Why choose personal loan?

The reasons to choose a personal loan are several and never ending to be talked about. For the borrowers who are new to the loans and are excited to start with it, we brief you about the personal loans and their growing demand to choose them over the other loans such as home loans, land loans, etc.

Firstly let us know what exactly is a personal loan? Personal loan is very different and varies from gold loan in many terms and conditions and also under what kind of category it comes under; that is as we all know, personal loans belong to the ones which are unsecured type of loans, and while the gold loans belong to a category which is nothing but a more secured types of loans.

Personal loans can get into hands of an individual or can be borrowed from a loan lending institution which are nothing but sources such as banks,certain organisations, and also even from trusted people or trustworthy individuals who are usually their close friends and family relatives.

Now, as we have told you regarding the borrowing spur of personal loans let us now get into the certain procedures on how it is sanctioned. Personal loans on a whole and as known and talked about are considered to be high end and expensive type of loans in comparison to any other loans.

That is because the process required to proceed further in return to grant an individual with it, requests an individual to have certain proofs to be submitted and they usually require high level documents to be submitted unlike the gold loans which don’t even ask for certain income proof. Now, coming to what does one mean by high end or high level documents they require or make it mandatory, is that, it includes the requirement of income proof without fail, in which case they as borrowers of personal loan are to show their (ITR) which is nothing but income tax Returns report which consists for their properties they own and also the payslips are to be taken into consideration for the proof and bank account statement in general are also something the lending institutions look upon.

As mentioned above, all these types of high end or mandatory documents, these type of unsecured loans such as personal loans are very much closely observed and monitored at times. This way the borrower has the guarantee that whatever he has offered to the banks remains with 100% safety and security. So, the above mentioned gist of the information itself tells it’s kind of a long process but also to make it more specific it may take upto 2 days to 7 days, that is nothing but a maximum of a week's time in general.

Tell us now brief you a little bit about one of the banks which offers a personal loan, and what all kinds of offers and interest rate of interest they provide an individual to opt out and be more focused in granting a personal loan. Let’s see, taking into picture the ICICI Bank personal loan

This bank offers a very easy and effective way to get one to grant him or herself a personal loan.

It offers personal loans upto a huge amount literally upto? 20 lakh.

And this amount upto? 20 lakh can be granted with an interest rate starting just at a percentage of 11.25%.

ICICI bank also offers an advantage to their customers by providing a very flexible period of tenure to be opted for, that is, they offer a loan for a tenure period starting from 12 months to upto 60months.

And as both interest rate and the loan tenure mentioned as above, tend to remain exactly the same, that is throughout a complete year of time.

These benefit are equally acceptable for the people who wish to get a loan, simply by an online processing procedure as well.

Author's Bio

Gaurav S. Khurana is the Founder and CEO of Dialabank and has had a great career in the Banking and Financial Services Sector. He has an experience of 18 years in the sector and has worked at Senior Roles including National Sales Head at ING Investment Management India and as the Vice President Citibank. A post-graduate from IMT, Ghaziabad. Gaurav started his career as a Named Account Manager in Xerox.

Being a part of this field for a long time now, he has written many informative articles and blogs benefiting and assisting many in making decisions regarding the policies provided by various banks and non-banking financial companies such as the ICICI Bank personal loan policy.

Gaurav S. Khurana is the Founder and CEO of Dialabank and has had a great career in the Banking and Financial Services Sector. He has an experience of 18 years in the sector and has worked at Senior Roles.