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Are you looking for a financing option but confused about which one to go for? It would then be right to say that a personal loan is one of the best financing options that customers can opt to meet their financial needs. It is the most flexible and reliable type of loan which customers obtain without putting themselves into many troubles. This loan involves pocket-friendly interests and repayment installments with the additional benefit of not keeping any asset as collateral security. Considering customer's needs and their various benefits, ICICI Bank has brought Personal loans for its customers with attractive terms and conditions.
What is a personal loan? Why is it a preferred loan type?
A personal loan is a type of unsecured loan in which banks grant money to the customer without asking for any collateral security. The customer can use the loan money for any required purpose like home renovation, Medical expenses, holiday trips, buying furniture, etc.
It is a preferred type of loan because of the following reasons:
ICICI Bank Personal Loan
ICICI Bank has brought personal loans for its customers so that they can meet their financial emergencies. The bank is offering this perfect solution at an attractive rate of interest and other terms and conditions. ICICI Bank personal loan has the following features:
The interested applicants can apply for the ICICI Bank Personal loan through Aapka Bank.
Why choose Aapka Bank for application for an ICICI bank personal loan?
Aapka Bank is one of India's leading financial service providers that provide financial products and services at attractive terms and conditions. We deal in the financial products of India's top banks and financial institutions. Our services are known for the following features:
Customers who want to avail of ICICI Bank personal loan must apply for the same through Aapka Bank.
Personal loans can be used for any purpose such as medical emergency, wedding expenses, business expansion, house renovation, vacation expenses etc. It can be utilized towards debt consolidation, paying for the down payment of new house or meeting educational expenses. The uses for which personal loan can be utilized is limitless. The banks do not put any restrictions on its use. This is the very primary reason that demand for a personal loan is high as any kind of expenses can be met without much burden on its users. Hence personal loan is becoming the first choice of many people.
For applying for Personal Loan, one must need to follow certain requirements such as there must be a regular source of income whether you are salaried or self-employed. This is an essential factor as it determines whether you are capable of repaying the loan back or not. Another important requirement in case of a salaried employee is the company where he/she is working, and also, the credit history plays an important role in determining the rate of interest. Also, one must be minimum of 21 years of age and not exceeding 60 years of age. One can easily apply and get personal loan online as well.
The minimum amount that one needs to borrow in case of a personal loan varies from banks to banks. It depends upon different banks procedures and policy and also depends upon other factors as well. But usually, the minimum amount of easy personal loan varies from Rs. 25000 to Rs.30000. It may vary, but this is the standard limit. It is advisable to go through different lenders to choose the one which fulfils your requirements. Sometimes it also depends upon the source of income of one applying for the personal loan.
The maximum amount that one can avail through personal loan varies from person to person. It usually depends upon the financial capability of the person in repaying the loan. For salaried employees, the maximum amount is decided on the basis of their salary. The loan amount is decided in such a way that it EMI of the personal loan should not exceed 30 to 40 per cent of their salary. And in the case of self-employed, the maximum amount of personal loan is calculated on the basis of their profit. For this statement of profit and loss is analysed.
Also, if there are other loans, then they are also taken into consideration. Credit history also plays an important role in availing a low-interest personal loan.
A personal loan is high in demand not only because it can be put to multiple uses without any restrictions imposed by the bank but also the flexible tenure it can be borrowed for. The tenure for which personal loan can be availed is from 12 months to 60 months. One can choose the time period as per their requirement, and it also depends upon the uses for which personal loan is borrowed. In some situation, a shorter or longer time period than the standard can be allowed by the lenders.
The documents that are required for the personal loan may vary from bank to bank. But some key documents are required by every bank or financial institution. These includes:
It is important to go through all the requirements of the lender before applying for the loan so that there is no headache afterwards. The whole process has been made simpler by applying for a personal loan online.
The process of personal loan approval is very easy. It does not involve a number of lengthy and cumbersome steps, and the loan can be availed within a few days which was not possible earlier as one has wait for a longer time to get the loan approved. The approval process depends upon the lender to lender. The process can be completed within 48 hours, or it might take a week or two but not more than that. All one needs to get it documents ready so that process of personal loan can be approved at a fast rate and you can then put the amount of loan to use. Moreover, it has become easier through personal loan online approval.
Personal loans are unsecured form of loans, i.e. one does not have to mortgage security in order to get the loan. Being an unsecured loan, the rate of interest charges on them are slightly higher when compared to other types of secured loans. The prevailing interest rates are different as per banks discretion, but the lowest personal loan rate charged is around 10.99 per cent. There are certainly other factors that also affect the rate of interest such as credit history of the applicant, the income level of the applicant, tenure for which loan is applied for and also other loans that are being taken by the applicant also affect the rate of interest on this loan.
The interest rates charged on personal loans differ from bank to bank as it depends upon a number of factors. One must compare the interest rate of different banks and other financial institutions to get low interest personal loan. One can compare the interest loan rate of different banks through Aapka Bank that provides you with all the details that are required in order to make an informed decision. In order to get the lowest rate on personal loan, one may consider Aapka Bank for all the guidance.
As more and more banks, as well as other financial institutions, are offering personal loan, one can compare the interest and thus get the lowest interest rate as per their requirements. Earlier one has to go physically to different banks and financial institution in order to know about the interest rate, which made it difficult to get the best deal. It has now been made easier through the platform of Aapka Bank that makes available the different rate interest of various banks or NBFCs so you can choose the best interest rate for loan.