Best Online Personal Loan In Mumbai – Loaney

Are you a resident of Mumbai who is looking forward to trying your luck in the city of dreams? Are you looking for funds to support your plans and execute them? Then you must consider borrowing a personal loan. Unlike many other loans, a personal loan is easy to apply for and can be availed of by individuals without submitting collateral or presenting a guarantor. There are a few points that you need to be aware of before applying for a personal loan. In this article, we will be looking at personal loans, how to apply for this type of loan, the documentation required, and other necessary information about personal loans. 

Our primary focus in this article will be for our readers from Mumbai. We will be highlighting the cheapest personal loans in Mumbai, how to apply for a personal loan in Mumbai without a CIBIL check, the paperwork you will need for urgent cash loans in Mumbai, and other details you need about personal loans in Mumbai. 

Table Of Contents

In this article, we will be sharing in-depth information about the following topics related to online personal loans in Mumbai:

  • What is Loaney? Online Personal Loans in Mumbai
  • Personal loan in Mumbai overview
  • What are the Documents Required for Getting a Personal Loan in Mumbai?
  • What are the types of Personal Loans available in Mumbai?
  • Benefits of Getting a personal loan
  • Fees and Charges
  • How to apply for a personal loan in Mumbai?

What Is Loaney? Online Personal Loans In Mumbai

The world is online today. No matter what industry you look at, it has a digital presence these days. Ever since the pandemic has impacted the world, more and more services and facilities have shifted online. So has been the case with banking and financial services. Not only has internet banking become more common among people, but also many new services are being offered online. You need not visit your bank and wait in long queues to avail of most financial services anymore. Even money lending and loan borrowing are now possible online. Not only do the established financial institutions offer loans online, but a lot of online portals are now offering personal loans to individuals. One such platform is Loaney. 

If you are on the lookout for small amounts as a personal loan, Loaney is the best place for you. Loaney offers a personal loan of up to Rs. 15,000 to its clients. The loans are provided for lower interest rates and can be repaid by the borrower within about two months. You neither need to submit collateral nor do you need to present a guarantor to apply for a personal loan on Loaney. The documents and paperwork required are not much, and with a few readily available documents, you can get your loan approved. The procedure is seamless, and just with a few clicks, the loan amount gets transferred to your bank account. 

Further, we will be looking at the pre-requisites for applying for a personal loan and then the procedure of applying for this loan

Personal Loan In Mumbai Overview

Mumbai is the capital city of Maharashtra and the business capital of the country. The city is full of life, and the youth comprises a significant part of the Mumbai population. As people say, Mumbai is the city of dreams, and dreams do require funds and money to be turned into plans and further executed. Being a metro city, the cost of living in Mumbai is high, and life here is quite expensive. There might arise financial emergencies or any urgent expenses where you might need extra cash. You can rely on family and friends or even your bank for a loan for all these needs. But bank loans can often take a long time to be approved and requires a lot of paperwork. You might also need to pledge security while borrowing a loan. If you need these funds faster for your use or need urgent cash loans in Mumbai, you will not have much time to wait for loan approval or even fetch your documents. In such a case, you can count on personal loans. This loan gets approved faster, and you will not be required to submit many documents, making the procedure of getting the needed funds hassle-free. 

In the upcoming sections, we will be looking at the cheapest personal loans in Mumbai, how to avail of online personal loans in Mumbai, and the fees you might have to pay. 

What Are The Documents Required For Getting A Personal Loan In Mumbai?

To begin our detailed guide on personal loans, we will be listing the documents and the eligibility criteria. These will help you recognize if you qualify for a personal loan in Mumbai or still have some more work to be done before you can avail of an online personal loan in Mumbai.

The documents that most banks, moneylenders, and loan providers require at the time of application for a personal loan are:

  • Identity Proof- This could be your Aadhar card, PAN card, Voter ID, or even driving license. 
  • Address Proof- For this, you can provide the lender with your Utility bills, Passport, or even Aadhar card and PAN card.
  • Income proof
  • Bank Statement of the past 3 to 6 months. 

Loaney does not require the applicant to submit all these documents but presents only the following:

  • PAN card
  • Aadhar Card
  • Applicant’s Picture
  • Bank account number with internet banking facility. 

To check your eligibility to apply for an online personal loan in Mumbai, you can refer to the following list:

  • The applicant must be an Indian Citizen who is at least 18 years old. 
  • The applicant must be a PAN cardholder.
  • The applicant’s Aadhar card must be linked to their mobile number
  • The applicant must have a bank account with a net banking facility.
  • The applicant’s monthly income must be between INR 25,000 to INR 30,000.
  • A verified organization must approve the source of the applicant’s income.
  • The applicant must not be a CIBIL defaulter.
  • A minimum CIBIL score of 750 is required for the loan application to be approved. 

To avail of a personal loan in Mumbai without a CIBIL check, you can apply on Loaney. 

What Are The Types Of Personal Loans Available In Mumbai?

No matter what you need the cash for, the amount you borrow as a personal loan can be used. Your lender need not know the reason for your borrowing urgent cash loans, and you can spend the amount as per your requirements. Personal loans can be used for any of the following purposes:

  • Debt consolidation or paying off any previous loans.
  • Paying bills or making any incomplete payments.
  • Medical emergencies, surgeries, or hospital bills.
  • Paying the tuition for higher education abroad
  • Funding a dream vacation
  • Renovating your home or even buying a new home
  • Investing in your business or starting your small business
  • Buying a new vehicle

This versatility makes personal loans a favorite among so many people. 

Benefits Of Getting A Personal Loan

We have seen what a personal loan is, how Loaney is an excellent platform for online personal loans in Mumbai, the documents required, the eligibility criteria to meet, and the types of personal loans. Let us now take a quick look at the benefits of borrowing a personal loan. The following are some of the advantages of borrowing a personal loan:

  • Low-interest rates
  • Short repayment tenures
  • Less paperwork and documentation
  • Unsecured debt, so no need for collateral
  • No need for a guarantor
  • Easy to meet eligibility criteria
  • Faster loan approval
  • Flexible repayment methods
  • No need of specifying a reason for borrowing

Fees And Charges

If you have ever applied for a loan before or even know how loans work, you must be aware of the term interest. No matter which type of loan you borrow, there will always be an interest charged on the amount borrowed. However, the interest rate will be different based on factors like the amount borrowed, the moneylender, the type of loan, the applicant’s relations with the lender, the applicant’s credit history, etc. Along with interest, you might have to pay additional charges if you are applying for a loan online, like service charges, platform fee, and convenience fees. 

How To Apply For A Personal Loan In Mumbai?

We are through with all the required details about a personal loan; let us move on to the step-by-step procedure or apply for the same. To apply for an online personal loan in Mumbai, you can use Loaney and follow these steps: 

  • Fill up the application form with your basic details. Make sure to provide genuine information for faster approval.
  • Upload and submit the documents as required. 
  • Wait for the platform to verify the submitted application. 
  • Once verified, the loan application is approved.
  • Post this; the amount is transferred to your bank account.

The entire procedure takes only a few minutes, and you can instantly get a personal loan approved. 


1. How to get a personal loan in Mumbai without documents?

If you wish to have a hassle-free loan borrowing experience with just a few documents being required, then you can apply for a personal loan on Loaney.