ICICI Bank Personal Loan

Now the banks or financial institutions provide personal loans for various purposes such as for home renovation, family marriage, child education, medical expenses, and any other emergencies. For applying the loan, visit the website of the bank or financial institution and choose the specified bank for applying the loan. At first, you have to fill the instant personal loan application with the required details. As a result, you will  notice that the loan can avail within 24 hours of approval.

For getting a personal loan, you have to submit many of the important documents on the websites of banks or financial institutions that can provide bank loans from multiple banks. Such as:

• Need Identity proof from anyone such as PAN card, Adhar card, Voters Id card, Passport and driving license.
• Need residence proof of any such as Leave and license agreement or utility bill of fewer than 3 months.
• Latest 3-month bank statement of salaried appliers and 6-month bank statement of self-employed appliers.
• Income proof of the last two years for self-employed appliers and salary slip of the last 3 months of salaried employees.

EMI calculator is used in the personal loan for calculating the different consequences of the loan in 3 states such as loan amount which defines the rupee's value of the loan that you have borrowed from the bank, the interest rate which defines the amount charged by the bank for your taken loan and none other than the tenure of the personal loan that defines the period of which you take the personal loan.

A personal loan can help millions of people to meet their shortfall financial crisis such as buying a new car, sudden medical expenses, education of children and other things. The main reason behind taking the personal is, it is less expensive than other forms of credit and has a lower interest rate that allows you to pay off the debt faster as well as affordable monthly payments during the loan term.

People are generally applied for taking personal loans to cover up their medical bills, debt consolidation, and home improvements. The personal loans are commonly meant to meet the unavoidable pay off and urgent expenses. On the other hand, you can also pay off the personal loan for paying less urgent things in your life such as weddings, vacations and many more.

Yes, a personal loan can be available for a holiday of travel purposes with a loan term between 1 to 7 years. The reason behind using the personal loan for travel purposes is,it can offer a fixed interest rate, fixed monthly payment, fixed repayment schedule and easy to apply for online. So, while planning for holiday travel by applying the personal loan make sure that the trip doesn't ruin your finances.

The personal loan is commonly defined as a fund that can be provided to the people of immediate cash requirements or financial needs. So, when you are applying for a personal loan then the lender never asks you about the end-user and does not require any type of collateral fee or security such as property, gold, etc. for approving the loan.

When you are deciding to apply for the personal loan online, you have to follow a few of the below steps:

• Evaluate the exact loan amount you need with the bank’s eligibility conditions for approving the loan, determining the loan EMI you can afford to pay and the interest rate offered by the bank.
• Fill the personal loan application form in the banks or financial institutions website.
• Along with the application form, you can also provide documents for KY, income proof and address proof.
• Then the bank will verify your documents and approve the loan amount based on your eligibility.
• After the loan is approved, the amount is credited to your account directly within a few days.

Now the loan applicants can easily check the status of their personal loan by availing the online calculators provided by the bank or financial institutions. For checking the status of the personal loan the applicants first need to visit the online portal of the bank with the following inputs. Such as:

• Applicant name
• Reference number
• Date of birth
• Mobile number
• Identity proof number

As we know that the personal loans are an unsecured form of a loan that can be applied  for fulfilling the immediate requirements. Yes, you can get a personal loan instantly for overcoming your temporary financial crisis. Without any restriction, the amount you borrowed in the personal loan can be used for any purpose you want.

In other words, the personal loans are also called as installment loans. So, the borrowed money can be paid in installment with some interest over the life of the loan which can be generally ranged from 12 to 84 months. Throughout the process, once you have paid the loan in full, your account will be closed automatically. Shortly, if you need more money, then you can apply for a new personal loan.

A credit score is a number that is indicating your creditworthiness. Through the credit  score, the lenders can determine your ability to repay the debts. While applying for a personal loan, a credit score is very important means you have a chance of getting the loan easily. On the other hand, the higher your credit score, the lower your interest rates will be and vice versa.

The maximum amounts qualify for your personal loan is based on your creditworthiness. On the other hand, the loan amount also determined through your monthly income. Most banks can limit the personal loan at Rs. 25 lakhs to an individual. In a few of the cases, the loan applicants are eligible for getting their personal loan amount up to 30 times of their monthly income.

Before approving a loan application, the lenders generally give more emphasis on the credit score of the borrowers. If you have a low credit score, then you will get a low amount of loans with higher interest rates because higher creditworthiness can reduce the loan interest in a few instances. So, for approving a higher amount of personal loans, always tried your best to increase the credit score.