Micro Loan in Mumbai

In a bustling city like Mumbai, access to timely and affordable credit can make a big difference—especially for small business owners, self-employed individuals, or those facing urgent personal expenses. A micro loan is a short-term, small-ticket loan designed to help meet immediate financial needs with minimal paperwork and quick approvals. Whether it’s to expand your roadside shop, manage a medical emergency, or invest in tools for your trade, microfinance solutions in Mumbai offer a dependable lifeline. Check your business loan eligibility to get started with a suitable financing option today.

Features and benefits of Micro Loan in Mumbai

Micro Loans in Mumbai are tailored to support individuals and micro-entrepreneurs with easy access to credit. They are especially helpful for those with limited access to formal banking services.

Key features and benefits:

• Quick disbursal: Get funds in your account within 24 to 48 hours.
• Minimal documentation: Basic KYC and income proof needed.
• Loan amounts: Borrow as little as Rs. 10,000 or up to Rs. 5 lakhs.
• No collateral needed: 100% unsecured loan.
• Flexible tenure: Repayment periods ranging from 3 months to 24 months.
• Online process: Apply and manage your loan digitally.

Documentation and eligibility criteria for Micro Loan in Mumbai

To ensure a smooth loan approval process, it’s important to meet the eligibility criteria and submit the necessary documents.

Eligibility criteria:

• Age: Applicant should be between 24 and 80 years.
• Citizenship: Must be an Indian resident.
• Income: Must be self-employed.
• Credit score: Preferably 685 or above.

Required documents:

• KYC documents - Aadhaar/passport/voter’s ID/driving license/letter from NPR/NREGA job card
• PAN card
• Proof of business ownership
• Other financial documents

Interest rates and charges for Micro Loan in Mumbai

Micro Loan interest rates in Mumbai are competitive and depend on factors like loan amount, tenure, and borrower profile. Bajaj Finserv offers affordable rates with full transparency.

Key charges:

• Interest rate: Starts at 14% per annum
• Processing fee: Up to 4.72% of the loan amount
• Prepayment charges: Up to 4.72%

How to apply for a Micro Loan in Mumbai

Getting a Micro Loan in Mumbai through Bajaj Finserv is quick and hassle-free. You can complete the entire process online without stepping out.

Follow these simple steps:

• Visit the Bajaj Finserv Micro Loan page.
• Enter the loa amount required.
• Select one of the three business loan options: Term Loan, Flexi Term Loan, or Flexi Hybrid Term Loan.
• Choose your preferred repayment tenure, ranging from 12 to 96 months.
• Click on ‘Check Eligibility’ to begin the application process.
• Fill in the application form with basic details such as:
  • Full name
  • PAN
  • Date of birth
  • PIN code
• After entering all the required information, click ‘Continue’ to proceed to the next step.

Check your pre-approved business loan offer to see if you qualify for instant funding with exclusive terms.

Why choose Bajaj Finserv for Micro Loans in Mumbai?

With years of experience and a robust digital infrastructure, Bajaj Finserv is a preferred NBFC for Micro Loans in Mumbai.

Key advantages:

• High loan amounts: Up to Rs. 80 lakhs for eligible applicants.
• Fast disbursal: Quick loan processing and fund transfer.
• Minimal documentation: Hassle-free verification process.
• 24x7 online services: Apply, manage, and repay via portal or app.
• Trusted brand: One of India’s leading non-banking financial companies.

Difference between Micro Loan and Business Loan in Mumbai

While both micro loans and business loans offer funding solutions, they differ in scale, purpose, and eligibility. Here's a side-by-side comparison: