The minimum score required for icici bank personal loan is 750+. We know we need a good credit score and our credit limit would help in the same but what is a credit score? CIBIL Score is a three-digit numeric summary of your credit history. The score is derived using the credit history found in the CIBIL Report (also known as CIR i.e Credit Information Report). A CIR is an individual's credit payment history across loan types and credit institutions over a period of time.
A credit score is a 3-digit rating (ranging between 300 and 900) that lenders use to determine whether an individual is eligible for a loan or a credit. This rating is generated by leading credit bureaus of India like TransUnion CIBIL, Equifax, Experian India, CRIF High Mark etc. Most of the financial institutions use TransUnion CIBIL’s score to underwrite loan applications.
A good credit score can get your loan approved faster and a bad one can equally ruin your financial standing in future. This is the reason why a credit score plays an important role in all the major financialdecisions of your life.
In accord with one of the leading credit bureaus of India, TransUnion CIBIL – 79 percent of loans are approved for individuals having a score higher than 750. If a credit score is 700 or above, it is considered to be a good score. A good score can enhance your loan approval and provide great benefits on interest rates.
Personal Loan: A personal loan refers to money that is borrowed from a financial institution, for personal (not professional or business) use. In opposition to larger and long-term loans, personal loans are taken into relatively short to medium terms. Generally personal loans are used to pay for one-time or short term expenses where a borrower (the person who is getting the loan) doesn't normally require disclosing the specific reason for the loan. This type of loan is used by many to resolve their current financial needs. A personal loan is taken for tenure of one to five years. Also these require lowest formalities and no collateral or security.
It is a type of unsecured loan which can be availed on the basis of various criteria. Level of income, employment history, credit score and scope for repayment are those specific criteria. Considering these criteria and lender, the APR (Annual Percentage Rate) of personal loan can be anywhere between 11.29% to 35%.
In every individual's life there comes a moment where you urgently need a specific amount of money which can't be covered by your savings. The amount can be needed for any personal reason like home or vehicle repair, to pay unexpected medical bills, for wedding, travel, credit card outstanding balance transfer etc. Here the option of getting this desired amount via personal loan comes extremely handy. ICICI offers you personal loan with easy EMI option, fixed interest rate and quick approval. They offer loan for your various personal needs. Flexible tenure, no collateral and simple documentation makes it one of the most popular personal loans in India.
ICICI Bank is the India's fastest growing financial Institution. A comprised team with mammoth experience in finance and internally developed highly proficient Loan Calculator algorithm and they are pledged to offer solutions to all your financial needs.
Features and Benefits of ICICI Personal Loans.
They have easy availability:The main reason behind the popularity of ICICI personal loan is untroublesome availability. The ICICI personal loan can be acquired within 24 to 72 hours of loan application and submission of required documents.
They need minimum documentation:Unlike the other long term or larger loans, ICICI personal loans require very little documentation. Thus these loans are approved quickly without any hassle.
You get expeditious loan approval:As many financial institutions offer personal loans and ICICI require minimum documentation, they are approved quickly. When it comes to online personal loan approval, they are approved quickly where as the paper approval takes not more than one to two working days. The mechanism of approving personal loan is very easy, efficient and hassle free.
You can consolidate your debts:When it comes to financial debts, we strongly recommend clearing off a high-interest debt by taking a low-interest debt. If you happen to have multiple debts, you can combine them under one umbrella. By opting for a personal loan, you can pay off your multiple debts and be answerable to only one, which is a more hassle-free solution! Also you can clear your credit card bills by choosing ICICI personal loan for a balance transfer. This will allow you to enjoy lower interest rates.
You can take multi-purpose loan: The fund from ICICI personal loan can be used for any purpose. Be it a wedding or medical expenses; renovation or personal bulk shopping, you can use these funds as they suit you. They can mainly be used to overcome any financial adversaries. Borrower can apply and access the loan amount without disclosing the purpose of the same.
You don't have to offer any collateral:To get approval on an ICICI personal loan, you do not need to offer any collateral or guarantee. ICICI approves personal loan on the basis of borrower's income details and financial history. As you do not require offering your fixed assets as mortgage or collateral, you can access the loan easily.
It offer you adjustable sum of loan:Based on various criteria like level of income, employment history, credit score and scope for repayment, the borrower can get an ICICI personal loan ranging anywhere between Rs. 1,00,000 to Rs. 20,00,000.
You're rewarded with flexible payback option: To payback your personal loan, ICICI offers you a tenure ranging from 1 year to 5 years. Thus it is easy for the borrower to pay back the loan with easy EMI policies. Though this depends on the amount of loan, it is always a better option from other types of loans.
Varied interest rate:Depending on eligibility criteria, the borrowed sum, payback tenure, the interest rate varies on personal loan. ICICI offers 11.59% to 22% interest rate for salaried applicants and self-employed applicants.
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