How does one manage unplanned expenses with an affordable Personal Loan?

July 28, 2021

How does one manage unplanned expenses with an affordable Personal Loan?

Need to fund unplanned expenses? Apply for an affordable Personal Loan, at attractive interest rates. Read further, to know why a Personal Loan is an apt choice whenever you need urgent money.

Unplanned expenses can arise anytime. Even though you plan your finances well, you may feel the pinch of a cash crunch at some point in life. Whether it is funding for a child’s higher education, marriage, planning a trip or buying an expensive gadget; expenses can blow even the best laid financial plans. The recent COVID-19 situation affected the lives of many people – right from big medical bills, unexpected job loss, etc. In such circumstances, it is best to opt for a Personal Loan that provides instant access to funds, with minimal documentation.

What is a Personal Loan?

A Personal Loan is an unsecured loan type that can be used for any event or emergency. For instance, ICICI Bank offers a maximum loan amount of up to Rs 25 lakh that will help to meet diverse financial needs. It is a viable option for many, as the application process is seamless and quick. Any salaried or self-employed individual can avail the loan. Let’s understand how an affordable Personal Loan can help to meet your unplanned expenses:

If you are in immediate need of funds, let’s understand why it is easy to opt for a Personal Loan:

  • The Personal Loan amount gets credited instantly to your account, within a few minutes
  • Quick, easy and minimal documentation
  • You do not need to provide any collateral or security
  • Affordable interest rates starting at 10.5% per annum
  • You can avail a loan amount of up to Rs 25 lakh to fund your unplanned expenses
  • It is easy to apply for the loan online, through Internet Banking.

Personal Loan Eligibility:

It is always better to check for Personal Loan eligibility to avoid a last-minute glitch. It depends on parameters like age, monthly income, employment type, job security, CIBIL score, to name a few. If you’re applying for a Personal Loan through ICICI Bank, then you need to fulfil the below mentioned criteria:

  • The minimum age for availing a Personal Loan is 23 years and the maximum is 58 years
  • The minimum monthly income should be Rs 30,000. However, this will differ depending on the borrower’s profile
  • Being a salaried individual, it is essential that you have at least two years of total work experience.

These are some general Personal Loan eligibility requirements that a bank may consider while offering a Personal Loan. Be it any financial obligation; you can make a Personal Loan application at ICICI Bank. Moreover, the Bank is especially offering Insta Personal Loans to select customers, with a good credit score. Through this solution, you can enjoy zero or minimum paperwork, the least processing time, faster access to funds in seconds and a flexible repayment scheme.

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