At some point or the other, almost all of us have faced a point in life where we need a helping hand.All you need is that little something extra to ease your financial burden a little. A personal loan from ICICI Bank is one way of making your life easier, your finances more stable and providing you the financial freedom to make certain spending choices.  

ICICI Bank which was founded in 1994, is one of the premier private sector banks in India and offers a wide array of finance products catering to its many customer needs. It offers a range of loan options designed to suit the differing needs of its customers. A personal loan from ICICI Bank could be the answer to all your worries when you find yourself facing an immediate and temporary financial shortfall.

Personal Loan in ICICI Bank - Things You Need to Know

Before you apply for a loan, keep in mind the following:

Credit score: Make sure to pull out your credit report well before you apply for a loan and review it for any inconsistencies and errors. If you find any errors like mistakes with your name or address, or wrongly entered loan status or credit limit, file a dispute immediately and have it corrected. Left uncorrected, these errors will drag down your credit score and affect your ability to secure the loan. Usually, lenders look for a credit score of 750 and above to approve a loan. You may be accepted for a loan below that score too, but at less attractive terms and a higher interest rate. Keep in mind, that personal loans have some of the highest interest rates of all retail loans.  It is better to have a good credit score before you apply for a loan to avoid loan rejection and to qualify for the most favorable terms and conditions.

Loan amount: There are different caps regarding the maximum loan amount that can be availed depending on whether you are a salaried employee, self-employed professional, or a doctor. ICICI Bank offers loans of up to Rs. 20 lakhs for salaried employees, up to Rs.30 lakh for self-employed professionals and up to Rs. 40 lakh for doctors.

Interest rate: Personal loans are unsecured loans, meaning that they do not require any form of collateral or security. Hence the interest rates on such loans are generally higher than any other loan, to minimize the risk of loss to the bank/lender. So it becomes doubly important to have a stable income and good credit score, so that you are eligible for a personal loan at attractive interest rate and other loan terms.

Eligibility: At the very minimum, you need to be a salaried or self-employed individual earning a stable income in order to qualify for a personal loan. You can check your eligibility online on their website and also get an estimate of what loan amount you are eligible for. Keep in mind that all loan decisions are solely at the discretion of ICICI Bank.

Ok, Got it! What next?

Apply for a Personal Loan at ICICI Bank! You can apply by following any of the steps mentioned below:

• Apply online from the convenience of your home and upload the requisite documents

•  Call or e mail  the customer care center

• Visit the Help Desk at your nearest ICICI Bank Branch.

Alternatively, if you think you need help with your loan application and advice on eligibility, CreditMantri can guide you through the entire process and match you with the loan offer that best suits your credit profile.