5 Different Types of ICICI Bank personal loan

5 Different Types of ICICI Bank personal loan

Financial needs can come at any time, and the best option can be a personal loan that can serve as the best kind of medicine for when you are in the middle of a financial crisis. The best feature of a personal loan is that it is available to cater to the different needs of every customer. Banks don’t charge collateral for personal loans. As ICICI is one of the largest private sector banks, it provides various types of services to its customers. It offers personal loans in majorly 5 categories.

We will discuss hereafter several ICICI personal loan options you can choose from:

Different loan options:

Many banks and NBFCs are now working on various methods where a person can apply for a personal loan online to minimize the dependency on the branches and hassle-free document processing. ICICI is one of the first movers in the banking industry, quickly adopting technology to bring the entire process online.

It is a tremendous advantage for the new-age customers and makes the loan approval process much more accessible from the banker’s point of view.

Let’s discuss now the types of ICICI personal loans you can avail of:

Loan for wedding: Weddings are not only limited to two souls deciding to live their life together. It’s more or less a grand social party. When it comes to their child’s marriage, most parents want to spend the maximum because people get to make the best of their one-time wedding.

The wedding comes with an extra monetary burden with jewellery, catering, and all, and for this reason, you can avail one of the most popular ICICI personal loan options. With very little documentation, you can take a loan from ₹ 50, 000 to ₹ 25 lakh with an interest rate of 10.50% pa.

Loan for home renovation: Quoting from a famous ad, “home is where the heart is” signifies the emotion we have with our home. To outsiders, it’s just brick, but it’s something they possess and think of as their very own for the house owner. And like we don’t want a scratch on our body, people want to do renovation from time to time, like interior designing or painting.

These small personal needs can be met with the help of an ICICI personal loan. The interest charged is 10.25% pa, and you can take a loan up to ₹ 25 lakh depending upon your needs. You need not provide any collateral, and quick disbursal is one of the great features.

Top-up loan: We can associate with the top up term when we had less balance on our mobile and had to buy more talk time as it used to finish before time. Similarly, top-up loans can add to the already existing loan amount because of incremental financial needs. The consolidated EMI will depend on the outstanding loan amount in your book. The benefit is that you don’t have to provide documents again because the bank already is maintaining them, because of which the loan can be sanctioned quickly.

Holiday loan: It’s okay to indulge in spending money when the cause is a dream holiday. With inflation touching the higher threshold, going to your dream destination can make a hole in your pocket. That’s why you can apply for a personal loan online for your holiday needs. With attractive interest rates, you can safely borrow money. With minimal documentation, the loan will be credited to your account quickly. You can borrow up to ₹ 25 lakh for buying plane tickets or hotel rooms.

Fresher loan: Dreams should not be limited by your ability to fund your small business idea. Even with your first salary, you can get a loan up to ₹ 1.5 lakh. ICICI helps with your funding and the loan can only be availed if you are 21+. Though it can be categorized as a small business loan, the best part is you still need not to provide any collateral.

We think of any unforeseen financial needs as an emergency in the middle class scenario. With careful money management and understanding of your current circumstances, personal loans can bring you back in the driving position. To know more about personal loans kindly visit Andromeda and connect with us.