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2 mins Read | 5 Months Ago

5 easy ways to identify the best personal loan offers for you

5 easy ways to identify the best personal loan offers for you

Personal Loans are unsecured loans to meet urgent financial needs. It is easily available from banks with attractive interest rate from 10.25% p.a. In this article, we will explore five easy ways to avail Personal Loan offers.

When you are caught in a financial emergency, the best thing to do is to apply for a Personal Loan. Nowadays, any individual with a good credit history can get an instant approval and access to credit without much hassle. One can easily find and avail a Personal Loan from reputed lenders like ICICI Bank, right from the comfort of home. If you are planning to take a Personal Loan, here’s how you can identify the best offers:

Look for loans that offer maximum sanction

Calculating how much you need to borrow should be the first step before applying for a Personal Loan. The maximum loan sanctioned for Personal Loans is the same as the amount issued to a borrower and is typically up to Rs 25 lakh. However, the amount would differ considering various factors. But, it’s an adequate amount to accommodate your big-ticket expenses such as medical emergencies, home renovation, family vacation and others.

If you are applying for a Personal Loan from ICICI Bank, you can avail up to Rs lakh at attractive interest rate from 10.25% p.a.

Check for Pre-approved Loan offers

Look for pre-approved offers from your existing lenders to help you gain access to better personalised interest rate. For instance, ICICI Bank offers a pre-approved Instant Personal Loan to select customers associated with the Bank. Existing customers can check for pre-approved offers through Internet Banking or the iMobile Pay app. The process is paperless and one can instantly get funds in 3* seconds.

Look for lenders with easy eligibility criteria

In order to be eligible for a Personal Loan you are required to meet certain criteria. For instance, ICICI Bank has an easy Personal Loan eligibility criteria that you can easily access and qualify. To apply for a Personal Loan from ICICI Bank you must meet the following criteria:

  • A resident of India
  • Salaried individual earning a regular monthly income of over Rs 30,000
  • Possess a good Bureau Score
  • Hold a Savings Account with any bank in India.

Decide a suitable loan term:

Personal Loans usually have a flexible tenure. Choose a lender that gives you the freedom to select the repayment term and EMIs based on your financial capabilities. Look for Personal Loan offers with a longer tenure so you are able to repay the loan without any pressure.

Avoid applying for loans from multiple lenders:

Multiple loan applications to different lenders can impact your Credit Score. Banks usually check the credit history of the borrower. Multiple loan applications will reduce your chances of securing a Personal Loan. Make sure you maintain a window of at least 30 days before starting a new application.

Conclusion:

Keep these points in mind when evaluating loan offers. A Personal Loan is the best option to put your financial ordeals to rest. Moreover, you do not have to declare a collateral against the loan. If you are going through a cash crunch, you can instantly apply for an ICICI Bank Personal Loan of up to Rs 25 lakh at an interest rate starting from 10.25%* p.a.

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