Top 6 Benefits of Applying for a Personal Loan online

Personal Loans are an easy option for people who find themselves in need of financial assistance. These loans come with no end use restrictions and provide quick and easy access to funds for a variety of purposes such as home renovation, higher education, medical emergencies, debt consolidation, holidays etc. Earlier, applying for a Personal Loan meant visiting a bank branch to submit documents and waiting for the bank’s response. However, with the launch of digital processing applying for a Personal Loan and other loans has become much easier and far more convenient. In this blog post we will explore the top 6 benefits you can enjoy when you apply for a Personal Loan online and understand why applying for a Personal Loan from ICICI Bank is beneficial.

Why you should apply for a Personal Loan online?

1. Simple and Convenient:

   One of the major benefits of applying for a Personal Loan online is convenience. You can apply for a loan from any location. There is no need to visit a bank branch. All you require is your smartphone, laptop, tablet or computer and an internet connection. You can apply for a loan any time, on any date as per your choice. There is no need to take a half day or waste time in local traffic. Certainly there is no more waiting in long queues at the bank.

2. Faster processing:

   Applying for a Personal Loan online is much faster than applying physically. The entire loan process is streamlined, backed by sophisticated algorithms and you can be sure of a quick response. Now there is no need to wait for days or weeks to know whether you will get your loan or not. If your application is approved, the funds are disbursed to your bank account instantly. This can be very helpful during an emergency situation.

3. No collateral requirements:

   The major driving force behind the soaring popularity of Personal Loans is their unsecured nature. This means you don't have to put up any collateral to secure your loan. This is ideal in case you don't have any assets or do not wish to lose them if you cannot repay the loan due to any reason.

4. Flexible repayment options:

   When you apply for a Personal Loan online you can choose from a variety of repayment options. Within the stipulated time you can choose a loan tenure that suits your needs ranging from 12 to 72 months at ICICI Bank. You can spread out your Equated Monthly Instalments (EMIs) accordingly and see how much interest you will have to pay using our Personal Loan calculator. This not only gives you the flexibility to repay the loan according to your financial situation but it also helps you make a more informed decision on your loan repayment.

5. Easy eligibility criteria:

   Lenders tend to have easy eligibility criteria that make it easier for applicants to gain approval for a loan. For instance, salaried professionals earning Rs 30,000 per month can apply for Personal Loan from ICICI Bank. The monthly income figure varies depending upon several factors.

6. Online Personal Loan Calculator:

   When you apply for an online Personal Loan you will come across our online Personal Loan calculator to estimate your EMI and the overall outlay of your loan. ICICI Bank’s free online Personal Loan EMI calculator will let you enter your desired loan amount, preferred loan tenure and interest rate to get an estimate of your monthly payments. This will certainly help you to plan your finances well in advance and give you an understanding of how much you can easily afford to borrow and pay off. At the end of it, you will be able to avoid any unexpected financial surprises down the line.

The Benefits of Personal Loans from ICICI Bank

Apart from flexible loan repayment tenures and large loan amounts, online Personal Loans from ICICI Bank have other special benefits. For starters, as soon as your application is approved the funds will be credited to your account without much delay.

You can keep track of your application status and get assistance whenever you need it. There is minimal documentation and none for customers who are pre-qualified.

To Conclude

Applying for a Personal Loan online comes with several benefits like convenience, quick processing, competitive interest rates, no collateral, flexible repayment and easy eligibility criteria. If you are looking for a seamless Personal Loan process, you can always consider applying online from ICICI Bank in a few simple steps.