Many situations in our life make it necessary for us to borrow additional funds as a loan. In India, most people earn only the basic income. They use the money to meet multiple requirements and financial commitments every month. Due to limited income and rapidly increasing expenses, most people often find arranging funds for essential costs extremely difficult. For example, you may need additional cash to finance your kids’ higher education, marriage parties, foreign trips, medical expenses of your relatives, purchasing valuable products, etc. From where can you quickly get extra cash for all the costs? The simple answer is ICICI bank loans.
Salient Characteristics of ICICI Bank Instant Personal Loan
Suitable Loans For Everyone
Both rich and poor need loans to meet urgent and essential financial applications in life. That is why ICICI Bank offers customers loan products to everyone. It doesn’t matter what type of cash emergency you have. Contacting the ICICI bank can bring about a viable solution to the problem. You can take customized personal loans for almost all essential financial obligations for which you find it difficult to arrange money from income and savings. The ICICI Bank executives will instantly check your profile in a few clicks and offer the loan package that suits your budget and needs very well.
Also Read: Tips To Get Your First Personal Loan From Banks and NBFCs in India
Ease of Application & Acquisition of Funds
Today’s generation of loan borrowers is not interested in taking leaves from their offices and standing in long lines for loans. Now they give priority to peace of mind and convenience in almost all walks of life. Applying for a loan and taking the desired amount of money is not exempted from such a wishlist. ICICI Bank and its ATM centers are available in almost all major cities or towns in India. It makes it easier for you to apply for a loan via the internet or visit the nearest bank branch. Both methods are convenient and valuable.
If the bank believes that there is less risk of issuing a new loan, it may approve your application. The whole process may take 7 to 10 days in normal conditions. The speed of the loan application processing depends upon the number of total applications ICICI Bank gets, the accuracy of the supplied information, the submission of correct documents, and how you perform in interviews. After approval, you may get the sanctioned money in your bank account. The bank may deduct the processing fee from the approved loan amount and instantly give you the remaining balance. Even if you are not approved for the loan, the bank will notify you about this with the reason behind their decision.
No collateral? Don’t worry
The placement of collateral against the borrowed money is one of the primary requirements of any loan product. It guarantees the banker that the borrower will repay the loan amount along with interest fees. In India, the payment of the loan is an enormous challenge. Most people take a new loan without any planning and default on the repayment. That is why Indian banks will refuse your application for the traditional loan if you don’t have any collateral. ICICI Bank instant personal loan is an excellent respite to those who can’t place collateral for loan approval. Just prove your eligibility, present income status, repayment capabilities to take a new loan from the ICICI Bank.
ICICI Bank Personal Loan Eligibility And Documentation
Eligibility criteria for salaried people:
- The applicant must be an Indian citizen,
- His age should be 23 to 58 years old,
- He should have stable employment with a well-established company, business organization, firm. Employees of central or state governments are most welcome for ICICI Bank personal loans,
- His income should be Rs. Twenty-five thousand or more every month. This criterion may change if you live in tier two or three cities,
- You must have an inactive bank account either with ICICI or any other Indian Bank,
- You must have a stable employment record and salary credits,
- It would help if you were living at your current residence for the last year.
Also Read: How to Refinance a Personal Loan – The Pros and Cons
Eligibility Criteria For Self-Employed Individuals
- The applicant must have a stable business entity continuously for the last five years,
- The applicant business value must be 15 lakh per annum,
- The applicant’s age must range between 28-65 years.
Documentation
For Salaried individuals:
- Personal identity proof,
- Address proof,
- Latest three month’s salary slip,
- Latest three month Bank account statement in which you get your salary.
- Two latest passport-size images.
For Self-employed Individuals:
- Residence proof,
- Office Address (verifiable),
- Income proof (audited record of last two years)
- Latest six months’ bank statement of a current bank account (it must belong to your company).
- Proof of office ownership and
- Evidence of business continuity.
What Should I Do To Increase The Approval of My Application For An ICICI Consumer Loan?
A Careful Consideration On Debt-to-income Ratio
Careful consideration of your current loans and income is mandatory before applying for a new loan.In India, at least five people rely on a single source of income for their upbringing. That is why Indian banks first examine all applicants’ debt and income ratios before issuing them a new loan. Then, the bank executives have a look at your existing loan commitments. After seeing your overall income and expenses in a particular month, they can easily conclude whether you have enough funds left to repay a new loan or not. If they are not satisfied with the cash liquidity you maintain, rejection from the ICICI bank is highly possible. Therefore, before applying for an ICICI customer loan, make sure you have regular monthly income and sufficient savings to pay off the borrowed money within the repayment tenure.
Your Credit Score
You need to maintain a minimum credit score of at least 750 or more to improve the chances for the approval of your application. A credit score is a familiar term for all frequent loan borrowers. It reflects the financial record and transactions of a particular person throughout the year. The bank can easily find the overall economic condition and their ability to pay back a new loan by looking at the credit score.
Loan Amount
A person may have multiple urgent requirements for the money at the same time. That is why most Indian credit borrowers try to get the maximum amount as a loan. Remember, there is a significant difference between your expectations and the bank’s decision. ICICI Bank executives will closely examine your overall income status and the payment potential. It lets them know how much money you can afford to take and pay back without facing any difficulty. Therefore you need to have a justified expectation when it comes to the loan amount. A new loan can’t be more than your overall income, savings, and expensive valuables.
Say No To Deceiving Manoeuvering
Contrary to people’s expectations, taking a new loan from an ICICI bank is not a child’s play at all. The bank executive can go at any length to verify your profile as a borrower. If you believe the data received under India’s right to information Act, Indian banks reject almost 77% of all applications they get from borrowers. The ICICI bank may reject your application for a personal loan due to one or more reasons. A large number of Indians use lawful techniques to get their loan approved by banks. ICICI Bank doesn’t like all these practices. Don’t use any dubious method to apply for ICICI personal loan online and get the required amount. It may go against you if the bank comes to know about it. Get more information about the loan product and apply for it with the correct approach. The bank will consider your profile impartially and respond positively if you meet their criteria and complete all formalities as per the rule.
Conclusion
Don’t lose your cool if you are going through financial problems these days. With ICICI Bank, get a customized personal loan online and make all fiscal issues a thing of the past. Just enrich your knowledge about the loan products and start the loan application in the right way. You will have a positive response from the bank if you fulfill the eligibility criteria entirely and accomplish all formalities per the bank instructions.
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Frequently Asked Questions
Q. How Much Money Can I Get As A Loan If I Am A Salaried Individual?
A. Salaried individuals are allowed to get Rs 50,000 to a maximum of 4 million rupees. Your current income, previous credit records, and repayment potential play an essential role in determining the loan amount.
Q. Does Credit Score Play An Essential Role In The Approval of My Application?
A. Yes, having a good credit score is mandatory to get an ICICI Bank personal loan. You can check your credit score online and decide about taking a loan accordingly. All borrowers need to maintain a credit score of 750 or more for the approval of their application.
