How Does an ICICI Personal Loan Save Me from a Financial Crisis?
ICICI Bank offers personal loans to everyone as long as they have a source of income and meet the requirements. For any purpose, you can apply for an ICICI personal loan whether there is a medical emergency or you need funds for travel. No need is small or big for a personal loan. ICICI Bank will lend you up to INR 50 Lakh as a personal loan. And the great thing is that you don’t even have to pledge any assets. So, in case you don’t pay the EMIs, the bank can’t possess your property or valuables. But there might be consequences such as a court summon. Keep reading this article for more details on the ICICI Personal Loan.
If someone is in a tense situation because of no finances and needs to meet expenses then you can get information from this articles and you will get to know about policies of borrowing money and different approaches to make money easily.
What is the Loan Range of an ICICI Personal Loan?
You can borrow from INR 50,000 to INR 50 Lakh from ICICI Bank. But the loan range will be based on your EMI and income ratio. It helps the bank know your repayment capacity. The ratio shows the amount of money you save each month from your regular income. And as per the calculations, the same will come in use for the ICICI Personal Loan Repayment, so if your income is high, so will be your loan limit.
A minimum income of INR 30,000 per month is mandatory to apply for the ICICI Loan. So, if you meet this criterion, you can definitely afford the starting loan amount. But if your needs don’t get satisfied with such an amount, borrow the loan jointly with your spouse or parents. This way, you could afford a loan of more than INR 50,000. How? Your loan limit may increase based on the security of repayment.
A co-borrowed loan is less likely to default. Why? Because there are two borrowers, if one isn’t able to pay the loan then the next one will step in and complete the loan repayment.
You should also know both the borrowers are equally liable for the ICICI Personal Loan repayment. So, if the loan isn’t paid, it would impact both of their credit records.
Lowest Rate Applicable on ICICI Personal Loan
The starting rate is 10.25% per annum on ICICI Loan and this is one of the lowest personal loan interest rates on the market. So, if you are looking for a lower rate personal loan, you chose the right lender by visiting the ICICI Bank website.
How you can pull off a lower rate? Well, ICICI Bank will lend you a personal loan at a lower rate if you prove your creditworthiness. And how would you do that? By showing your income capacity and repayment record.
Check your CIBIL Score online and see its current status. The score range from 300 to 700 and if your score is below 700, you need to see why? The common reasons for this are non-payment of EMIs or credit card bills. So, if this is the reason, correct the same by settling the same with your lender.
Now that you have a good record of repayment and a decent income, the bank may negotiate the ICICI Loan Interest Rate. The rate is high on the applicant’s loan if there is a risk attached. How? An applicant with a poor repayment record is more likely to default on the repayment. So, to compensate for the same, the rate of interest will increase. A higher rate will ensure as much money gets recovered during the repayment period.
Pay the Loan in EMIs During 12 to 60 Months
ICICI Bank gives you the option of 12 to 60 months for the loan repayment. Choose the mode of your payment and tenure. Now, when you get the loan documents, you will see the first scheduled EMI date. You can also use ICICI Personal Loan EMI Calculator to see the possible EMI before the loan application. This will help you set a repayment plan.