind of Mumbai loans and also check if they have in present special offers.
Do your Home work – Once you settle on a lender that is offering best loan to you, do your home work by working out on interest rate that might seems cheaper initially. For example, a 7% flat interest rate will be around 13% of effective cost. So choosing a monthly reducing balance option is wise then flat-rate or half-yearly reducing option. Don’t always rely upon what the agent might say, work out all the calculations at your end.
Document Collection – An agent from the bank or finance firm will then visit you for collecting documents supporting various proofs such as identity, income and residence proof. They might ask you for copies of IT returns, pay slip, passport, account statements, driving license, pan card, and other documents containing proofs. Various lenders may have various demands when it comes to proofs.
Investigation – Once you are done with submitting required documents, a field investigator would visit your home to check the facts of documents provided like place of your residence, tenure of your working period and others. Most important thing is your presence when agent visit, or else your application might be rejected.
Approval – After the lender is satisfied with verifications your loan will be approved. You might get the loan amount via cheque, demand drafts or direct transfer to the account.