Friday, March 29, 2024
HomeFinanceHow to Get a Personal Loan Without Visiting The Bank

How to Get a Personal Loan Without Visiting The Bank

Are you looking for a Personal Loan but don’t want to, or rather don’t have the time to visit a bank? You’re not alone, and you’re not without options either. In today’s digital world, more and more people are looking for ways to do everything online – including getting a loan. 

Today, it is possible to get a Personal Loan without having to set foot in a bank. Financial institutions like ICICI Bank can provide the funds you need: without the need to visit their branches.  

What is a Personal Loan

get a personal loan

A Personal Loan is a collateral-free loan that can be used for various purposes, including consolidating debt, making a large purchase, a wedding, or pursuing further education. There is no restriction on fund usage. These loans are repaid in fixed monthly payments as EMIs over a set period. Despite being collateral-free, these loans come with competitive interest rates from the likes of ICICI Bank. With the world shifting online, loan applications have also followed suit, and the process is more convenient and hassle-free. 

Here are a few ways to apply for a Personal Loan online without visiting a bank.

How to Apply for a Personal Loan Online

  • Look for a credible financial institution:

Research online and check for the best banks offering low-interest rates on Personal Loans. You can visit the website of ICICI Bank to find out more about the loan you are looking for and to indeed apply for a Personal Loan. 

  • Check their eligibility criteria:

Different banks have different eligibility criteria. Check it out to see the loan amount you’re eligible for. You can use ICICI Bank’s Personal loan EMI calculator to understand the total repayable amount and the EMIs you’ll have to pay. 

  • Maintain a good credit score for favourable loan terms

Financial institutions use CIBIL scores to judge an applicant’s repayment capacity. It is a three-digit number that ranges from 300-900. The higher the score, more the chances of approval for the required Personal Loan amount. It’s advisable to have a good credit score to get better loan terms. 

  • Keep documents ready

Before starting your loan application online, keeping all the required documents handy is better. This may include documents like bank statements, three months’ salary slips, one photo ID proof, two photographs, one address proof and more. Check the documents required before beginning the process. ICICI Bank offers pre-approved loans to their select clients. For pre-approved offers loans are disbursed into the applicant’s account instantly, without needing documentation.    

Different banks have different lending procedures. Here are a few common ones:

 Applying through the financial institution’s website

Most banks have an easy-to-navigate website with clear instructions to help applicants get a personal loan in a hassle-free manner. You can click on the link for ICICI Bank and after landing on the page click on ‘Apply Online’ and then follow the steps. 

  • Through their customer support

Most banks offer live chat services to help customers get Personal Loans online. So if you can’t visit the branch and have a problem with the online application, you can take it up with the live chat. Support is available through the mobile app, the website, live chat, and email. Financial institutions also have a toll-free number which you can call to get further assistance. 

  • Through net banking

Log in to the portal of your respective bank with the login ID and password. Navigate to the ‘Loans’ section and check for any pre-approved loans. As mentioned previously, a pre-approved loan is available to ICICI bank’s existing clients and upon applying loan amount is disbursed instantly in the applicant’s account. No documentation is needed in the case of pre-approved loans.

  • Through the bank’s app

Many financial institutions have their app to further ease the online loan application process. For example, ICICI Bank has the iMobile Pay app to make the loan application and repayment process easier. Download the loan app and register. Click on the ‘Offers section’ and then ‘Instant loan approval’. Follow the prompted steps for quick loan approval.

Conclusion

The need for financial assistance can arise at any time. In such situations, t visiting a bank’s branch and waiting in queue can be quite irksome. Thankfully, you don’t need to do that for getting a Personal Loan from reliable financial institutions.

 

RELATED ARTICLES

Most Popular