Many situations in our life make it necessary for us to borrow additional funds as a loan. In India, most people earn only the basic income. They use the money to meet multiple requirements and financial commitments every month. Due to limited income and rapidly increasing expenses, most people often find arranging funds for essential costs extremely difficult. For example, you may need additional cash to finance your kids’ higher education, marriage parties, foreign trips, medical expenses of your relatives, purchasing valuable products, etc. From where can you quickly get extra cash for all the costs? The simple answer is ICICI bank loans.
These days, the demand for ICICI instant loans is increasing by leaps and bounds. It’s pretty easy to understand the reason behind this. The urgent need for additional cash encourages people to apply for ICICI customer finance loans. You can borrow funds from Rs. Fifty thousand to Rs. 4 million to meet almost all essential needs. The best thing about the loan is that the ICICI bank will never control the use of money. So the careful use of the borrowed cash allows you to meet all financial obligations quickly. Moreover, the bank will enable you to take any amount as a loan for 1-5 years. So you repay the loan in equal installments comfortably.
ICICI bank personal loan interest rate may range between 10.5%-19%. So it is essential to get only the required money as a loan and use it correctly. Many folks want to repay the loan before its payment tenure. They can easily do so by contacting the bank. To clear the loan before repayment tenure, they need to pay a 5% charge on outstanding debt and GST. The loan processing fee can go up to 2.50 percent of the sanctioned amount along with the GST. All borrowers need to make timely repayment of the loan. If you make mistakes in loan repayment, the bank will apply 24% per annum additional interest fees on the pending loan amount.
Salient Characteristics of ICICI Bank Instant Personal Loan
● Suitable Loans For Everyone
Both rich and poor need loans to meet urgent and essential financial applications in life. That is why ICICI Bank offers customers loan products to everyone. It doesn’t matter what type of cash emergency you have. Contacting the ICICI bank can bring about a viable solution to the problem. You can take customized personal loans for almost all essential financial obligations for which you find it difficult to arrange money from income and savings. The ICICI Bank executives will instantly check your profile in a few clicks and offer the loan package that suits your budget and needs very well.
For example, if you happen to be a self-employed individual, an ICICI bank mudra loan is the best financial product for you. With its help, you can meet different monetary requirements of your daily business activities and keep it running as usual. It works as a lifeline for struggling business people who face tough competition in the market and try to establish their foot anyhow. To get a customized personal loan product from ICICI Bank, you need to share your requirements with its executives. They will look at your profile and offer you new loan products with reasonable terms and conditions. You need to scrutinize those offers and choose one of them which meets your expectations in all aspects.
Also Read : Tips To Get Your First Personal Loan From Banks and NBFCs in India
● Ease of Application & Acquisition of Funds
Today’s generation of loan borrowers is not interested in taking leaves from their offices and standing in long lines for loans. Now they give priority to peace of mind and convenience in almost all walks of life. Applying for a loan and taking the desired amount of money is not exempted from such a wishlist. ICICI Bank and its ATM centers are available in almost all major cities or towns in India. It makes it easier for you to apply for a loan via the internet or visit the nearest bank branch. Both methods are convenient and valuable.
ICICI Bank gives importance to applications that carry correct details about borrowers. The executive will not waste time reviewing your application if it has too much misleading or incorrect information. Fill the loan application form with correct details and attach the required documents with it. The bank executive will have a look at it and verify all details carefully. Background checks, interviews, consultation with credit rating agencies, document verification, a quick assessment of your previous financial records let ICICI Bank consider your profile as a borrower. You can’t skip all these formalities before taking a loan.
If the bank believes that there is less risk of issuing a new loan, it may approve your application. The whole process may take 7 to 10 days in normal conditions. The speed of the loan application processing depends upon the number of total applications ICICI Bank gets, the accuracy of the supplied information, the submission of correct documents, and how you perform in interviews. After approval, you may get the sanctioned money in your bank account. The bank may deduct the processing fee from the approved loan amount and instantly give you the remaining balance. Even if you are not approved for the loan, the bank will notify you about this with the reason behind their decision.
● No collateral? Don’t worry
The placement of collateral against the borrowed money is one of the primary requirements of any loan product. It guarantees the banker that the borrower will repay the loan amount along with interest fees. In India, the payment of the loan is an enormous challenge. Most people take a new loan without any planning and default on the repayment. That is why Indian banks will refuse your application for the traditional loan if you don’t have any collateral. ICICI Bank instant personal loan is an excellent respite to those who can’t place collateral for loan approval. Just prove your eligibility, present income status, repayment capabilities to take a new loan from the ICICI Bank.
● ICICI Bank Personal Loan Eligibility And Documentation
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Eligibility criteria for salaried people:
- The applicant must be an Indian citizen,
- His age should be 23 to 58 years old,
- He should have stable employment with a well-established company, business organization, firm. Employees of central or state governments are most welcome for ICICI Bank personal loans,
- His income should be Rs. Twenty-five thousand or more every month. This criterion may change if you live in tier two or three cities,
- You must have an inactive bank account either with ICICI or any other Indian Bank,
- You must have a stable employment record and salary credits,
- It would help if you were living at your current residence for the last year.
Also Read : How to Refinance a Personal Loan? – The Pros and Cons
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Eligibility Criteria For Self-Employed Individuals
- The applicant must have a stable business entity continuously for the last five years,
- The applicant business value must be 15 lakh per annum,
- The applicant’s age must range between 28-65 years.
Documentation:
For Salaried individuals:
- Personal identity proof,
- Address proof,
- Latest three month’s salary slip,
- Latest three month Bank account statement in which you get your salary.
- Two latest passport-size images.
For Self-employed Individuals:
- Residence proof,
- Office Address (verifiable),
- Income proof (audited record of last two years)
- Latest six months’ bank statement of a current bank account (it must belong to your company).
- Proof of office ownership and
- Evidence of business continuity.
What Should I Do To Increase The Approval of My Application For An ICICI Consumer Loan?
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A Careful Consideration On Debt-to-income Ratio
Careful consideration of your current loans and income is mandatory before applying for a new loan. In India, at least five people rely on a single source of income for their upbringing. That is why Indian banks first examine all applicants’ debt and income ratios before issuing them a new loan. Then, the bank executives have a look at your existing loan commitments. After seeing your overall income and expenses in a particular month, they can easily conclude whether you have enough funds left to repay a new loan or not. If they are not satisfied with the cash liquidity you maintain, rejection from the ICICI bank is highly possible. Therefore, before applying for an ICICI customer loan, make sure you have regular monthly income and sufficient savings to pay off the borrowed money within the repayment tenure.
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Your Credit Score
You need to maintain a minimum credit score of at least 750 or more to improve the chances for the approval of your application. A credit score is a familiar term for all frequent loan borrowers. It reflects the financial record and transactions of a particular person throughout the year. The bank can easily find the overall economic condition and their ability to pay back a new loan by looking at the credit score.
ICICI bank loves to give personal loans to people with excellent credit scores. It is not interested in offering a helping hand to folks with a bad credit score. A lousy credit score displays the dismal financial condition of people. Banks get the impression that the borrower is facing several economic challenges already. So, it will not be possible for him to repay the new loan at the right time. Therefore, there is no benefit of applying for ICICI loans with a bad credit score.
You must pay attention to improving your credit score as soon as possible. This will not happen overnight, and it requires 100% commitment from your side. Engage in stable employment, clear all pending bills, and refrain from reckless spending habits. It will help strengthen your credit score little by little. A day will come when you reach the minimum qualifying criteria set by the bank. Always keep in mind that patience and sincere efforts are vital to get rid of bad credit scores.
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Loan Amount
A person may have multiple urgent requirements for the money at the same time. That is why most Indian credit borrowers try to get the maximum amount as a loan. Remember, there is a significant difference between your expectations and the bank’s decision. ICICI Bank executives will closely examine your overall income status and the payment potential. It lets them know how much money you can afford to take and pay back without facing any difficulty. Therefore you need to have a justified expectation when it comes to the loan amount. A new loan can’t be more than your overall income, savings, and expensive valuables.
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Say No To Deceiving Manoeuvering
Contrary to people’s expectations, taking a new loan from an ICICI bank is not a child’s play at all. The bank executive can go at any length to verify your profile as a borrower. If you believe the data received under India’s right to information Act, Indian banks reject almost 77% of all applications they get from borrowers. The ICICI bank may reject your application for a personal loan due to one or more reasons. A large number of Indians use lawful techniques to get their loan approved by banks. ICICI Bank doesn’t like all these practices. Don’t use any dubious method to apply for ICICI personal loan online and get the required amount. It may go against you if the bank comes to know about it. Get more information about the loan product and apply for it with the correct approach. The bank will consider your profile impartially and respond positively if you meet their criteria and complete all formalities as per the rule.
Frequently Asked Questions
Q. I am a self-employed individual but need some additional funds to operate my business as usual? Can I apply for an ICICI Bank Mudra loan?
A. ICICI Bank Mudra loan product is ideal financial assistance for all individuals involved in self-employment. You can get a considerable amount as a loan and run your business smoothly. There are three categories under this financial scheme-
- Shishu,
- Kishore and
- Tarun
Eligible candidates can get funds from Rs 50000 to Rs. 1 million.
Q. How Much Money Can I Get As A Loan If I Am A Salaried Individual?
A. Salaried individuals are allowed to get Rs 50,000 to a maximum of 4 million rupees. Your current income, previous credit records, and repayment potential play an essential role in determining the loan amount.
Q. How Soon Will The Bank Process My Application For A Personal Loan?
A. ICICI is a famous and highly prestigious Business business bank in India. It receives multiple applications for different personal loans. In normal conditions, you can get a reply from the bank after 7 to 10 days of submitting your application for personal loans. But the satisfying thing about ICICI bank is that it responds to your request quickly if you follow the due process of loan application and complete all formalities as required.
Q. Does Credit Score Play An Essential Role In The Approval of My Application?
A. Yes, having a good credit score is mandatory to get an ICICI Bank personal loan. You can check your credit score online and decide about taking a loan accordingly. All borrowers need to maintain a credit score of 750 or more for the approval of their application.
Q. Why Must I Apply For An ICICI Bank Personal Loan When Other Alternatives Are Available In The Market?
A. If you are looking for a loan with quick processing, easy application method, negligible documentation, ICICI Bank pre-approved loan is ideal financial assistance. You can apply for the loan in a few clicks and complete all communities one by one without getting trapped in hassles. If you are approved for the loan, the bank will deposit the requested loan amount in your bank account after deducting the processing fee. The good thing about ICICI bank is that it offers the facility of automated loan repayment. The bank will deduct the repayment amount on the due date from the specified account. It will notify you of all deductions via SMS or email notifications. The bank executives are always ready to provide you with more information about different ICICI Bank personal loans and help you choose what is suitable for your needs.
Conclusion
Don’t lose your cool if you are going through financial problems these days. With ICICI Bank, get a customized personal loan online and make all fiscal issues a thing of the past. Just enrich your knowledge about the loan products and start the loan application in the right way. You will have a positive response from the bank if you fulfill the eligibility criteria entirely and accomplish all formalities per the bank instructions.
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