To apply for a personal loan in Mumbai with Ring, the applicant must be at least 21 years of age. This ensures that the applicant is an adult and eligible to manage financial responsibilities.
Your Gateway to Quick and Easy Credit in Mumbai
Personal Loan in Mumbai: Get Closer to Your Dreams
Zero Pre-payment charges
Flexible Repayment
Instant Bank Transfer
About Our Personal Loan in Mumbai
At Ring, we understand that life moves fast in Mumbai, and so should your loan approval. Our personal loan in Mumbai can be as high as ₹5 lakhs, with a hassle-free, paperless process. Unlock your loan in just 5 minutes with our seamless KYC verification. Whether you're financing a wedding, a vacation, or an urgent expense, Ring has got you covered.
Benefits of Personal Loan in Mumbai
Instant Approvals: Get access to a personal loan in Mumbai within minutes!
No Paperwork, No Fuss: Enjoy a 100% digital experience without physical documentation.
Flexible Repayment: Choose repayment options from 3 to 24 months.
Unlock Higher Credit Limits: Timely repayments can boost your credit limit with us.
Features of Personal Loan in Mumbai
Credit Up to Rs. 5 Lakhs
Avail of credit up to Rs. 5 lakhs with paperless KYC.
Flexible Repayment
Choose repayment periods from 3 to 60 months.
Instant Approval
Money transferred to your bank account in 5 minutes.
Zero Paperwork
100% Digital - Hassle-free process
No Collateral Required
Secure a loan without pledging any assets.
Transparent Terms
Know all costs upfront with no hidden charges.
Competitive Rates
APR ranges from 32% to 57% per annum.
Multi-Purpose Loans
Use your loan for personal or business purposes
Check Your Eligibility
Instant Personal Loan Eligibility Criteria
To qualify for a personal loan applicants need to meet the following criteria:
- Nationality: Indian citizen.
- Age: Between 23 and 55 years.
- Documentation: Selfie, PAN Card, and Aadhaar Card.
- Income Proof: Required only for select high-value loans based on credit profile.
- Profile : Salaried, Self-Employed, Small busines owner & MSMEs
Having these documents prepared ensures a smoother and quicker application process
We've made it easy and convenient to apply for a Personal Loan in Mumbai with us.
Follow these simple steps to get started:
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Verify Mobile Number
Enter your number on the RING app/website, receive an OTP, and verify.
Personal Loan in Mumbai EMI Calculator
Breaking Down the Cost: Interest Rates Explained
A tool designed to help you understand the monthly payment on your loan. Whenever you take a loan, the EMI amount that you will pay is very important in helping you arrive at your final loan amount and repayment tenure. Our personal loan calculator helps you do just that. You will be able to see your monthly payment, and this will help you decide what your loan amount should ideally be, and if it is payable over a period.
Principal Amount (A): ₹500,000
Interest Amount (B):
Your EMI: ₹ per month
Your Loan Amount: ₹500,000
At Interest Rate of: 2%
For : 2 years
Total Payable: ₹
Here’s a quick example to illustrate:
- Loan Amount (Principal): ₹1,00,000
- Tenure: 12 months
- Interest Rate: 13% per annum
- Processing Fee (incl. GST): ₹3000 (3%)
- Total Interest: ₹7,180.73
- EMI: ₹1,374.63
- APR: Start from 14%
Disclaimer - The Loan EMI Calculator only shows an estimate. Consult your lender for accurate details.
The Formula to Calculate EMI on Personal Loan in Mumbai
The formula for calculating EMI is as follows:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
P= Principal loan amount | R= Monthly interest rate (annual interest rate divided by 12) | N= Loan tenure in months
**To explain it further, let’s see an example:**
Suppose you take a Personal loan for ₹5,00,000 with an annual interest rate (IR) of 10% for a tenure of, say, 5 years (60 months).
First, convert the annual interest rate to a monthly interest rate. In this case, the monthly interest rate would be 10%/12 = 0.00833.
Using the formula, you can calculate the EMI as follows:
EMI = [500000 x 0.00833 x (1+0.00833)^60] / [(1+0.00833)^60-1]
By simplifying the equation, you will find that the EMI for this loan would be approximately ₹10,609.
This means that your monthly payment will be ₹10,609 for 60 months to repay the loan amount along with the interest.
For a more detailed explanation, you can refer to this blog.
Hear from Our Happy Customers
Sunita
Andheri
When I found myself in an unexpected medical emergency, I needed funds fast. Ring’s personal loan in Mumbai came through just when I needed it the most. The process was smooth—no paperwork, no standing in long queues at the bank. I applied through the app, completed my KYC in minutes, and had the money in my account within the hour! It really took away the stress in a tough situation. Ring is my go-to for financial emergencies now.
Rahul
Colaba
As a freelancer, my income isn’t always predictable. There are months when payments are delayed, and I needed an urgent cash loan in Mumbai to cover my rent and daily expenses. I found Ring through a friend, and it changed everything for me. I got a quick personal loan approved with no hassle, and the repayment terms were super flexible. I’m grateful to have discovered Ring—it’s a safety net for unpredictable times.
Pooja
Bandra
I’ve always dreamt of starting my own boutique but didn’t have the funds. Traditional banks wanted too much paperwork, and the process felt overwhelming. That’s when I stumbled upon Ring’s personal loan in Mumbai option. The entire experience was seamless! I applied on the app, got approved, and used the funds to launch my business within days. The best part? I didn’t need to provide any collateral, and the repayment options are so flexible that I can manage them easily alongside my growing business.
Vikram
Thane
I needed a personal loan in Mumbai to renovate my home. Banks were offering complicated terms, but with Ring, everything was transparent. I could see exactly what my loan terms were, from interest rates to repayment options. I got the loan without submitting any physical documents, which saved me a lot of time and effort. I’ve recommended Ring to all my friends who need financial support because it’s so quick and reliable.
Amit
Dadar
My car broke down, and I needed to get it fixed urgently. I didn’t have enough savings at the moment, so I applied for a personal loan in Mumbai with Ring. What really impressed me was how simple the process was—I didn’t have to deal with any tedious paperwork. In no time, I got the funds transferred to my account and took care of the repair expenses. The loan repayment was equally easy with flexible options that didn’t stress me out financially.
Priya
Powai
As someone who loves to travel, I always dreamt of going on a long vacation but never had enough savings. I decided to try Ring for a personal loan in Mumbai, and I’m so glad I did! I got the loan amount approved quickly, with no hidden charges or lengthy forms to fill. The flexible repayment plan allowed me to enjoy my vacation without worrying about the loan. And the icing on the cake? I earned cashback rewards while repaying through Ring!
Find the Right Personal Loan For You
Personal Loan for Travel
Fund your dream vacation and make unforgettable memories with our travel loans. From flights to hotels and everything in between, we’ve got you covered so you can focus on enjoying your trip.
Personal Loan for Students
Invest in your future or your child's education with our flexible education loans. Cover tuition fees, buy study materials, or enrol in that special course without financial stress.
Personal Loan for Home Renovation
Give your home a makeover without breaking the bank. Whether it’s a new kitchen, a fresh coat of paint, or an extension, our loans make it possible.
Personal Loan for Weddings
Make your special day even more magical with our wedding loans. Plan the perfect wedding without worrying about the expenses, from the venue to the honeymoon.
Got Questions? Let's get to them.
What is the minimum age limit to apply for a personal loan in Mumbai?
What is the maximum personal loan repayment tenure at Paywithring?
The maximum repayment tenure for a personal loan in Mumbai with Ring is 24 months. This flexibility allows you to choose a repayment period that fits comfortably within your financial planning, ensuring you’re not burdened by short-term repayment pressures.
Are the interest rates competitive for Personal Loans in Mumbai?
Yes, Ring offers competitive interest rates ranging from 18% to 36% per annum, making it an attractive option for those looking for personal loans in Mumbai. Our transparent interest rate policy ensures there are no hidden charges, so you always know what to expect in terms of repayment.
How can I apply for a Personal Loan in Mumbai with Paywithring?
Applying for a personal loan in Mumbai with Ring is simple and quick. Just download the Ring app, fill out your personal details, complete the KYC verification online, and get your loan approval within minutes. It’s a fully digital, hassle-free process, eliminating the need for paperwork or bank visits.
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