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May 30, 2023
Personal Loans have surged in popularity as a versatile solution for financial requirements. Personal Loans in India have grown by 20% year-on-year to 37.7 trillion rupees, demonstrating the high demand for this form of credit. Leading banks in India offer personal loans with competitive terms, allowing customers to choose the options that suit them best.
Here is an attempt to guide you on how to apply successfully for a Personal Loan from the ICICI Bank or other leading banks of your choice. But first, let’s break down everything you need to know about Applying For a Personal Loan!
What do you need your loan for? For what purpose are the Personal Loan funds required? Whether it’s a medical expenditure, home improvements, or an emergency expense, knowing your exact needs will help you find the right financier for your loan.
Additionally, check the eligibility criteria set by lenders, including credit score, income, and employment stability. Once you determine how much money you need and how much loan you are eligible for, you can explore your options.
You should browse various banks’ Personal Loans and analyse the loan terms. Then, you can consult experienced loan advisors to discuss your options and compare the available loan products.
Banks prefer applicants with an existing relationship and prioritise applications from high-earning professionals and reputable companies on their approved list.
Shortlist lenders who can offer you favourable loan terms. For example, if you have a salary account with ICICI Bank, you can apply for an ICICI Bank Personal Loan to leverage discounted interest rates.
Check if there are any special offers. After you have noted the terms of various Banks, select your lender based on your information. Then negotiate with them to get the best interest rate.
Once you zero in on the loan you want, you can start preparing for the application process. Only apply simultaneously to a few lenders, as numerous credit inquiries can adversely affect your CIBIL Score. Instead, consult your loan advisor and file your application with the most suitable lenders.
Identify the documents needed before applying for the loan, ensure they are valid, and provide clear copies. For example, most lenders require applicants to submit their identification documents and financial statements, supporting proof of income, residence proof, and identity: these include copies of salary slips, the latest bank statement, the ration card, passport or driving license, and other relevant documents.
The documents required for a personal loan are standard across most financers, with a few variations as per policy.
An applicant can submit the Personal Loan Application physically or send the documents online. It is essential to take precautions online to ensure the records are not misused. The applicant must fill the form details diligently, giving accurate and updated information; the request for a loan is only allowed if the data matches the documentation submitted or as per the verification conducted.
The Financer will process the application further per the steps instated, the CIBIL Score is assessed, and a physical verification is conducted.
The underwriter will review the results and decision on the application.
Once your loan is approved, you should carefully review the loan terms. Being mindful of the terms and conditions can help you manage your loan efficiently without making any errors.
Consult Your Loan Advisors to learn more about the process and simplify your Personal Loan journey!
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