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A personal loan is offered to customers by many banks and Non-Banking Financial Companies (NBFCs). The requirements can slightly vary from lender to lender and thus you must always cross check with your own lender as to what is needed to apply for a personal loan.
Financial emergencies can happen due to a number of reasons such as a medical emergency, wedding or sudden vacation plan. Personal loans and gold loans have their own set of advantages and disadvantages. Based on what is convenient for you, you can pick which loan to opt for to tide over your financial emergency.
A personal loan is an unsecured loan and can be applied for when one has a sudden financial emergency to meet but does not have enough funds in hand. There are many benefits for a personal loan. Some of them are:
Yes, you can get a personal loan if you have a home loan as long as you meet the eligibility criteria for the same.
Yes, it is possible to take multiple personal loans from banks as long as you meet their eligibility criteria. Also, the number of loans you have are dependent on your debt to income ration and your credit score.
one can choose the best type of personal loan that will suit his/her needs and apply for the same to help face financial emergencies.
If you do not have a credit history or have very little credit history, it can be very hard to get a personal loan. Most banks or Non-Banking Financial Companies (NBFCs) look at a person’s credit history and credit score to issue a personal loan. This is because a personal loan is an unsecured loan, which means you do not need to provide any money, property or shares as collateral.
Personal loans are also called unsecured loans as you do not have to provide any collateral such as money, property or shares. Due to this reason, the interest rates are usually higher when compared to secured loans.
Most banks have a standard interest rate that they offer for personal loans. But, these can vary from customer to customer based on their credit score, credit history and their credit profile. Also, if you have a good relationship with your bank, then you can bargain on the interest rate and try to get a lower rate for your personal loan.
The lenders usually refer to your credit score and credit report when you apply for a loan or any other credit product. However, when you do not have a credit score while applying for a loan, the lenders look at other parameters such as your income, employer, repaying ability etc.
Before embarking on any search for credit you should attempt to look at your credit profile, a credit profile is a comprehensive profile which consists of a bureau credit score and a record of all your past credit accounts, in other words how you have performed in the past.
Preference depends on your emergency and the loan amount you need. A personal loan is an unsecured loan that does not need a guarantor or collateral. The application process is simple, and you can also apply online for quick disbursal. The interest rate and tenure are informed upfront. Based on it, you can choose the loan at your convenience.
The approval time depends on whether you are an existing customer or new customer. If you already have a savings account, credit card or any other credit product with ICICI Bank, you are very likely to get instant approval on your personal loan application.
Keeping a track of your personal finance will help you cut down unnecessary expenses and save more. There are several ways using which you can track your personal finance.
Preference depends on your emergency and the loan amount you need. A personal loan is an unsecured loan that does not need a guarantor or collateral. The application process is simple, and you can also apply online for quick disbursal.
ICICI Bank offers personal loans up to Rs. 20 Lakhs for various financial requirements. You can apply for a personal loan in following convenient ways: 1. By visiting a nearby ICICI branch: Visit any nearest branch, talk to the bank staff for more details, fill up the form and get your loan approval process started.
Almost all banks provide personal loans which is an unsecured loan as there is no collateral required to be submitted to the lender. With multiple lenders available which includes private and public-sector banks the best bank for a personal loan is one which provides you the best loan offer.
To decide between credit card loans and personal loans, it all depends on your urgency and requirement. In the category of loans both are unsecured loans and have certain advantages and disadvantages.
Yes, a student can apply for a personal loan, but approval matters the most. In that case, approval on a personal loan requires certain eligibility criteria. Repaying ability is the top most criterion that look in a borrower. Hence, mostly, the salaried and self-employed individuals have higher chances of getting a personal loan from banks and NBFCs.
You may be notified by the lenders for the first three months about the defaults. If you are going through an economic crisis, the lender may ask you to settle the loan for the amount lower than borrowed. The lender may also push for legal proceedings which you will have to deal at the court.
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