Mumbai is the financial capital of India and one of the biggest cities of India. In Mumbai, there are lots of income and business opportunities looming large. As a result, many lenders make plenty of financial products available in the city.
Do you have some urgent funding needs in Mumbai? Then you can get a personal loan of up to Rs.25 lakh at a reasonable interest rate with easy eligibility terms.
However, a majority of eligible people don’t apply for a personal loan in Mumbai. It is owing to formalities like submitting many documents required for personal loans.
Not anymore, you can avail a documentation-free personal loan if you follow some tips. Read on and dig deeper!
- Maintain a good CIBIL Score
The first thing that a lender sees while processing your personal loan in Mumbai application is your creditworthiness. They do it by looking at your CIBIL Score to know if you have managed your past credits well or not. Having a robust Credit Score of 750+ can let you enjoy the loan approval at a lower interest rate. You can maintain a higher CIBIL Score by paying your debts on time without defaults. It can help in building faith with the bank that you are a safe customer.
- Don’t miss payments
When it comes to getting a documentation-free personal loan in Mumbai, you need to ensure that you don’t miss making any payments with a bank you are applying. A missed payment is a sign that you don’t know how to handle your finances better. As a result, banks and lenders may ask you to submit solid proof of income. Hence, you will need to submit many documents to get your loan application processed.
- Have a credit card? Pay all dues on time and in full
If you are holding a credit card of the bank with whom you wish to apply for a personal loan in Mumbai, ensure to pay all the dues by the due date. You should also make the payment in full to prove that you don’t have any repayment issues. Paying the credit card bills on time enhances your chances of availing the loan approval without issues.
- Have a healthy relationship with your bank
If you don’t want to face the issue of submitting many documents required for personal loans, then you need to maintain a healthy relationship with a bank. As a result, you need to stay loyal to it for all financial and non-financial services. It helps in building trust with the bank which later decides the eligibility and your repayment capacity. If you are applying for a personal loan in Mumbai with a bank with whom you have an account, it becomes easier going through its loan eligibility. As a result, you may get the loan approval super quick.
Nowadays, you don’t need to submit documents required for personal loans. It is because your CIBIL Score, relationship with the bank are enough to get you the approval.
NBFCs offer pre-approved deals on personal loans, home loans, business loans, EMI finance and credit cards and more. Such deals help in minimizing the loan formalities by making it hassle-free and less time-consuming.