Personal Loans

one can choose the best type of personal loan that will suit his/her needs and apply for the same to help face financial emergencies.

If you do not have a credit history or have very little credit history, it can be very hard to get a personal loan. Most banks or Non-Banking Financial Companies (NBFCs) look at a person’s credit history and credit score to issue a personal loan. This is because a personal loan is an unsecured loan, which means you do not need to provide any money, property or shares as collateral.

Personal loans are also called unsecured loans as you do not have to provide any collateral such as money, property or shares. Due to this reason, the interest rates are usually higher when compared to secured loans.

Most banks have a standard interest rate that they offer for personal loans. But, these can vary from customer to customer based on their credit score, credit history and their credit profile. Also, if you have a good relationship with your bank, then you can bargain on the interest rate and try to get a lower rate for your personal loan.

The lenders usually refer to your credit score and credit report when you apply for a loan or any other credit product. However, when you do not have a credit score while applying for a loan, the lenders look at other parameters such as your income, employer, repaying ability etc.

Before embarking on any search for credit you should attempt to look at your credit profile, a credit profile is a comprehensive profile which consists of a bureau credit score and a record of all your past credit accounts, in other words how you have performed in the past.

Preference depends on your emergency and the loan amount you need. A personal loan is an unsecured loan that does not need a guarantor or collateral. The application process is simple, and you can also apply online for quick disbursal. The interest rate and tenure are informed upfront. Based on it, you can choose the loan at your convenience.

The approval time depends on whether you are an existing customer or new customer. If you already have a savings account, credit card or any other credit product with ICICI Bank, you are very likely to get instant approval on your personal loan application.

Keeping a track of your personal finance will help you cut down unnecessary expenses and save more. There are several ways using which you can track your personal finance.

Preference depends on your emergency and the loan amount you need. A personal loan is an unsecured loan that does not need a guarantor or collateral. The application process is simple, and you can also apply online for quick disbursal.

ICICI Bank offers personal loans up to Rs. 20 Lakhs for various financial requirements. You can apply for a personal loan in following convenient ways: 1. By visiting a nearby ICICI branch: Visit any nearest branch, talk to the bank staff for more details, fill up the form and get your loan approval process started.

Almost all banks provide personal loans which is an unsecured loan as there is no collateral required to be submitted to the lender. With multiple lenders available which includes private and public-sector banks the best bank for a personal loan is one which provides you the best loan offer.

To decide between credit card loans and personal loans, it all depends on your urgency and requirement. In the category of loans both are unsecured loans and have certain advantages and disadvantages.

Yes, a student can apply for a personal loan, but approval matters the most. In that case, approval on a personal loan requires certain eligibility criteria. Repaying ability is the top most criterion that look in a borrower. Hence, mostly, the salaried and self-employed individuals have higher chances of getting a personal loan from banks and NBFCs.

You may be notified by the lenders for the first three months about the defaults. If you are going through an economic crisis, the lender may ask you to settle the loan for the amount lower than borrowed. The lender may also push for legal proceedings which you will have to deal at the court.

As the personal loan does not require any collateral from the borrower, banks and NBFCs want the applicant to be completely eligible for the loan in terms of repaying ability till the end. They want to be assured that you are a worthy and reliable customer.

Personal loan is an unsecured loan. Hence, the interest rate on the loan is invariably higher than the other loans. Coming to your question, the cheapest personal loan cannot be determined by the lender rather a lot depends on the individual’s credit profile.

Every self-employed individuals, including a CA, is eligible for a personal loan provided the individual meets the eligibility criteria put forth by the bank. Hence, it is important to know what the lenders look at in a personal loan applicant.

Yes, you can change the EMI date on your personal loan.  There is no set procedure for doing this. You must notify your lender of the EMI date change required. This can be accomplished by visiting a nearby branch, calling your lender's customer service, or submitting a request form addressed to the branch manager.

Your credit card outstanding amount in no way affect your loan application with another bank. It has no co-relation directly, however, if you have defaulted on your credit card bill payment, it would affect your credit score in which affect your personal loan approval.

Living in the age of technology, getting an instant personal loan is not a difficult thing. There are various lending-based apps that provide personal loans within minutes. Apps such as EarlySalary, CASHe and Paysense are few of them that provide app-based loans.