Personal Loan App in Navi Mumbai
Everyone talks of Mumbai being the financial capital of the country, but some of the erstwhile suburbs of Mumbai have now blossomed into commercial powerhouses in their own right. A few decades back, Navi Mumbai used to be a mostly barren stretch of land which saw very little occupation and even less commercial activity. But if you were to go to Vashi or Navi Mumbai today, it would seem like any bustling urban centre with lots of commercial activity.
When it comes to financial institutions, all banks (both public as well as private) have a strong presence in Navi Mumbai today. They offer all of their products to residents of Navi Mumbai. These include a variety of deposit products and all the loan products. Most loans involve a security or collateral of some kind. One exception is a personal loan. This loan is given only on the basis of the creditworthiness of the borrower.
The first thing a bank does is to check the applicant’s credit history so the bank can ascertain if the applicant is credible enough to be given a loan without any kind of security for the bank. This would be used to come to go – no go decision regarding whether the loan can be granted. Then the bank checks how much of a regular income the applicant has. Taking into account the other financial liabilities of the applicant, the bank uses this to determine the maximum eligibility amount of the applicant.
If the applicant for an instant personal cash loan in navi Mumbai is a salaried person, his income can be ascertained from his salary slips and income tax returns. But for self-employed people the financial statements (including balance sheets) would be needed. Applications can be made either online or by using the personal loan app in navi Mumbai. This makes the entire process of loan application possible from the comfort of applicant’s home and the process gets over quickly. Documents can be shared online and verified at backend by the bank. This makes the process much easier for both lender and borrower, and ensures quick closure.