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When unexpected expenses arise, having access to quick financial solutions becomes a necessity. ICICI Bank’s Personal Loan offering of Rs. 80,000 caters to various immediate requirements without the need for collateral.

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Personal loan: Features & Benefits

A Personal Loan offers a lot of advantages that make it a convenient financial tool for various needs. Below are the benefits and features of the loan:

No restriction on fund usage

One of the primary advantages of a Personal Loan is its flexibility. Unlike other loans, there are no restrictions on how you use the funds.

Instant approval

Nowadays, the ability to access funds quickly can be crucial. ICICI Bank offers swift and instant Personal Loan approval processes for customers having pre-approved Personal Loan offers.

Flexible tenure

Personal Loans come with flexible repayment options, allowing you to choose a tenure that suits your financial situation.

Online services

With the advancement of technology, ICICI Bank offers online services for Personal Loans.

Minimum documents

Unlike some other types of loans that require extensive documentation, Personal Loans often require minimal paperwork, making the application process smoother and less time-consuming.

Fixed interest rate

Personal Loans often come with a fixed interest rate, providing predictability in repayments. At ICICI Bank, you can avail the loan at an attractive interest rate.

No collateral needed

Personal Loans are generally unsecured, meaning you don't have to pledge any collateral or assets as security.

Rs. 80,000 Personal Loan Eligibility Criteria

Personal Loan eligibility criteria differ based on whether you're a salaried individual or self-employed individual. For salaried individuals, below are the eligibility criteria:

Eligibility

For salaried employees, below are the eligibility criteria:

Age: You should be between 20 years and 58 years old. This ensures that individuals applying for the loan fall within a productive working age group and have sufficient time for loan repayments.
Monthly income: The minimum income should be Rs 30,000 and above. However, this figure can vary based on your profile. A higher income often signifies better repayment capability.
Work experience: You should have a minimum 2 years of work experience. This shows stability in employment and indicates a steady income stream for loan repayments.
Number of years at current residence: A minimum of 1 year at the current residence. This stability provides a sense of assurance regarding a borrower's consistency and reliability.

For self-employed individuals, below are the eligibility criteria:

Age: Self-employed individuals should be 28 years old, while for doctors, the minimum age should be 25 years. The maximum age should be 65 years. This ensures that a borrower can manage the loan through their productive years and into retirement.
Minimum turnover and Profit After Tax: Non-professionals should have a minimum turnover of Rs 40 lakh, while for professionals it should be Rs 15 lakh, as per audited financials. The minimum profit after tax should be Rs 2 lakh for proprietorship firms/self-employed individuals and Rs 1 lakh for non-professionals, again based on audited financials. This showcases the financial stability and capability to manage loan repayments.
Business stability: A self-employed individual needs to be in the current business for a minimum of 5 years, whereas doctors need a minimum 3 years of stable practice.
Relationship with the Bank: A minimum 1 year of a liability relationship (Current or Savings Account) or loan relationship with ICICI Bank within the last 36 months. This includes a good repayment track record showcasing financial responsibility.

Click here to apply for a Personal Loan with ICICI Bank. Follow the simple steps and fill in your application form digitally. Your loan application will be evaluated by the Bank and you will get the disbursement within a few days.

ICICI Bank Personal Loan is one of the best financial solutions offering flexibility and numerous benefits. It effectively caters to diverse needs, from unforeseen expenses to fulfilling dreams, offering quick, accessible and multi-purpose financial support without the need for collateral, simplifying your journey towards achieving your personal and financial goals.