Need to fund unplanned expenses? Apply for an affordable Personal Loan, at attractive interest rates. Read further, to know why a Personal Loan is an apt choice whenever you need urgent money.
Unplanned expenses can arise anytime. Even though you plan your finances well, you may feel the pinch of a cash crunch at some point in life. Whether it is funding for a child’s higher education, marriage, planning a trip or buying an expensive gadget; expenses can blow even the best laid financial plans. The recent COVID-19 situation affected the lives of many people – right from big medical bills, unexpected job loss, etc. In such circumstances, it is best to opt for a Personal Loan that provides instant access to funds, with minimal documentation.
What is a Personal Loan?
A Personal Loan is an unsecured loan type that can be used for any event or emergency. For instance, ICICI Bank offers a maximum loan amount of up to Rs 50 lakh that will help to meet diverse financial needs. It is a viable option for many, as the application process is seamless and quick. Any salaried or self-employed individual can apply the loan. Let’s understand how an affordable Personal Loan can help to meet your unplanned expenses:
If you are in immediate need of funds, let’s understand why it is easy to opt for a Personal Loan:
- The Personal Loan amount gets credited instantly to your account, within a few minutes
- Quick, easy and minimal documentation
- You do not need to provide any collateral or security
- Affordable interest rates starting at 10.85% per annum
- You can apply a loan amount of up to Rs 50 lakh to fund your unplanned expenses
- It is easy to apply for the loan online, through Internet Banking.
Personal Loan Eligibility:
It is always better to check for Personal Loan eligibility to avoid a last-minute glitch. It depends on parameters like age, monthly income, employment type, job security, CIBIL score, to name a few. If you’re applying for a Personal Loan through ICICI Bank, then you need to fulfil the below mentioned criteria:
- The minimum age for applying a Personal Loan is 20 years and the maximum is 58 years
- The minimum monthly income should be Rs 30,000. However, this will differ depending on the borrower’s profile
- Being a salaried individual, it is essential that you have at least two years of total work experience.
These are some general Personal Loan eligibility requirements that a bank may consider while offering a Personal Loan. Be it any financial obligation; you can make a Personal Loan application at ICICI Bank. Moreover, the Bank is especially offering Insta Personal Loans to select customers, with a good credit score. Through this solution, you can enjoy zero or minimum paperwork, the least processing time, faster access to funds in seconds and a flexible repayment scheme.
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