Personal loans are the reliable financing option for individuals who are facing an emergency financial crisis or going for expensive purchases. There are several personal loan benefits, which play a crucial role in the popularity of this credit option. A Personal Loan is favourable because you can pay it back over a period of time in your suitable instalments and you can get a quick expenditure with little or no paperwork.
PERSONAL LOANS BENEFITS :
Personal loans eligibility criteria :
Banks give personal loans to individuals, self-employed professionals and non-professionals. Different banks have different criteria for giving personal loans. Following are the most commonly used criteria by banks for individuals
Minimum age :21 years
Maximum age : 60 years
Minimum monthly income : Rs 15,000 (banks may have a higher minimum income requirement)
Total years of job : at least 2 years
Year of current residence : 1 year
Here are some of the key advantages of Personal Loans:
Financing up to Rs. 25 Lakh : Personal loans offered by financial institutions can provide financing up to Rs.25 lakh. The funds can be utilised for an arrangement of purposes such as renovating a property, higher education, purchasing a vehicle, and covering medical expenses.
Short Term Repayment Trends : One of the personal loan benefits is the repayment trend that ranges up to 60 months. You also get the freedom to choose a period, depending on your needs.
Rapid Disbursal : Financial institutions provide personal loans within 24 hours of approval. This quick loan expenditure process makes these loans ideal for medical and other emergencies.
No security required : Personal loans are collateral-free therefore, you don’t have to pledge as an asset to avail the funds.
Attractive Rate of Interest : Personal loans come with a ruthless interest rate. The low rate of interest on personal loans keeps your EMIs affordable.
List of Documents Needed is Short : The documents required for a personal loan are:
KYC documents
Bank account statements
Employed applicants have to provide their employee ID card and latest salary slips. Self-employed applicants have to submit their business proof documents, previous year’s turnover details, and income tax returns.
Simplistic Eligibility Criteria : Salaried customers, who are residing citizens of India, have to be between the age of 23 and 55 years to be eligible for this loan.
Conclusion- In addition to the above, personal loans can also provide income tax benefits if used for home renovation, purchasing/constructing a house, or for higher education. A Personal Loan from ICICI personal loan helps you meet your various financial needs during an emergency. It is an unsecured loan and can be used for marriage expenses, paying the medical bills, going for your dream vacation or renovating your home. Disregarding what your personal financial goals are, ICICI Bank Personal Loan offers you the perfect solution.
Must Read-Which bank has the easiest personal loan approval?
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