“Since Mumbai is the financial capital of India, The growth in city leads to eligibility of different types of loans like Home and personal loans, commodity loan, Mortgage loans against property, car and auto loans for higher salary executives as an employees. Below is list of banks and financial institutes with types of loans availability and interest rates..”
Types of Loans In Mumbai
- Home Loans.
- Personal Loans.
- Loan against commodity assets.
- Loan Against deposits.
- Loan against securities like Mutual Funds, Bonds etc.
- Mortgage loans against property.
- Used and New Car Loans
- Two Wheeler loans.
- SME loans and Business loans.
- Educational Loans
- NRI loans etc
- Lease Rental Discounting in Mumbai
Current Rates (May Differ With Time)
- Current Home Loan Rates Offered By Most Leading Banks
Floating Rates – Between 8.75% and 13.5% and Fixed Rates of Interest – Between 10.50% to 14.50%
- Current Personal Loan Rates Offered by Major banks and Financial Institutes.
Depends of the Net and Gross Salary of person, generally goes upto 16% (Reducing balance rates)
- Current car Loans and Auto loans rates
Purely depends on the Scheme like Old or new car purchased, The terms of EMI (Effective monthly Installments) and the period which varies from auto and car dealers.
- Rates of Loans against commodity like (Gold Loan etc)
Again depends on banks and financial institutes according to the rules and norms decided.
- What is loan against property in Mumbai ?
Simply known as Mortgage loan, where you get loan on your residential and commercial property, amount and interest rates depends upon current valuation, location etc of the property.
List of Banks and Financial Institutes Providing Loans in Mumbai
Almost all leading banks like HDFC, ICICI, SBI and Other private financial institutes provide loan as per the capability and income proof of individual or a business in case of business loan. There are also lots of Personal finance companies lending loans as required. Request to properly read the terms and conditions and the calculation of EMI to be done and understood before signing any documents.
Tips and Important things to consider before buying loans
- Try avoiding any kind of credit card loans as you may land up paying highest interest rates on earth.
- Understand the concept of Fixed rates and Floating rates properly and some hidden cost like Pre-EMI which is generally not said during prospecting or sale.
- Calculate your salary and budgets properly before opting out for any loans like personal, home or Others.
- Check your eligibility of home loan in Mumbai by getting the sanction letter and initial talks with banks/institutes executives.
- Instead of taking personal loan upon (after) an existing home loan, know there are options called Top ups on your existing home loans which can save your Interests.
- Understand the terms of loans properly if you are taking a car loan or an auto loan as an employee of a company. What if you leave the company and joint Other.
- Know the other types of loan options like loan against your life insurance policies, Fixed deposited by leading financial and government organizations.