Blog #ICICIPersonalLoan

Moreover, you can get a personal loan without depositing any collateral as security or going through a lengthy personal loan evaluation and verification process. Generally, an instant personal loan has easy eligibility criteria, requires minimal paperwork, has a simple online application form that you can fill in a few minutes, and offers instant evaluation and approval with disbursal within a few hours. However, to benefit from this short and simple process to access funds and benefit from cheap and affordable personal loan interest rates, you need to get certain things right that revolve around your eligibility criteria. To help you achieve this, here are some ways as to how you can apply for a personal loan during a financial crisis quickly to tackle your urgency as given below:

• Review and try to improve your credit score for fast approval: An instant personal loan does not ask you to deposit collateral as security. Therefore, your credit score has quite an impact on your eligibility. The higher your credit score, the better are your chances of availing an instant personal loan approval. Moreover, the rates of interest of a personal loan can be negotiated, and a good credit score of 750 and above can provide you an upper hand.

Keeping a good credit history and credit score can make sure that you can avail of a personal loan at low interest rates. Moreover, a high credit score makes you eligible to be a low-risk borrower, you can get instant approval and quick disbursal of the loan amount. Conversely, if you have a low credit score, try to pay your outstanding debts, credit card bills, and pending EMIs to improve your CIBIL score before applying for a personal loan. Applying with a low credit score will only drive more chances of your application with rejection and further your score might fall.

• Check your eligibility for an instant personal loan: Apart from a good credit score, you also need to fulfill other criteria of a bank and lender such as age, employment, documentation, etc. Meeting these parameters makes the bank or lender sure that you are a responsible borrower, which results in a speedy personal loan evaluation and verification process and instant disbursal of the loan amount. To ensure speedy approval of the loan amount, choose a bank or lender with easy eligibility criteria. You can go through the websites of several banks to gather the knowledge regarding these criteria and can use the personal loan EMI calculator to get a look at your monthly installments to pay every month for the loan amount.

• Keep the necessary documents ready: Once you are sure that you will be able to meet the eligibility criteria, gather the necessary documents. These include documents that verify your identity, income, address, and employment such as your PAN card or Aadhaar card, passport-size photographs, recent bank account statements, and salary slips. Submitting the correct documents within time will make sure that you do not have to waste any of your time in repeating the process or re-applying because of any mistakes and help you get faster approval.

These are some of how you can avail of personal loans in situations of urgency as they can come in handy in such situations because they have a fast approval process with disbursal in a few hours which helps in taking care of urgent situations. You can avail ICICI personal loan   so that you are able to get the loan as quickly as possible at the terms and conditions of your choice and convenience.

Also Read:- Here Are Things To Know About A Personal Loan 

A personal loan is an unsecured loan that can be used for various purposes like weddings, higher education, vacation, funerals, parties, birthdays, business, renovation, designing, medical emergencies, asset buying.construction, furnishing, electronic gadgets, and/or any other specific or general purpose. This loan can be legally availed using a bank or Non-Banking Financial Companies(NBFC). Both online and offline services are available and instant disbursal of the loan is a gigantic advantage.

Factors To Be Considered Before Going For A Personal Loan:-

• Eligibility Criteria: A loan albeit easy to avail still requires certain criteria that an applicant needs to meet before he/she becomes a borrower. The applicant must be at least 18 years and at most 65 years to avail this loan in most banks and NBFCs. The applicant must either be a salaried individual or a self-employed individual(business professional). Joint applications are acceptable. The applicant must have been working for a minimum of 2years and at least one year with the current employer. If it is a business, the business should be running successfully for a minimum of 2 years. The bank or NBFC needs certain documents like ID proof, income proof, address proof, employment proof, bank statement to validate the eligibility.

• CIBIL Score: Credit Information Bureau (India) Limited (CIBIL) is a credit company that maintains the personal information, banking, and employment information in addition to the past credits(loans or debts) of individuals, companies, corporations, societies, and every other banking professionals. The report is summarized by a three-digit number known as credit or CIBIL score that plays a vital role in determining one’s eligibility to avail a loan. And for unsecured loans like personal loans, the score is a tad bit more essential. The number if above 700 is a good one and below 600 is a bad one. So check your CIBIL score and know if you can apply for personal loan and if so how much money can you apply for the loan.

• Principal Amount: The amount a bank or NBFC grants you a loan is the loan amount or principal amount. For a personal loan, the amount goes to a maximum of Rs 50 lakh in most banks and financial institutes. The loan amount depends greatly on the CIBIL score and your monthly income. A high income grants you more loan amount and vice-versa.

• Tenor: The tenor of the loan is the period you can avail the loan for. The tenor for a personal loan varies from 1 year to 5 years in most banks and NBFCs but some financiers offer more tenor than that. The repayment term should be carefully chosen. A long tenor usually means a low-interest amount each month till the end of a tenor but the total interest amount is more than a short tenor with high monthly instalments every month.

• Interest Amount: Equated Monthly Instalment(EMI) is the interest amount as a borrower you will be paying for the loan amount you availed till the end of the tenor. The personal loan interest rate varies from 7.5%-20% per annum depending on the loan amount, eligibility, CIBIL, tenor among others. Before availing the loan you should compare the interest rates from one financier to another carefully. And after availing the monthly instalments should be paid on time.

• Additional Charges: Banks and NBFCs charge additionally for the taxes, processing fee of the application among others. The processing fee is incurred for the approval and the processing of the application. It usually goes up to 2.50% of the loan amount. Therefore make sure that the lender you take the loan out on doesn’t bill you immensely. ICICI personal loan is an illustrious loan with the most reputed offers and high-end customers availing loan without hesitation proving their trustworthiness day by day.

Read More:- Can a salaried person obtain a Personal Loan? 

Compared to all or any of the loans, a personal loan is just one that sometimes features a higher rate of interest, which successively can increase your Equated Monthly Instalment (EMI) burden. Therefore, some like it better to cover the personal loan before the tenure ends. This is often referred to as over-payment of the loan. Under this process, you save on the EMIs and therefore the interest that you simply pay with the principal amount within the end of the day. Before you opt to cover it, you would like to hunt permission from the lender, while in some cases, lenders also charge foreclosure penalty charges, if you pay the loan before the agreed tenure. The bank levies a penalty to catch up on the loss of interest amount.

There are 6 Things when over an personal loan would be a wise decision.

Reduces your debt burden: If you've got adequate finances to pay the loan amount before the loan tenure ends, you'll do so. However, you would like to possess a word together with your bank on whether or not they charge any penalty for over. The over facility reduces your debt burden; hence it might be an honest option for your financial health.

No impact on your credit score: The ICICI personal Loan doesn't affect your credit score.

Avoid over of the loan in the latter stages: When your applied personal loan is within the latter stage of repayment, then it wouldn't be a wise option to cover it. you'll be unable to accumulate enough savings and you'll even have to face penalty charges. Analyze before choosing over your consumer loan within the latter stages.

Think about the charges: Once you initiate the over of a loan, the bank levies a penalty of fifty once a year of the outstanding amount and other applicable charges.

Personal loan part-payment: If the ICICI personal loan borrower wishes to scale back the monthly installments and therefore the tenure of the personal loan, he/she can choose a personal loan part payment. The part payment amount is going to be subject to the terms and conditions as set by the financial lender.

Regular personal loan over A regular personal loan over is when the borrower clears all the EMIs. Following the payment of the last EMI, the borrower has to intimate the lender to issue the No Objection Certificate for the over of the loan and finally the loan over the certificate.

Over loans may or might not be the proper step. you would like to research your financial situation before paying off the whole loan amount directly. you'll initiate the over of a Personal Loan online by visiting the official website of the ICICI bank.

Partial advance payment of the loan

1. There are cases where you'll be eligible for a bonus or windfall from another source that you simply would like to use to pay off your loan. However, the quantity might not be enough to pay off the whole loan. That's once you can choose the partial prepayment of the loan.

2. There will even be some penalties involved within the partial prepayment of the loan. get on the lookout for them. Lenders also can restrict frequent partial advance payments and should allow only a limited number of them. Each of those conditions varies between lenders, so it's good to see them before making advance payment.

3. This can also not end in the closing of your ICICI personal loan account. you'll have a couple of more EMIs left after you partially prepay the loan, which you'll get to pay off immediately.

Conclusion
Over ICICI personal loans may be a relatively simple process as you do not have any assets pledged with the bank which require to be released. Over your loan is a crucial duty that shouldn't be neglected at any cost. remember the procedures involved in properly closing your loan to avoid any problems associated with your credit.

Also read this: PERSONAL LOAN AND THINGS TO DO TO AVAIL PERSONAL LOAN