Personal loans are provided by almost all the banks in India and ICICI bank is no different. The ICICI Personal Loan can be used for the following purposes:
• Renovating a house.
• Purchase of electronics like computers, laptops, TV etc.
• Covering up marriage expenses.
• Higher education of children.
As a matter of fact, the <a href="/node/67415">ICICI Personal Loan</a> can be used for a multitude of purposes and caters to the financial needs of a person.
Backward Checks:
Certain backward checks are always done by the bank before granting a loan. Generally the bank looks at the repayment history of the applicant. It can be anything ranging from car loans, credit card repayments, home loans and others.
Eligibility Criteria:
There are certain eligibility criteria laid down by the bank for availing <a href="/node/67415">ICICI Personal Loan</a>. In case the applicant fulfills the requirements, the person’s application is accepted and forwarded for processing.
• Age of the applicant needs to be between 25 years- 58 years if he/she is salaried (25-65 years for self-employed)
• The net annual salary needs to be Rs 96000/- per annum (for self employed: a profit of Rs 60000/- after taxation)
• The applicant needs to be an employee of a public limited company or a private limited company or Government concerns and even employed by an MNC. (For self employed, they need to be MBA’s, Doctors, Manufacturer, Trader, Engineer and architect.
• Must have completed 1 year in the current job (3 years for self-employed people)
• Must be residing in the current residence for at least one year.
Advantages:
• Attractive interest rates.
• Sanctioned loan amount flexible (can be maximum of 15 lakhs)
• Documentation is bare minimum.
• Security or guarantor not needed and minimum documentation required.
• Repayment month of12-60 months.