How To Get A Personal Loan without Security?

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Today’s world is full of opportunities, but these opportunities come at a cost. People who find it hard to survive and provide comfort to their families are working day and night. This makes it difficult for them to manage their money and financial needs often come unexpectedly. Whether it's for a medical emergency, education or house repair, a loan without security can be a lifesaver. In this guide, we'll explore the steps and strategies to secure a Personal Loan without the need for collateral to make your life a bit easier.

What is a Personal Loan?

Personal Loans are a versatile financial tool designed to meet a variety of individual needs. What makes them particularly appealing is that they are unsecured, meaning they don't require any security collateral. Individuals can utilise them without any restriction, giving them the freedom to fulfil their needs in a way that works for them.

Why Personal Loans are unsecured?

Personal Loans are granted based on the borrower's creditworthiness rather than the presence of collateral. Lenders assess factors such as credit history, income stability and debt-to-income ratio to gauge the borrower's ability to repay. This focus on creditworthiness allows lenders to manage risk without security.

By not requiring collateral, Personal Loans become more accessible to a broader range of individuals. This inclusivity aligns to promote financial access and inclusion for a diverse population. It also makes the application process simple for both the lender and the borrower.

Why should you choose a Personal Loan without security from ICICI Bank?

ICICI Bank is regarded as one of the best private banks of India. A market capitalisation of $ 75 billion makes ICICI Bank a household name in India. More than 28 million have placed their trust in ICICI Bank’s iMobile Pay app. Here are a few prominent benefits offered by ICICI Bank:

1. Effortless application process:

   Applying for a Personal Loan with ICICI Bank has become fast and simple, thanks to the modernisation of the application process. Now, you can apply for a Personal Loan in just a few clicks. This simplified and user-friendly approach not only speeds up the application process but also makes Personal Loans more accessible to individuals seeking financial support, without the burden of paperwork.

2. Time-saving procedures:

   Time is precious, especially for those who are working. ICICI Bank understands this and that's why the entire Personal Loan application procedure, from approval to disbursement, can happen seamlessly online. No more running around to visit banks; everything you need is just a click away. This application process is straightforward and cuts down on the time spent filling out repetitive forms. The same can be said for the iMobile Pay app.

3. Data security:

   With ICICI Bank's dedication to security, you can engage in financial transactions with confidence, knowing your information is treated with the utmost care, creating a secure environment for your financial journey.

Eligibility criteria for a document-free Personal Loan:

To apply for a Personal Loan without security from ICICI Bank, applicants must meet the following conditions for a Personal Loan eligibility of up to Rs 50 lakh:

• The applicant must be over 20 years of age and under 58 (for salaried) and 65 (for self-employed). They must also be Indian citizens residing in India

• A good credit score is a prerequisite for loan approval. Generally, any score above 750 is considered a good score to apply for a Personal Loan

• The loan is available for salaried and self-employed individuals with verifiable income

• Applicants must have a Savings Account with a bank in India.

Documents required to get approval on a Personal Loan without security

When applying for a Personal Loan, you need to provide a set of documents that support your application. Here's a list of Personal Loan documents without security, for both salaried individuals and self-employed people:

For salaried individuals:

• Proof of identity: Passport / Driving Licence / Voters ID / PAN Card (any one)

• Proof of residence: Leave and Licence Agreement / Utility Bill (not more than 3 months old) / Passport (any one)

• Latest 3 months’ Bank statements (where salary/income is credited)

• Salary slips for the last 3 months

• 2 passport size photographs.

For self-employed individuals:

• KYC documents: Proof of identity; Address proof; DOB proof

• Proof of residence: Leave and Licence Agreement / Utility Bill (not more than 3 months old) / Passport (any one)

• Income proof (audited financials for the last two years)

• Latest 6 months’ Bank statements

• Office address proof

• Proof of residence or office ownership

• Proof of continuity of business.

How to get a Personal Loan without security in India?

Securing an instant loan without the collateral from ICICI Bank is a simple and quick process. Here are the steps to ensure a smooth application:

1. Individuals have the option to check for pre-approved offers from ICICI Bank. This not only simplifies the application process but also increases the likelihood of approval. Identifying pre-approved offers provides an expedited route to obtaining the needed funds

2. For those without pre-approved offers, the next step involves visiting the ICICI Bank Personal Loan application form online. To streamline this process, it's advisable to have essential documents such as PAN and Aadhaar cards readily available. These documents will be necessary to complete the application accurately

3. The Personal Loan application form is designed to be user-friendly, guiding applicants through the necessary steps. Provide essential details, including the desired loan amount and tenure

4. Following the submission of the application, individuals can track the status of their Personal Loan approval online. It allows them to stay informed about the progress of their loan application.

What is the interest rate for a Personal Loan?

The rate of interest depends on important factors like credit score, duration of loan, number of EMIs and financial condition of the applicant. The interest rate with ICICI Bank ranges between 10.85% to 16.25% per annum. You can repay your loan in easy and flexible EMIs. You can also get a low CIBIL score Personal Loan, but that generally has higher interest rates.

Individuals can get an idea about their monthly EMIs using a Personal Loan EMI calculator. You just need to enter your total loan amount, tenure and interest rate.

Personal Loans can be a valuable tool to manage unexpected expenses, enabling you to repay the total amount in easy and flexible EMIs. Banks offer Personal Loans without security to individuals in order to make it accessible all over the country. It also helps the banks to reach more customers, as not everyone can have a security for loan. ICICI Bank offers Personal Loans without security at a low-interest rate with an easy application process.

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