A Personal Loan is an ideal choice for getting quick funds without offering collateral and without disclosing its purpose. This is a perfect way to finance purchases that otherwise challenge your paycheck.
A Personal Loan can help you sail through any financial exigency. However, with the availability of hundreds of options in the market, it’s hard to decide on which one is best suited to your needs.
The personal financing market is full of choices. One of some best Personal Loan offers is ICICI Personal Loan.
The most compelling reasons to opt for an ICICI Personal Loan are:
- Quick approval (in less than 1 minute).
- Loan tenure from 12 to 60 months with pre-closure facility after six months of loan disbursal at zero cost.
- Fixed rate of interest with calculations on a monthly reducing basis meaning no increase in interest rates during your tenure.
- No collateral required.
- Repayment through electronic clearance service (ECS) mandate, post-dated cheques or even automatic online equated monthly instalment (EMI) payments.
When you shop for an ICICI Personal Loan, you should be aware of its various Types of Personal Loans and choose one that best suits your need.
ICICI Bank offers some amazing Personal Loan Types, such as:
- Wedding Loan: As the name suggests, this loan type helps you take care of your wedding-related expenses such as booking a venue, catering, shopping, and so on.
- Fresher Funding: ICICI Bank offers individuals a Personal Loan on their very first salary.
- Holiday Loan: Helps you pay for those trips to exotic locations you always dreamt of.
- Home Renovation: Loanto upgrade, extend, or refurbish your home.
- Top Up Loan: Loan for existing ICICI Personal Loan customers to meet financial emergencies.
Essential parameters of ICICI Personal Loans
- Eligibility norms:The applicant should be between 23 and 58 (65 for self-employed individuals)years of age when applying for the loan. Salaried, self-employed, business owners and even pensioners are eligible to avail ICICI Personal Loan. You just have to provide the application form, your identity proof, address proof, income proof, and other required documents as deemed fit by the bank. The application can be submitted online and your approval given in less than 3 seconds if everything falls into place.
B.Interest rates: Personal Loan interest rate at ICICI range from 10.99% to 17.99% per annum. Your loan can be processed online in a few seconds with a few clicks on your smartphone.
- Loan Amount:You may get a loan amount of up to Rs. 20 Lakhs depending on your need and eligibility. However, it is better to your restrict your loan amount to what you necessarily need.
- Loan Tenure: The repayment tenure may range from 12 to 60 months. You may choose a tenure under which you can conveniently repay your loan.
Some handy tipswhen availing unsecured Personal Loans:
- Maintain an excellent credit score. If you sense you need to avail an unsecured Personal Loan soon, clear all credit card dues and pay EMIs of other existing loans on time. A score below 750 will make securing a Personal Loan very difficult from ICICI bank.
- Spell out your repayment plan. If you are drawing an excellent salary and are employed with a reputed firm, you will not face much issues in repaying your loan equated monthly instalments (EMIs). A fail-proof repayment plan can help you get loan approval easily.
- Avoid multiple credit cards and loans with unfavourable terms. To avoid getting into a debt trap in future, avoid having more credit cards and loans than you can conveniently handle.
- Always insure your loans. Insurance acts as a lifeline in contingencies beyond your control like untimely death, sudden unemployment, and so on.
- Bring in a co-applicant: If your credit score is not creditworthy, your income is low or you want a higher loan amount, consider bringing in a co-applicant for your Personal Loan.