Smart ways to get an ICICI personal loan

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.

Icici Personal Loan

Apply for ICICI Personal loan

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:

Personal Loan EMI Calculator

Personal Loan Eligibility

Personal Loan Interest rates 2016

 

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Essentials for a Personal Loan

Weddings are a huge celebration in India! Most Indian communities throw a lavish wedding party and consider it as a status symbol. Everyone wants to have a ‘Big Fat Indian Wedding’ and outdo the previous wedding they have attended. In India, before a father starts saving for a daughter’s education and future, he deems it important to start saving for her wedding. However, the way the cost of weddings and other functions related to the big day are rising, seldom people are able to save the amount necessary.

Personal Loans for weddings

Personal Loans for weddings

During times like these, people have no option but take a personal loan and get on with the festivities. The silver lining here is that most banks across the country have a special personal loan option that can help people face the day. Though it may seem like a viable option to start with, it is important to focus on your needs rather than your wants.

Remember the money will be spent over a course of a day or two, but you will have to pay for the same for the next few years. Hence it is important to think over what is extremely important and what you can do away with, before you incur a huge debt.

Eligibility for a Personal Loan for weddings

When we talk about a personal loan for weddings, it comes in all sizes (just like the festivities). There are some who may just need a few thousands, while there are those whose needs are way higher than that. The good thing is there are many options for ‘to-be couples’ as well as parents to apply for joint loans to increase their eligibility criteria for such loans.

Here is a look at some of the basic eligibility criterion for personal loan in most Indian banks

  •  Age – The bride should be minimum 18 years of age and the groom should at least 21. The upper limit for age to apply for a personal loan is 60 years.
  • The minimum annual income of the borrower should be INR. 1, 44,000 PA to qualify for the minimum loan amount. Of course it goes without saying that higher the annual salary, higher the personal loan amount.
  • The borrower has to be a resident of India and should be residing at his current address for more than a year
  • He/ She needs to be employed with the current employer for a minimum one year.

If you pass all the above criteria getting a personal loan in any of the local banks is an easy deal.

personal-loan

Things to Consider Before Applying for a Personal Loan

A friendly word of advice – avoid taking a hefty sum unless required. You don’t want to start the rest of your lives by adding a huge debt to your finances. Try to separate wants from needs and then come to a figure that you know you can manage to pay over a short period of time. It is best to plan a budget and stick to it. Here are some important things you should consider before you sign up for a personal loan for your wedding

  • The rate of interest of the loan
  • Discuss if there are any prepayment charges if you manage to pay off the personal loan before its due date
  • Opt for a shorter period, so you can pay more towards the principle as opposed to paying interest charges on the amount for buying extra time.
  • Talk to an independent financial counsellor before you approach any bank for the loan, as a financial counsellor will be able to guide you with the best option in such cases.

If you consider all of the above options, you will be surprised that you will indeed come across better options for your personal loan as opposed to blindly approaching a bank for the same. Remember, when it comes to matters like these, it is best to do your research before you take the plunge. And once everything is done, do remember to enjoy your big day because you are paying a hefty prize for it.
One must be aware of the pros and cons of availing a Personal Loan for the purpose of marriage and choose the best option available in the market.

One EPF Account for One Employee

What is EPF?

  • EPF stands for Employee Provident Fund.
  • It is a long-term social security scheme that is aimed at building funds for the employee’s retirement.
  • The scheme is available to all salaried employees.
  • Companies with more than 20 employees have to register with the EPFO (Employees Provident Fund Organisation of India).

    EPF balance.jpg

    Know your Epf Balance

What is One EPF Account for One Employee?

  • Each time an individual joins a new company, a new EPF account is opened.
  • This leads to one person having multiple EPF accounts.
  • To fix this problem, the Employees’ Provident Fund Organisation (EPFO) launched a facility called One Employee-One EPF account.
  • Employees can consolidate all past EPF accounts under one account.
  • The EPF account must be linked to the Universal Account Number (UAN)
  • The money from each account can be transferred to the current EPF account.
  • Easy to check epf balance online

Benefits of One EPF Account for One Employee

  • Each employee will have a consolidated EPF account that will be easier to manage.
  • The system allows employees to de-link their employer. When an employee changes their job, they just have to submit their UAN to the new employer. The employer can then open a PF account linked to the UAN and the money from the previous account will be transferred automatically.
  • This facility will help the EPFO to reduce the number of accounts. There are currently around 150 million EPF, out of which about 90 million are inoperative.

Why transfer EPF accounts?

  • Currently, the EPFO’s system is decentralised.
  • The EPF accounts are handled by different regional offices.
  • Data pertaining to the EPF accounts is scattered across 123 offices on their respective servers.
  • Transferring the account will transfer the data from one server to the other.
  • Once the system is centralised, the transfer process will be eliminated.

How to get One EPF Account for One Employee?

  • You need an activated UAN.
  • Go to the EPF website.
  • Under “Services”, click on “For Employees”.
  • On the next page, Under “Services”, click on “One EPF Account for One Employee”.
  • Enter your UAN, PF account number and registered mobile number.
  • A one-time password (OTP) will be sent to your registered number.
  • Verify your identity and mobile using the OTP.
  • You will be directed to a new page. Enter your past PF numbers. You can fill up to 10 PF numbers.
  • The PF accounts numbers will be sent to the respective regional offices.
  • The UAN will be processed and the PF will automatically be transferred under the current account.
  • An SMS will be sent to the registered number to confirm the transfer.