Personal Loans India | Best Personal Loan Interest Rates in India | Easy personal Loans

You are looking to borrow money then you will rather choose a personal
loan than any other type. Personal loan means standard types of borrowing
for example a loan you take for general purposes. The point with this
kind of loan is that you borrow money and you can use them as you want
without the lender be interested in what you need the money for. The only
thing that he/she will be interested is if you will repay the loan. Becareful
cause the personal loan is different from car loan or a home improvement
loan because these loans are the first for a car and the second to repair or
improve your house. But the majority of the personal loans work the same
way. You apply for a loan, get your money and then spend the money as you
want. No one will check you were you will spend the money. The only thing
you must do after is to make regular payment every month. You must repay
the loan and of course the interest you will be charged.

There is only one difference between personal loan and this is secured or
unsecured personal loans. Unsecured personal loans are given wihtout security
and of course they will have higher interest and that means more money you
have to pay back. On the other hands secured personal loans mean lower interest
but this kind of loan will use for security your property, your house or your
car. So if you are sure that you can pay each month the loan you use as
secure you home, if not dont choose this kind of personal loan.

Information about personal loan of ICICI Bank

Eligibility

Company    
It should be appearing in the bank’s list of approved companies

Experience    
A total work experience of minimum 4 to 5 years.

Designation   
You should be in the supervisor/managerial/officer cadre

Age
The minimum age is 22 years and maximum age is 55 years at time of applying for the loan.

Residence  
You need to reside within the city limits prescribed by the bank. You should also have a telephone at your place. This is a prerequisite.

Documentation
Income Proof
# Salary Slips for last 2 months
# Form 16 of latest year
# Bank Statements of last 3 months

Proof of Residence
Any one of the following
# Passport
# Ration Card
# Utility Bill
# Voter’s ID
# L.I.C Policy Receipt
# Driving License
# Proof of Co-Provided Accommodation
(Letter from Employer)

Proof of Continuity in current job
# Form 16
# Company Appointment Letter

Proof of Identity/Residence
Any one of the following
# Passport
# PAN Card
# Ration Card
# Photo Credit Card
# Utility Bill
# Employee Card (Govt.Employees/Public Ltd.Co.)
# Voter’s ID
# Driving License

Signature Verification
# Passport copy
# Banker’s Verification

Loan Details

Loan Amount
Minimum loan amount of Rs 20,000 to maximum loan amount of Rs 1,000,000 depending upon your eligibility.

Interest Rate   
ICICI charges 21% rate of interest.

(The rate of interest mentioned above are the standard and average rates under standard income criteria for each class of borrowers and shall be higher/lower depending on the parameters which are met by the customers.)

Tenure
The tenure option provided is minimum 1 year to maximum 3 years. You have an option between 12 months, 18 months, 24 months, 30 months and 36 months
Processing Charges

2% of the loan amount as processing fees, which is deducted from the loan Amount and the balance, is remitted to you.
Processing time

Repayment
The repayment is through EMIs by post-dated cheques depending upon the tenure.
Prepayment Option
You have option of prepayment with no lock-in period. However you have to pay 2% of the outstanding loan amount (principal amount) as prepayment charges.

For More Information Log on to

http://www.icicibank.com/

Source : http://www.icicibank.com/