A multipurpose loan that comes with easy processing of loans is a personal loan from ICICI Bank. There are numerous loan lenders in the market, but one of the best personal loans is considered to be ICICI Bank. One of the key reasons for this is because it is a collateral-free loan. After all, it needs no security or collateral of any kind. Personal loans from ICICI Bank come with a repayment tenure starting from 1 year to 5 years.
ICICI Bank Personal Loan provides up to Rs.20 Lakhs for a high loan amount. The interest rate varies from 11.25 to 22.00 percent p.a. ICICI Banks provides various personalized services that include prepayment of loans. So, if you are planning such a loan that you can repay before the loan tenure according to your convenience, then ICICI Bank’s loan is one for you.
Advantages ICICI Personal Loan
- Quick Loan Disbursal
Digitalization has spread its wings in the financial sector as well, like every other sector. And when the technology emerges with the ICICI Bank’s efforts, the effect has reduced the processing time of the loan sum disbursement.
- Personalized Settings
ICICI provides credit seekers with tailored loan solutions to suit their requirements.
Tips for having a low-interest-rate personal loan
It is easy to apply for a personal loan for days now and online loan processing has made it easier, but it is just as difficult to get a personal loan at a low-interest rate as before.
A few tips have been mentioned below to help you get a low rate of personal loan interest:
- Current Debts Pay: There is a thing called DTII (Debt to Income Ratio).
- Boost credit score: The credit score reflects the creditworthiness and is also one of the main components of the approval process for loans.
- Apply with a co-applicant: The odds of having a personal loan at a low-interest rate are automatically improved by combining financial details or credit score.
Features of ICICI Personal Loan
- Provide hassle-free loan processing with limited paperwork.
- ICICI also provides loan seekers with online loan processing.
- With a few taps, the ICICI Personal Loan service can be accessed.
- Under ICICI Personal Loan, up to Rs. 20 Lakhs may be useful.
- With ICICI personal loans, a low-interest rate is provided from 11.25 percent to 22.00 percent per annum (differ based on the segment, asset category, and location).
- With ICICI personal credit that begins from 12 months to 60 months, adjustable repayment tenure is provided.
- ICICI Bank’s loan comes with a fixed interest rate, which ensures that the interest rate will not be influenced by market fluctuations.
- ICICI is one of the strongest lenders of personal loans because it still thinks and aims to make it simpler and quicker for loan applicants to process loans.
Here is a glimpse at the two big financial instruments.
Personal Loan EMI Calculator for ICICI Bank
- It simplifies the complex EMI calculation: By only filling in a few details of the loan, the ICICI Bank Personal Loan EMI Calculator helps the user to receive the correct amount of EMI that needs to be paid each month.
- Helps to prepare the funds well: When the consumer provides the details on the EMI calculator type, the monthly EMI and interest rate are also shown; This makes it possible to foresee and schedule funding for a longer period.
ICICI Bank Personal Loan Eligibility Calculator
- Several variables can affect eligibility for personal loans, such as credit score, previous loans, monthly income, income consistency, etc. The repayment potential of an applicant is among the influential factors.
- If the bank finds that a borrower is financially secure and has a decent credit score, then the high loan sum is deemed eligible. It takes a couple of minutes to explain whether or not one is eligible for a personal loan.
Eligibility to use Personal Loan Facilities for ICICI
The eligibility requirements for the ICICI personal loan vary based on different factors, including category, income, and many others, but below are the general criteria listed below:
- The minimum age of the applicant should be 23 and a maximum of 58 years.
- If an applicant is a resident of Delhi & Mumbai, the applicant should have a minimum monthly salary of Rs.17, 500.
- If an applicant lives in Chennai, Hyderabad, Bangalore, Pune & Kolkata, then the minimum monthly income should be Rs. 26, 000.
- A minimum of 2 years of working experience is required in the current organization.
As described above, by providing the online processing of loans, ICICI has simplified the loan procedure.
Online Loan Management features
- Online Loan Request
All you need is access to the internet and a computer (mobile or tablet) that allows you to Apply for a Personal Loan Online. You just need to visit the official website of the lender or the app (if one has).
- Manage the Online Loan
This lets the borrower keep track of the status of the loan and is also updated on the tenure of the loan, interest rates, payments from EMI, and others.
Conclusion:
Lastly, you can get ICICI personal loan with home comfort at affordable charges with minimum documentation. It is always great to thoroughly read and understand the lender’s discretion before applying for a loan.
