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2 mins Read | 1 Year Ago

Questions to ask before taking a Personal Loan.

Questions to ask before taking a Personal Loan.

 

The decision to apply for a Personal Loan comes with a lot of commitment and obligations. Thus, it makes sense for you to closely research the options beforehand. So, if you are in such a cash crunch, that a Personal Loan is the only way out you need to stop and assess a few factors before taking the loan and answers to the following questions which are crucial.

1. What is the purpose of taking a Personal Loan?

A Personal Loan is a type of unsecured loan that enables you to meet financial obligations with ease. If you are falling short of funds, you can easily apply for a Personal Loan online with ICICI Bank to fulfil several aspirations like meeting wedding expenses, vacation, home renovation, child's education, medical emergency and appliances, among others. 

2. How much should be borrowed?

You can get an ICICI Bank Personal Loan online ranging from Rs 50,000 to Rs 25 lakh as per your needs. The amount that you take as a loan has to remain limited to your needs, to avoid making your loan more expensive over time.

3. How long does it take to receive the funds?

Based on the application time and the loan amount, you might need to wait for a bit before receiving funds. If you're an existing ICICI Bank customer with a Pre-approved loan, expect to get the funds in your Account within three seconds.

4. What are the documents required to take the loan?

You need the following documents to take a loan:

  • ID Proofs: Aadhaar Card, Passport, PAN Card, Driving License, Voter ID Card, etc.
  • Address Proofs: Aadhaar Card, Ration Card, Voter ID Card, Utility Bills (Phone Bill, Electricity Bill, etc.), PAN Card, etc.
  • Income Proofs: Certified Profit and Loss Statements, ITR of last two years.

5. How can you know your Personal Loan eligibility?

To apply for the loan, you need to meet the below Personal Loan eligibility criteria:

  • You should be a resident of India
  • The age limit can range from 23 to 58 years
  • Salaried individuals should have a regular monthly income of over Rs 30,000
  • Have a Savings Account with any lender
  • Having a good credit score.

6. What are the interest rates on loans?

At ICICI Bank, the Personal Loan interest rates start from 10.75% per annum.

7. How exactly does loan repayment work?

The repayment plan, which is typically monthly, is going to affect your finances. It must be set at the rate at which you can handle the repayments without missing any payment.

8. What is the loan term?

Ideally, the Personal Loan tenure ranges from 12 months to 60 months.

9. Do you need to pay any fee?

Some banks offer Personal Loans that have an origination fee included in them which is a percentage of the total loan amount. You need to know if your chosen bank charges any such additional fees.

10. Does a bank offers a Top-up facility for a Personal Loan?

ICICI Bank offers a top-up facility, which is provided over and above the Personal Loan amount. Before applying for it, you are required to clear at least 6 EMIs of the existing Personal Loan. 

11. How can you apply for a Personal Loan?

You can apply for a Personal Loan with ICICI Bank in the following ways:

Internet Banking

Call our Customer Care on 18601207777

Visit the nearest ICICI Bank Branch. Walk in to the branch with necessary documents like your valid ID proof, address proof, 3 months bank statement in which your salary is credited, last 3 months' salary slips and Form-16 for the current/previous financial year.

Hopefully, you now have a clear idea about the things you need to know before taking a Personal Loan. So, go ahead and apply for your loan right away.

 

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