The requirement for additional funds can flourish at any time. The overwhelming majority of Indians earn only basic income every month. Their payment is sufficient only for meeting monthly expenses. When a specific financial emergency appears before them, they need to get money from external sources. Instead of wandering here and there searching for financial assistance, most people apply for ICICI Bank personal loans. This financial product is quite popular among a large number of Indians. ICICI Bank allows you to get Rs 50,000 to Rs 40 lakhs for one to five years. You can use the money to fulfill multiple financial obligations quickly and lead a smooth economic life. It’s time to know more about ICICI bank loans.
A Brief Overview of ICICI Personal Loan
|Factors||For Salaried Individuals||For Self-employed Individuals|
|ICICI bank interest rates||11.25% onward||13.50% onward|
|Borrower’s Age||23-58 years||28-65 years (25 years for doctors)|
|Loan Duration||1-5 years||1-5 years|
ICICI Pre-Approved Personal Loan: What Are The Main Reasons Behind Its Rapidly Growing Popularity?
Customized Personal Loan For Multiple Purposes
People look for additional cash for multiple purposes. Marriage, higher education for kids, home renovation, foreign tours, medical bills are significant examples of such expenses. ICICI Bank understands the needs of borrowers. It offers customized loan products to them. Just tell the bank your requirement, and they will provide you with an optimized loan package if you prove to be a suitable candidate. Have a look at those offers and choose one which meets your needs perfectly.
The bank doesn’t put any restriction on the use of borrowed money. You can use the cash as per your desire for meeting almost all necessities. It doesn’t mean that you should apply for an ICICI personal loan now and then to finance your luxury needs. Doing so will affect your financial life, and you may land in an endless cycle of debt. Please apply for a loan online only when it is essential to get additional funds for unavoidable expenses.
No Collateral Placement For Loan Approval
In general, collateral replacement is a necessary condition to get your loan approved. When applying for a traditional loan, the bank asks you to place your valuable assets as collateral against the borrowed money. If the borrower doesn’t repay the loan for any reason, the bank has a right to seize the property to recover the unpaid loan amount. If you don’t have any available property that can be placed as collateral against the loan, the bank will reject your application straightaway.
The reason behind this is quite understandable, as no bank wants to issue a loan without getting collateral. In India, many individuals are not in a position to arrange the collateral for loan approval. ICICI Bank personal loan is ideal financial assistance for such people. They need to prove the eligibility criteria to get qualified for the loan. The bank considers employment and income as a guarantee against the borrowed money and approves their application.
Hassle-Free Loan Application Process
With ICICI Bank, it’s always easier to apply for a loan. It is one of the most prestigious and highly appreciated business banks in India. It has branches and ATM centers all across the country. Applicants can apply for the loan by visiting the ICICI Bank branch or submitting their application digitally on its website. Soon after the submission of your application, Bank executives have a look over it. They examine applications for the accuracy of data and other factors. In today’s India, where Internet penetration is increasing fast, most people love to submit their applications on the ICICI website. The online application method is relatively safe, fast, and straightforward. Fast processing of the loan application and quick announcement of the results are the two most important reasons the ICICI bank gets many applications for personal loans.
ICICI Bank Interest Rates Are Fixed.
It wouldn’t be wrong to say that interest rates can attract or repel a borrower from a particular loan product. It is one of the essential factors that force borrowers to take a loan or not. ICICI Bank personal loans have fixed interest rates. They don’t change during the entire repayment tenure. That is why you can repay the borrowed money without feeling its impact on your monthly budget. Even after paying off the loan EMI in a particular month, you still have sufficient cash to meet your monthly expenses. While borrowing a loan from the ICICI Bank, you can use several tips to reduce the interest rate applied on the borrowed money. Having an active bank account with ICICI Bank, a moderate loan amount, the arrangement of a co-borrower, and the submission of documents related to valuable assets can help you get a particular loan amount with relaxed interest fees.
Extended Reimbursement Period
It is one of the most crucial selling points of ICICI Bank’s loan. The bank allows you to return the borrowed money in one to 5 years. If you get the required cash as a loan and divide it equal EMIs, repayment becomes more manageable.
No Lengthy Documentation
If you hold an active bank account with ICICI Bank, it becomes pretty easy for executives to verify your details and process your application further. The requirement for documentation is also reduced up to a great extent. If you hold another bank with another bank, there is no need to worry about much documentation. The banker will contact your bank to verify the details you submit. In general, you need to submit the documents while applying for the loan.
|Salaried Individuals||Self-employed People|
|Personal Identity documents
Latest 3 month’s bank statement,
Latest 3 month’s salary slip, and
Two passport size images.
| KYC Documents,
Physically verifiable address of your office,
Latest 6 month’s Bank statement,
Proof that you have been running your business profitably continuously for at least five years.
Simple ICICI Bank Loan Eligibility Criteria
ICICI’s pre-approved personal loan is famous for its simple eligibility criteria.
|Eligibility Criteria For Salaried People||Eligibility Criteria For Self-employed People|
| Age- 23 years or more,
Minimum monthly salary Rs. 30,000 or more.
The applicant has been working with current employers continuously for the past two years, and
The applicant must have been living at his current address for the last year.
| Age 28 years (for doctors- it is 25 years),
Maximum age- 65 years,
Minimum business turnover- 40 lakhs for non-professionals and 15 lakhs for professionals,
The applicant must be stable in the current business for at least five years.
|ICICI bank interest rates||From 11.25%-13.50%|
|Loan Processing Fees (non-refundable)||Upto 2.50% of approved loan amount + applicable GST.|
|Prepayment Charges||5% on the outstanding amount + applicable GST.|
|Additional interest fees on late payment||24% P.A.|
|Loan cancellation charges||Rs. 3000+ GST|
A Brief Look At Personal Loan Interest Rates & Other Applicable Charges:
Steps You Must Take To Get Approved For ICICI Personal Loan
Decide A Loan Amount
The ICICI bank offers Rs 50000 to Rs. 4000000 under the provision of personal loans. Nevertheless, the actual loan amount depends upon your income and repayment potential. That is why you need to analyze requirements for additional funds and see your resources for loan repayment. It’s not wise to take a loan beyond your capabilities. You must decide on a loan amount using which you can meet all immediate financial obligations comfortably. Keep in mind that the loan amount determines the rate of interest applied on the ICICI Bank personal loan. The more amount you get as a loan, the bank will apply a hefty interest fee. It will be pretty helpful if you use a loan EMI calculator and determine the ideal sum you must take as a loan.
Your Credit Score
Credit score plays a vital role in the approval or rejection of your application for the loan. A good credit score indicates that the borrower has maintained a disciplined financial record and stable income every month. A bad credit score means that the person is financially troubled and cannot be trusted as a borrower. You need to maintain a minimum credit score of 750 or more to get approved for ICICI Bank personal loan. If you didn’t apply for a loan before and have no credit score at all, the bank will check the credit score of your close relatives and family members. It allows them to have a clear picture of your overall financial condition and take an appropriate decision accordingly. The ICICI bank will not approve applications coming from lousy credit people.
Your Current Income And Overall Monthly Expenses
To apply for an ICICI bank loan, you need to earn at least Rs. Thirty thousand or more per month and maintain an excellent financial record to satisfy the banker. Bank executives will verify your income and overall expenses. It allows them to understand your credibility and ability to pay back a new loan with all applicable charges.
Your Employer’s Reputation
For ICICI Bank, the borrower’s employment condition and prepayment potential matter a lot. Therefore, Bank executives will verify the credibility of your employer in the market. Consequently, you shouldn’t take it negatively and consider it a routine exercise from the ICICI Bank. If you work with an organization that maintains an emphatic reputation in the market, you may get a loan with flexible terms and conditions.
Do You Have Any Existing Loans To Pay Off?
In the last decade, many people in India have been taking loans to buy valuable commodities. Many people in our society have taken more than one loan to meet their long-awaited dreams. So bringing a new loan is not a surprising thing for many people. But ICICI Bank will consider this point while reviewing your application. Its executives will see your ability to repay the new loan at the right time and pronounce its judgment accordingly. So you need to pay EMIs on existing loans at the right time.
Correct Submission of Application And Accuracy of The Data
All applicants need to follow the due process while applying for an ICICI Bank personal loan. They need to make sure that their application doesn’t carry any incorrect or misleading information. Never try to cheat ICICI bank or any other financial organization to get a loan. It undermines your credibility as a borrower and may become a leading reason behind the rejection of the application. Just fill out the application form with correct information and check it for the accuracy of the data. The bank executive will take some time to verify the supplied information and match it with your profile. Applicants with a perfect profile are given priority at first. You must do everything possible to win the banker’s trust and get approved for the loan.
Frequently Asked Questions
The popularity of ICICI Bank personal loans continues to increase with each passing day. The highest number of applications for the loan proves this. The bank receives a considerable number of questions from credit borrowers almost every day.
Some prominent frequently asked questions are detailed here below-
What Is Special About ICICI Pre-approved Personal Loan?
All Indians going through financial problems can apply for an ICICI Bank personal loan and get the desired amount quickly. They can get funds from RS 50,000 to Rs 40 lakh for a maximum of 5 years. The borrower can use the borrowed money to meet almost all essential requirements.
What Should I Do To Make The Loan Repayment More Comfortable And Easy?
Negotiate with the banker and ask him to break the loan in equal EMIs over the entire repayment period. For a successful and family loan, maintain a sufficient balance in your bank account. The loan repayment amount will automatically get detected on the due repayment. Keep in mind that when the repayment date nears, the bank may notify for the same in advance. Timely loan repayment makes your credit score stranger. Never miss any loan EMI as it may affect your credit score negatively.
What To Do If I Want To Repay The Loan Before Its Repayment Tenure?
Contact the ICICI bank and let me know your desire for the early settlement of the loan.
The bank will take the pre-closure charges and settle the loan for good. It displays your stable financial condition and helps in future loan applications.
What Should I Do To Avert the Rejection of My Loan Application?
Gather more information about the loan and apply with the correct details to the banker. Stay away from using fake documents, submitting misleading information, and other deceiving activities. If everything is OK, the bank may approve your application for the loan.
How To Apply for ICICI Bank Personal Loan?
You can apply for a loan online or offline and get the desired funds. Both application methods are suitable, and a large number of people use them.
When there is no way to get the required funds, resort to ICICI Bank Personal Loan. You can borrow an adequate amount of money and meet financial needs without seeking help from anyone. Accurate information about the loan product, correct application, and completion of all formalities help you get the desired money. Happy borrowing.