Personal loans are generally understood but not from a financial standpoint, personal loans are quite different from other loans, namely secured loans.
The differences between them can be discussed as further:-
Secured loans Unsecured loan collateral is present against the funds provided.No collateral is present. Usually possess a lower rate of interest than unsecured loans. Usually possess a higher rate of interest as compared to secured loans. Easier to obtain from any institution difficult to obtain as the process requires a lot of scrutinies. Loaners undertake less risk. Loaners undertake more risk. The tenure of the loan is longer so the debt is well distributed. The tenure of the loan is shorter, hence causes more financial strain to the consumer. Most of these are utility-specific like a car loan can only be used to buy a car, etc. These provide complete discretion to the consumer on how to use the funds.
Various banks offer personal loans in India, as personal loans are riskier as compared to secured loans so public sector banks are more active to provide these to the consumer as the goal of a public sector is not only to maintain the viability of their business but also to uplift the lifestyle and standard of livings of the citizens of the country. For example, ICICI personal loan is quite famous among consumers.
ICICI Bank guarantees that the desired loan balance will be credited to your account in as little as 3 seconds. After completing online authentication and accepting the final bid, this feature is open to select customers.
Personal loans up to Rs. 25 lakh are available from ICICI Bank, with versatile end-use options. To get a loan application approved, all that is required is to apply electronically or visit a local branch. Interest rates on ICICI Personal Loans launch at 10.50 percent per annum.
Application Process is Simple and Needs Limited Paperwork, The application process is simple and only requires minimal documentation, making it incredibly simple and convenient for those who want to apply.
The loan term is flexible, ranging from 12 months to 60 months. Customers have the luxury of choosing the loan word that better matches their needs.
Transferring the balance of a personal loan, you can also use ICICI Bank's Personal Loan Balance Transfer service to lower your EMIs by converting your current high-interest personal loan to ICICI Bank at a lower cost.
In addition to the above features, ICICI bank offers a personal loan apply online option to the consumer to reduce physical contact and to enhance the speed of the loan provision process. You will get immediate money for a variety of personal needs with ICICI Bank Personal Loans, such as house repairs, family marriages, family holidays, your child's education, laptop purchases, medical costs, and other unforeseen expenses. You can now get a personal loan for up to Rs. 20 lakhs with the following minimal paperwork and at competitive interest rates:
For salaried individuals: the documents needed are:-
PAN card, driver's license, visa, or voter's registration card are all acceptable forms of ID. Passport, recent utility bills, or a lease or rental arrangement are all acceptable forms of ID residence evidence.
3 months' worth of pay stubs
For the last three months, you'll need to have a bank statement.
2 photos on passport scale.
For self-employed/business running individuals: the documents needed are:-
Documents Required for KYC are evidence of identification, proof of residency, and proof of date of birth.
Proof of Income is the Financial results covering the previous two years that have been audited.
Proof of possession of a business or a home.
Proof of office location.
Current six months' bank statements.
Proof of company sustainability and stability.
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