Personal Loans Eligibility

Whenever we realize that we need a loan, we immediately start to worry about ourselves. We have a misconception that taking loans will be time-consuming and a very difficult task for us. That, however, is not true. Taking any kind of a loan, secured or unsecured, is easy enough, once you familiarize yourself with the details. Personal Loans are the most common loans among people. They fall under the category of unsecured loans and unlike secured loans (eg- gold loans) they do not require collateral, which in case of a default can be auctioned off by the bank. An individual usually seeks a personal loan when they are looking to fulfill a household need. In cases of a personal loan, the bank will need information about the borrower, as they do not take collaterals for this. 

The interest rates on personal loans are usually higher than any other, about the risks involved while sanctioning them. Nevertheless, defaulting on a personal loan is not advisable, as the deed adds up to one’s credit score, which goes on to pose a threat while applying for any other loans in the future. Personal loans might be a more convenient option for a common man, but before taking a personal loan, one must make sure that they fulfill the eligibility criteria. Before applying for a personal loan, one must check the eligibility for personal loan that every bank provides. Every bank’s criterion is different and it is upon you to choose one that matches your interests. One such bank that provides a customer-friendly personal loan and easy to fulfill criterion is the ICICI Bank. The ICICI Personal Loan has simplified eligibility criteria and it and reduces your worries about bank loans. 

A personal loan from ICICI Bank allows you to meet all your financial needs during an emergency. It is, of course, an unsecured loan that can be used to pay off marriage expenses, pay for the medical bills, going for a much-awaited vacation, or simply bringing in the much-needed renovation for your home. Whatever your financial troubles may be, ICICI Bank Personal Loan offers you the perfect solution for every problem. 

ICICI Bank, which is committed to making your lives easier and loans accessible to all, has established some criteria based on simple parameters. 

• An individual should be aged from twenty-three to fifty-eight years to avail of a loan. 
• He or she should also have a minimum income of 30,000 rupees per month. 

These are the only two criteria that ICICI Bank asks you to fulfill. However, it must be noted that the ICICI Bank checks one’s credit scores and the existence of any other debts before providing them with a personal loan. 

ICICI Bank goes on to provide an interest rate starting from 11.25% per annum and keeps the document necessity to a minimal. Their online services are available 24x7 and they are always waiting to answer your queries and keep you up to date. So, do not wait any longer and visit their website to know more about their loans.