How Long Does it Take to Get a Personal Loan?

Unlike other loans, the approval process of a Personal Loan is usually fast. Easy accessibility makes this type of loan a popular choice among users who are facing financial crisis. The paperwork is minimal and it requires zero collateral. If you are in urgent need of cash, it can be extremely handy. Let’s get to know how much time it takes to get a Personal Loan approved.

How long does it take to get a Personal Loan?

You can apply for an ICICI Bank Personal Loan ranging from Rs 50,000 to Rs 50 lakh at attractive interest rates instantly.

Factors Affecting Personal Loan Approval Time

While the Personal Loan disbursement process is easy when you apply online with ICICI Bank, some important factors need to be considered that impact the loan approval time:

1. Age: Banks prefer borrowers who are between 23-58 years old (salaried) or 20-58 years old (self-employed).

2. Existing Debt: Having too much existing debt can delay approval, as it increases the risk of you defaulting on payments.

3. Income: A steady income is key. Meeting the bank's minimum income requirement proves you can handle the monthly payments.

It is important to note that existing bank customers with a strong repayment history may get faster approval and instant disbursal.

Steps Involved in the Personal Loan Disbursement Process

Getting a Personal Loan from application to cash in hand involves a few key steps. Understanding this process can help you prepare and ensure everything goes smoothly.

• First, you will apply for the loan. This can be done online or offline. You will need to provide personal details, income information, and other required documents. The bank will then review your application and check your credit score, income, and overall financial situation to determine if you are a good applicant for the loan. Here are steps of Personal Loan application:

Through Website

• Enter your desired loan amount
• Provide your basic personal and work-related information
• Review your loan amount and tenure
• Confirm your loan application
• Get the loan disbursed

Through iMobile

Step 1: Download iMobile and log in using your MPIN or fingerprint

Step 2: Navigate to ‘Get Instant Loan’ and click on 'Apply now' in the Personal Loan section

Step 3: Enter your required loan amount

Step 4: Validate all the details of your loan

Step 5: Accept the Terms and Conditions by checking the box and click on ‘Disburse Now’

Step 6: Authenticate through Aadhaar-based eSign and then click on ‘Submit’

• Next comes the approval stage. If your application is successful, the bank will send you a loan offer. This document outlines all the important details, including the approved loan amount, interest rate, repayment tenure, and any fees.
• Once you accept the offer, you will need to sign the loan agreement. This is a legally binding contract that details all the terms and conditions. Be sure you understand everything, from the repayment schedule to what happens if you miss a payment.
• The Personal Loan disbursement process is complete once the money is actually transferred to your ICICI Bank account. This usually happens on the same day as approval. Once the funds are in your account, you can use them as planned.
• The last step is repayment. Your EMI payments begin after the loan is disbursed. It's essential to make these payments on time to build a positive credit history and avoid any late fees or penalties.

Key Highlights

• No documentation: Lengthy paperwork or documents are not required, since the Bank already has your profile & credit history details

• Flexible repayment time: Select the repayment cycle as per your preference and ensure a stress-free repayment schedule

• No Security/Collateral required: ICICI Bank does not ask for any security or guarantor

• Lower Personal Loan Interest Rate: Avail the loan amount at an attractive interest rate.

T&C

FAQ’s

How fast can I get a Personal Loan from ICICI Bank?

Eligible existing ICICI Bank customers can get an instant Personal Loan with quick approval and disbursement, sometimes within a few minutes. For new customers, the process may take a few days.

What is the process of Personal Loan disbursement?

After your loan is approved and you sign the agreement, the bank will disburse the money into your ICICI Bank account. You can expect it to be done on the same day.

What documents are required for a Personal Loan disbursement?

With ICICI Bank, you will need identity proof (PAN, Aadhaar), address proof, and income proof (salary slips or bank statements). Additional documents may be required based on your credit profile.

What if my Personal Loan application gets delayed?

A delayed application might be due to incomplete documents, a low credit score, or high existing debt. Double-check all information and documents before applying to avoid delays.