Certain situations in life demand your immediate attention. Now, whether the times are good or bad, life will always find a way to surprise you with a bang. Unpredictable things happen at the most unexpected time. That’s why people always say that uncertainty is the only certain thing in life. There is a level of stability we expect in such situations. Most of the time we crave for support financially. We turn towards financial institutions (banks and non-banking financial companies) for that support.
A personal loan can be your knight in shining armor. Saving the day by helping you in situations where you are in urgent need of funds. A personal loan is an unsecured loan. It is advanced by the financial institutions to the individuals and entities to smoothen the crunch faced by them and to meet their personal needs.
Some key features of a personal loan are as follows:
1. No collateral or security is required for a personal loan. You can freely apply for a personal loan without worrying about the security you need to provide. There is no hassle for finding security and no fear of the collateral getting auctioned off in case of default.
2. You have full autonomy in utilizing the funds as per your wish. The financial institutions (banks and non-banking financial companies) have not made it mandatory for the individuals or entities to disclose the reason for them taking a loan. It purely justifies the meaning of the name of the loan. The personal loan availed of by the people for their personal reasons.
3. The personal loans have malleable tenure. The personal loan tenure can go up to 60 months i.e. 5 years. You can take as much time as you need to pay back the personal loan amount.
4. The personal loan application and approval process is very simple and can be completed within a few days. Sometimes the personal loans get disbursed within a few hours as well.
5. The documents required to attach with a personal loan application are your identity proof, residential proof, and income proof. This is all you need to get a personal loan.
The aforementioned are some points to be considered while deciding to apply a personal loan.
ICICI personal loan policy can be availed of by the individuals and entities at an enticing personal loan interest rate starting from a low of 10.99% per annum. ICICI personal loan policy is provided considering the urgency that the borrowing individual and entities are in. The ICICI personal loan provides succor by keeping the process quick and seamless.
No matter what situation you are in, a personal loan is an option that can be considered by anyone and at any point in time, without hesitation. It is the features and benefits of a personal loan that makes it attractive for borrowing individuals and entities. A personal loan comes along with the relief that the individuals do not need to agonize over problems especially related to financial shortage or sudden need of funds.
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