Planning to apply for a Personal Loan? Here’s everything you need to know about Personal Loans offered by ICICI.
Is a financial crisis bothering you? Don’t let it raise your BP. There are many great Personal Loan offers you can opt for. One of those is from ICICI bank. Before we tell you everything about this loan and why you should consider it, here are other ways you can end that financial turmoil. Of course, if none of these work out, you have the option of turning towards a Personal Loan.
Here are some ways:
- Break that Recurring Deposit: If you need cash urgently, before opting for a Personal Loan, it’s better to pull out funds from your Recurring Deposits. Sure, you may have started it to achieve certain goals, but it’s still a better option to use than opting for credit.
- Loan against Fixed Deposit: If you’ve got a Fixed Deposit, you can consider taking a loan against it by paying an interest of 1-3 percent above the FD interest.
- Loan against property: Instead of going in for a Personal Loan, you can get a loan against your property. Is it already mortgaged with the bank? That’ll make things easier!
- Top-up Home Loan: Although they are available at a higher rate, they are still cheaper than Personal Loans. That’s why opting for a top-up Home Loan makes more sense than getting a Personal Loan.
- Loan against PPF: You can get avail a loan of up to 25 per cent of your PPF balance between the third and the sixth financial year of opening the account.
If any of the above-listed options don’t seem to work out for you, don’t worry! Personal Loans are here to help you through that financial crisis.
Additional Reading: CASHe Short-Term Personal Loan
Here’s everything you need to know about ICICI Personal Loan.
Are You Eligible?
To be eligible for an ICICI Personal Loan, here’s what you need:
- You need to be at least 23 and less than 65 years of age
- You need to be salaried or self-employed with a regular flow of income
- You must earn more than the minimum income requirements
How Much Loan Can You Avail?
To find out the maximum loan amount you can avail, here’s what you need to check:
- Your minimum monthly income must be Rs. 15,000
- The maximum allowed sum you can borrow is Rs. 20 lakhs
- If you already have other EMIs, they might affect your eligibility
Additional Reading: Answering FAQs On Your Personal Loans
How Can You Improve Your Eligibility?
Trying to improve your eligibility is a good idea. Here’s how you can do it:
- Pay off all your Credit Card bills, loan EMIs and utility bills on time
- Choose a longer loan tenure
What Are The Required Documents?
To make your work easy, here’s the entire list of documents you need to apply for an ICICI Personal Loan:
- Signed application form and your latest photograph
- Processing fee cheque
- Salaried individuals need to submit their payslips for the last three months
- Copy of your passport/voter ID card/DL
- Self-employed individuals need to submit an income proof, which is audited financials for the past two years
- Salaried people need to submit the last three months’ bank statement of their salary account and self-employed people need to submit their last six months’ bank statement
Additional Reading: EarlySalary Short-Term Personal Loan
Got all the documents in place? Great!
Here are the latest (as of 29th Aug 2018) details about the ICICI Personal Loan.
| Interest rate | 11.00 to 18.25% |
| Processing fee | Rs. 999 + applicable tax to 0.75% of the loan amount |
| Tenure | 1 year to 5 years |
| Pre-closure charges | Preclosure allowed after 6 months. 5% of principal outstanding (plus GST) |
| Guarantor requirement | No guarantor needed |
Now that you have every detail you need, fight that financial crunch already! Apply today.