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ICICI Bank the largest private sector bank of India is offering various types of personal loans. Personal loans are unsecured loans which can be taken up by people having regular incomes through salary or self-employment.
Unsecured loans fall into the category of easy loans and do not need to be backed by security, collateral or guarantor. A good credit score and report is often the criteria for the provision of personal loans. People can take loans to pay for education, travel, car purchase, home renovation and a host of other needs that pave the way for a better living and enhance future prospects.
Daily ICICI bank receives numerous personal loan applications. Without a credit score, taking decisions on loan sanctions would be a long and tedious process full of errors. ICICI requests for credit scores of loan applicants from CIBIL for ensuring the credit worthiness of the applicants before sanctioning loans.
The Credit Information Bureau of India Ltd is India’s first credit information agency that was set up in 2009 after approval from RBI. CIBIL collects information on individuals pertaining to loan consumption and repayment from member banks and financial institutions, based on this information CIBIL assigns a score to each individual. The score comprises of three digits.
CIBIL Credit scores are based on
- Total credit due: if credit due is within limits scores are high. A high credit due amount lowers CIBIL score considerably
- Total credit paid: if the loans raised have been paid, then credit scores are high.
- Timely payments: if loan instalments, credit card payments are made on time, then credit scores are high.
- Unsecured and secured loans undertaken: Too many unsecured loans lessen the credit score. The ratio of secured to unsecured loans should be within acceptable limits.
- Intelligent credit planning.
- A zero credit score: This is also called N/H score or nil credit history score. This is not a very favorable score as by this credit worthiness of an individual cannot be judged due to the absence of any credit history.
- An N/A credit score: CIBIL assigns N/A or not applied credit status to individuals when they have not taken loans and credit for a very long period of time.
- A score between 300-900: this is the range of credit scores assigned by CIBIL to people who regularly take credits. The higher the score, the more the creditworthiness of an individual. ICICI bank considers a score of 700 and above a good score for sanctioning personal loans.
Eligibility for ICICI Bank Personal Loans
1. Eligibility for Salaried People
- Minimum age 23 years and maximum age 58 years
- Minimum salary of Rs 17, 500 per month (Rs 25,000 p.m for Mumbai and Delhi residents and Rs.20,000 p.m for Hyderabad, Chennai, Bangalore, Kolkata & Pune)
- Minimum 2 years of employment
- Minimum one year in current residence.
2. Eligibility for Self Employed People
- Minimum age 28 years for self-employed, 25 years for doctors
- Maximum age 65 years
- Rs 40 lakhs minimum turnover for professionals and Rs 15 lakhs for non-professionals
- Minimum profit after tax Rs 2 lakh for professionals and Rs 1 lakh for non-professionals
- Minimum years in current business five years, three years for doctors
- Minimum 1-year liability relationship with ICICI.
Features of ICICI Bank Personal Loans
- Personal loans are available in the range of Rs. 50,000 to 15, 00,000
- Personal loans are available for people with regular income
- Personal loans can be paid back within 2 to 5 years
- Personal loans can be settled earlier than due date after paying first six instalments
- Personal loans need no collateral backup or guarantor
- Credit score is an important eligibility criterion
- Personal loan can be insured through ICICI
- Fixed interest rate of around 11.59 %, interest remains unchanged throughout loan tenure
- Simple and swift processes
- Direct transfer of sanctioned loan amount.
ICICI Personal Loan Illustration
The ICICI website provides easy EMI calculation facility to loan seekers.
A personal loan of Rs. 10, 00,000 at the rate of 11.59 % interest for five years repayment tenure amounts to Rs 22,038 of EMI or monthly instalment payment.
Suppose a person with a regular salary of Rs 50,000 per month wants to go for a family vacation abroad, then he can easily avail ICICI personal loans if he has a sound credit history and has paid his past loans and credit card bills on time, as then his credit score will reflect his sound creditworthiness.
Furthermore, he can also have his loan insured through ICICI.
The loan amount will be directly transferred to his account through fund transfer, and after that, he can easily repay the loan as EMI payments out of his monthly salary.
In the absence of personal loan facilities, he may have had to break his savings or save for a future date or forego the thought of a vacation abroad altogether.
Management of Credit Scores
In today’s world due to advanced technology, it is possible for credit rating agencies like CIBIL to generate credit scores easily. Credit scores have given momentum to the personal loan segment. People who do not like to miss opportunities like to fund these opportunities through personal loans. High credit worthiness results out of taking up calculated loans and repaying them timely and being within credit limits. At Creditseva we help people manage their credits better, we:
- Provide them free joining
- Help them to spot errors in their credit report and rectify them early
- Provide them analytics
- Provide them security against frauds and thefts
- Make their loan processes seamless and swift
- Help them to avail discounts and benefits on loan offers
- Help them to close bad loans as early as possible
- Enable them to access best loan offers
- Help them to raise new loans
- Send those alerts and reminders.
Our members can always keep a tab on their own credit scores and reports. A strong control over their own credit information enables them to avail loan offers on better terms, negotiate on loan offers effectively, avail loans easily and quickly without hassles, avail more loans and at the same time maintain sound credit scores and credit limits.
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