Do you need a personal loan at affordable interest rates? Here at Loan Sumo, we will help you find the best ICICI personal loan online. Being India’s second largest bank, both in terms of market capitalization and assets, ICICI bank has a lot to offer. The bank has operations in cities across the nation, and that makes its financial products widely accessible. ICICI personal loans are highly popular among dedicated and first-time users of the bank. These loans are available to both salaried and self-employed individuals. Here at Loan Sumo, our goal is to help you get the best personal loan offers from the most credible lenders.
Aside from being one of the largest banks in India, ICICI is also among the top providers of personal loans in the country. Whether you need to pay for an emergency or sponsor an expensive project, a personal loan will provide the money you need. Unlike a home loan or business loan, personal loans are not designed for any specific use. You can take out the ICICI personal loan online for any personal reason such as urgent medical care or hospitalization, vehicle repair, home renovation, vacation, debt consolidation, rent or utility bill payment, wedding and much more. Here are a few more reasons why you might want to consider the ICICI personal loans.
Most online cash loans provide only a small amount of money. However, with an ICICI personal loan online, you have the chance to borrow a significant sum. Depending on your income and repayment capability, you may get Rs. 20 lakhs!
If you think you would have to visit the bank to get your money, you are wrong! Once your loan is approved, the money is transferred directly to your bank account. You do not even have to wait for a cheque to clear.
With an ICICI personal loan online, you get to customize your repayment plan as per your own convenience. The tenure may last anywhere from 1 to 5 years, and you get to choose how much you want to pay in your monthly instalments.
If you have a sparkling credit history and high credit scores, you are sure to get some of the best rates. However, even if your scores are low, you may get decent interest rates on the ICICI personal loans. You can check eligibility & interest rates online before proceeding. You should also check your CIBIL score to make sure your credit record is in good shape.
With most bank loans, you have to provide a ton of documents and wait days and weeks for the loan to get approved. However, the ICICI personal loan online process only requires minimal documentation and the loan gets approved within a few days. So, if you are in a rush, this would be your best bet!
Before you apply for an ICICI personal loan online, you should find out whether you are eligible for it. Even though these loans are widely available throughout the country, not everyone may qualify for it. A clean credit history and decent credit scores are mandatory. You may be able to find some bad credit personal loans in India, but the ICICI personal loans may not be available to you if your scores are too low. Here are some of the common eligibility requirements that you need to fulfil to get instant approval on your ICICI personal loan online application.
|Age||You need to be between the ages of 23 and 58 years||You need to be between the ages of 28 and 65 years|
|Income||If you live in a non-metro city, your minimum monthly income should be Rs. 17500.
If you live in a metro city such as Mumbai or Delhi, your minimum monthly salary needs to be Rs. 25000.
|A self-employed nonprofessional must show minimum turnover of Rs. 40 lakhs.
A self-employed professional must have a minimum turnover of Rs. 15 lakhs.
|Business/job stability||You should have been in your current job for at least 2 years.||You must have had your current business for at least 5 years.|
|Residence||You must have spent at least 1 year in your current house.||You should have had a relationship with the bank for at least 1 year.|
Here at Loan Sumo, we always advise borrowers to take every financial decision seriously. The same applies to personal loans. It only makes sense to borrow if you can bear the overall cost of the loan. That is why you need to think about the interest rates and other charges before applying for an ICICI personal loan online. Here’s a quick glimpse into the rates to help you make your own calculations.
|Loan amount||Up to Rs. 20 lakhs||Up to Rs. 20 lakhs|
|Tenure||1 to 5 years||1 to 5 years|
|Interest rate||10.99% onwards||Up to 20%|
|Processing fees||Up to 2.25%||Up to 2.25%|
|Pre-payment charges||5% of the prepaid amount||5% of the prepaid amount|
|Foreclosure charges||5% of the outstanding principal||5% of the outstanding principal|
So, now that you know the rough numbers, you can do a basic calculation and see if you can afford the ICICI personal loan. Remember that the interest rate and the charges will vary depending on your credit score and other factors. Here at Loan Sumo, when you apply for an ICICI personal loan online, we provide you with all the necessary information so that you can make a well thought out decision. Get in touch with us for more information!