About Personal Loan
Personal Loan is the sum of the amount borrowed from the Bank or financial institutions for personal reasons or to meet the personal Loan. Personal loan is a form of loan which is similar to other loans but subjected to personal reasons or need.
Personal Loan charges the fixed or flexible interest rate with the amount of loan. Personal loan is a type of beneficiary loan as it is flexible with easy payments in the form of installment. Personal loan is the best and sudden way to overcome expenses and needs.
Reasons of Personal Loan
There are some reasons or necessary for the application of personal loan , they are as follows :
- Payment of Debts.
- Payment of sudden and emergency expenses.
- For the purchasings whether large or small.
- Alternate to pay another loan.
- Floating Costs.
- Remodeling of Houses or business phase.
ICICI Bank Personal Loan
ICICI Bank offers Personal loans to their customers and the general public to pay their personal expenses or fulfill the personal issues or problems. Personal Loan is assured by the icici Bank to make their customer enjoy the facility to take large amounts from them as loan at the time of need and repayment in the form of installments or in a flexible manner.
ICICI Bank personal loan assurance to those people who are members or their accounts in their ICICI Bank. ICICI Bank attracts the people to associate their finance with them and provide them with the best of services .
ICICI Bank personal loan offers the great scheme as an alternate to your personal problems or issues of financial goals. ICICI Bank Personal Loan mainly considers at the time of sudden expenses , with the sudden ICICI Bank provides personal loan in easy terms and conditions.
ICICI Bank personal Loan is the best solution to save from high interest charges and to save time in search of financing loans for the personal reason of sudden or emergency. ICICI Bank Personal Loan online and offline services with easy and fast borrowing experience.
Eligibility of ICICI Bank Personal Loan
Eligibility of ICICI Bank Personal Loan are as follows :
- Applicants have an account in ICICI Bank.
- Should be Equal or above 18 years.
- Particular with the necessary documents such as adhar card , pan card , passport and Copy bank statement of 6 months.
- Should be Indian citizen or resident of India.
- Should be a Salaried or Self employed person.
- Loan should not be in the name of the business or any company.
- Other certificates such as their educational , Goodwill etc.
If any of these eligibility is not considered , you are not eligible for the Person Loan. By fulfilling these eligibility criteria , you can apply for the Personal Loan in ICICI Bank or in any other financial institutions.
Calculation of Interest charge
As the ICICI Bank assure the Loan to Individual will charge interest in form of fees , calculation is as follows :
- Interest charged from the Salaried person 11.25% p.a. , because the amount of loan assured to the salaried person between the Rs.2 lakhs to Rs.5 Lakhs.
- Interest charged from the self employed person 21% p.a , because the amount of loan assured to Self employed person is between Rs.15 Lakh to 50 Lakh.
- However , the additional Interest charge on late payment would be 24% P.A.
- Prepayment charges 5% on principal amount by adding GST Charges.
- Interest charge on processing of Loan/Origination charges would be up to 2.25% on the loan amount by adding GST.
- Repayment Mode of charges about Rs.500/- on per transaction.
- If the loan is cancelled the Charges may apply Rs.3000 plus GST.
Registration of ICICI Bank Personal Loan
For Registering for the Personal Loan in ICICI Bank , you have to follow these basic steps :
- Visit the official website of ICICI Bank Personal Loan ‘https://www.icicibank.com/Personal-Banking/loans/personal-loan/index.page’.
- Then , a web page will appear , in which the Right hand side Type of form is formatted.
- In which fill the necessary details.
- Click on the submit button.
Then , after the submission of application , ICICI Bank will analyze your registration and reward back within 72 hours on your Mail. After that if the application is assured , visit nearby ICICI Bank and fill the form and assure the terms and conditions , after that Your Personal Loan would be approved.
Repayment of Personal Loan ICICI Bank
Repayment of Personal Loan in ICICI Bank based on this format :
- Borrower had to repay the amount of loan or installment on the Fixed date of Repay in the bank , if not then charges may apply.
- For the Repayment , ICICI Bank will recognize them before the date in the form of messages or emails.
- Repayment of Personal loan with the fixed amount by any mode online or offline.
- Repayment of loan within the year or consider at the time of loan , if not then strict action would be taken .
- Repayment of the Personal loan will give your assets a return back mortgage during the time of loan.
ICICI Housing Finance Apna Ghar Home Loan offer for self employed and working in private companies with low salary.
This, good quality content is written by Priyansi Baheti.