5 Ways to Identify the Best Personal Loan in India

Personal Loans are unsecured loans to meet urgent financial needs. It is easily available from banks with attractive interest rate from 10.80%* p.a. In this article, we will explore five easy ways to avail Personal Loan offers.

5 Ways To Choose The Best Personal Loan in India

In the event of a financial emergency, applying for the best Personal Loan in India can be a prudent and effective solution to address immediate monetary needs. 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:

1. Maximum Personal Loan Amount 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 50 lakhs. 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 10.80%* p.a.

2. Pre-approved Loan offers with Minimum Processing Costs

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 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.

3. Eligibility Criteria and Documentation Required:

Criteria	Explanation
Resident of India.	The applicant must be a resident of India, ensuring they meet the basic nationality requirement for loan eligibility.
Salaried Individual with Monthly Income > Rs. 30,000	The applicant should be a salaried individual earning a regular monthly income exceeding Rs. 30,000, demonstrating their ability to repay the loan.
Possess a Good Bureau Score.	The applicant must have a good credit score, which reflects their creditworthiness and reliability in repaying borrowed amounts.
Hold a Savings Account with any Bank in India.	The applicant should maintain a savings account with any bank in India, facilitating the smooth disbursement and repayment of the loan.

4. Decide a suitable loan term

Choosing a suitable loan term is helpful. A shorter term means higher monthly EMIs but less interest paid overall. A longer term offers lower EMIs but more interest over time. Assess your monthly budget and financial goals to pick a term that balances affordability with total cost. This ensures you can manage payments comfortably while minimising interest expenses.

5. Avoid 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 50 lakhs at an interest rate starting from 10.80%* p.a.

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