Getting a loan is easier these days – just fill your application and get the funds straight into your accounts. But is it that easy? Is applying for a personal loan means a child’s play these days. We will find out that after examining the online personal loan from ICICI Bank. Before that, there is a question – have you ever applied for a personal loan. Do you how many steps does a personal loan application involves. If you’re interested to know then read this article till the end.
When you apply for a personal loan from an online personal loan from ICICI Bank your application is seen for various factors such as credit history, credit utilization ratio, debt to income ration, and many more. In simple words, your application goes under a tough scrutiny process and which sometimes leads to personal loan rejection. So, first of all, let’s understand these factors.
1.Credit History:
If you have applied for a loan earlier, the details will be shown in the credit report. The report also has the credit score which points out your credit behavior. It is made by the CIBIL Trans union and has the loan repayment history. If you’ve successfully paid the loan, you will a nod from the lender and vice versa. So, before applying for a personal loan with any lender check whether you your credit history is reliable.
2.Credit Utilization Ratio:
It sh owes the trends related to credit card usage. If an individual uses his credit card limit beyond 30%, he seems like a credit hungry person. In the lender’s words “You are a risky candidate and we can’t risk our money by lending it to you”. In this situation – do you think that you can apply for an online personal loan from ICICI bank or any other bank. No, you can’t. So, keep it below 30% or increase your credit limit and be a creditworthy person.
3.Debt to Income Ratio:
After paying your monthly obligation, if you still have more than 50% income in your hand, then congratulations, you will be the first choice for getting an online personal loan from ICICI bank. And, if you don’t fulfill it, then wait for some time, overcome some of your monthly obligations and apply for it. If you apply despite the low debt to income ratio, ultimately your loan application will be rejected.
4. Basic Things Come First:
This may sound some basic stuff still you need to fulfill it. So, always start with searching for the eligibility criteria. Suppose, if you apply for, an online personal loan from ICICI Bank, then your focus should be on to fulfill the criteria of age, employ ability, minimum salary, and citizenship. If you think, you are eligible, then go for it.
5. After Support Available or Not:
This is the crucial step when you apply for a loan. Always check whether you get after support or not. After applying for a personal loan, you need to see the loan application status. Suppose, to check ICICI personal loan status you can’t call on the Axis Bank customer care number. Sometimes it becomes to track the status of your personal loan application. In such cases, the lenders should provide you a facility to check it online and offline.
6.Balance Transfer:
If you find a personal loan at a higher interest rate and hoping it to lower it down in the future via a balance transfer, then you must check that the lender is providing you that facility. If you think that you can’t transfer your outstanding balance later, then stay away from it. However, if you apply for an online personal loan from ICICI bank, you will be able to it easily.
Conclusion
It’s a wise step to apply for a personal loan online but there is a clear difference between getting it or applying for it. Each rejection will only add up to your frustration. And, despite your negligence, you will curse either yourself or the lender. In both cases, your problem will be unanswered and you will hop from one place to another to find the solution which you can find anywhere easily. So, before making a final call, ensure that you are familiar with each of the steps.