Personal Loans are being used by an increasing number of people to cover higher bills. One of the reasons for the surge in popularity of ICICI Personal Loan is that they are unsecured loans that do not demand collateral and have a rapid processing period. Any bank or non-banking financial institution can readily provide you with a Personal Loan. You can get the money within 48 hours thanks to the online services provided by financial institutions.
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What exactly is a personal loan?
Personal loans are unsecured loans provided by banks and are determined by characteristics such as employment history, the capacity of repayment, level of income, occupation, and credit score. A personal loan, also known as a consumer loan, is a multi-purpose loan that can be used to cover a variety of pressing requirements.
Advantages of getting a personal loan
- Unlike other sorts of loans, such as a home loan or a gold loan, which require multiple papers, Personal Loans only require a few and the approval procedure is rapid.
- Because many financial institutions now offer Personal Loan online services, the loan amount is disbursed within a few hours if the lender is confident in your ability to repay the loan.
Another important element of a personal loan is that the lender allows you to determine the length of your loan. ICICI Personal Loan usually have a term of one to five years. As a result, you can choose your loan length based on your payback ability. To save money on interest and pay off the sum sooner, you should take out a shorter loan.
The maximum loan amount you can avail for ICICI Personal Loan
The maximum amount you can borrow is determined by your income, career, and the lender’s evaluation of your loan application. Generally, lenders approve loans based on their calculations, ensuring that the EMI does not exceed 40% to 50% of your monthly income. Lenders frequently consider any outstanding debts when calculating the loan amount.
If you operate a business or are self-employed, the lender will calculate the loan amount based on the profits you earn and record it on your profit and loss account.
Do You Qualify?
Here’s what you’ll need to apply for an ICICI Personal Loan:
- You must be at least 23 years old and under 65 years old
- You must be employed or self-employed with a steady stream of income
- And you must earn more than the minimum income criteria.
How Much Money Can You Borrow?
Here’s what you need to know to figure out how much money you can borrow:
- Your monthly income must be at least Rs. 15,000
- The highest amount you are permitted to borrow is Rs. 20 lakhs.
- If you have any other EMIs, these may impact your eligibility.
What Can You Do to Increase Your Eligibility?
It’s a good idea to try to increase your eligibility. Here’s how to go about it:
- Pay all of your credit card bills, loan EMIs, and utility bills on schedule.
- Choose a loan with a longer-term.
What Documents Are Required?
To make things easier for you, we’ve compiled a list of all the documents you’ll need to apply for an ICICI Personal Loan:
- Application form signed and recent photograph
- Check for the processing fee
- Salaried people must present their pay stubs for the last three months.
- A copy of your passport/license/voter driver’s ID card
- Self-employed people must present income proof in the form of audited financials for the previous two years, while salaried people must give their last three months’ bank statements and self-employed people must submit their last six months’ bank statements.
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