If you are looking for some immediate funds to fulfil urgent and pressing requirements, then ICICI personal loan can be a smart option. Since the last quarter of 2013 all leading banks in India have reduced the rates on personal loans in an attempt to increase the share of unsecured loans. Additionally the documentation has been made relatively easy to woo customers.
Ways of Applying for the Loan
Visit the bank: This is the fastest of all methods to obtain a quick personal loan from ICICI, which has a wide network of branches all over the nation. You can check out the nearest branch to your location from the official website of the bank and plan a visit at the next possible slot during working hours. Each branch has dedicated personnel to handle personal loan seekers and explain the process and other details for the benefit of the customer. These personnel will guide you through the process of application and documentation completely and ensure that the amount you are eligible for is made available to you in the shortest possible time.
Applying through the Internet: This method is gaining popularity due to the simplicity and ease involved in the initial application procedure for securing the loan. You can log on to the official site of the bank and fill out the application with essential information. The site allows you to first check your eligibility in terms of amount that you can apply for and then lets you decide the amount and the period of repayment. Once the basics are decided then you will have to fill in the application form, which has been greatly simplified for online usage. It requires some information regarding your employment, source of income and monthly /yearly earnings. Once the information is available with the bank your customized interest rate and loan eligibility is made available to you, once the bank processes your information and loan requirement, all you need to do is keep the list of documents that you are requested to keep ready when applying online and a bank representative will contact you to collect the documents and begin the processing of your loan with a verification process in place etc. before your loan is disbursed.
Telephonic Application: This is yet another convenient feature that is available for those desirous of starting the process for a personal loan application but are in short of time for visiting the branch physically. You can call up the “24 Hour Customer care” number of the bank which is available at their official website and speak to a customer care executive who shall seek a few basic inputs from you and let you know your eligibility and available options for the ICICI Personal Loan.
Documentation for ICICI Personal Loan
Once the initial process of determining the eligibility and repayment terms are decided by you depending on your actual requirements and repayment capacity, you can deposit the required documents for a quick approval and disbursement of the loan amount. There are different sets of documents for salaried and self employed applicants. While the salaried customers will have to deposit last the 3 months bank statement salary slips, the self employed have to deposit the last 6 months bank statement along with audited financial statement of the last 2 years for their business and proof of continuity of their business. These are in addition to the standard documents such as proof of identity and residence.
With the right documents, the ICICI personal loan can be disbursed within 72 hours of depositing the application form. This makes an unsecured loan a lucrative option for raising capital in short time to meet unforeseen requirements. Given the lowered rates of interest by ICICI for the personal loan segment it may even be a smart move in certain cases to utilize the option for making investments in secure avenues such as a plot of land or as the down payment for a home or even for business purposes. However, you will have to examine the situation based on your actual needs and abilities of repayment.
You can easily apply for an ICICI Personal Loan either by physical visit to the bank or remotely through telephone and internet.
Read more important articles here: