How long does it take to get a Personal Loan?

Unlike other loans, the approval process of a Personal Loan is usually fast. Easy accessibility makes this type of loan a popular choice among users who are facing financial crisis. The paperwork is minimal and it requires zero collateral. If you are in urgent need of cash, it can be extremely handy. Let’s get to know how much time it takes to get a Personal Loan approved.

How long does it take to get a Personal Loan?

You can apply for an ICICI Bank Personal Loan ranging from Rs 50,000 to Rs 50 lakh at attractive interest rates instantly.

Factors that affect the turnaround time of a Personal Loan.

If you are applying for a Personal Loan for the first time, the Bank assesses the loan approval against a lot of parameters.

• Your age:

Age is a significant factor while considering an application for a Personal Loan. If you are in your 20s and have a stable income, banks are likely to approve your loan application since you will get ample time to repay the funds. If you are a salaried professional, the age should be between 23-58 years. For self-employed individuals, the Personal Loan eligibility age should be 25-65 years.

• Your existing debt:

If you have too many debt obligations, getting an approval for a Personal Loan instantly would be difficult, because high debt poses a greater risk of defaulting on loan payments. Hence, it is always advisable to clear your debt before you apply for a Personal Loan.

• Your income:

Being salaried or self-employed with a steady flow of income will get you a Personal Loan approval quickly. You need to meet the minimum earning requirement to be eligible for the loan.

ICICI Bank offers Personal Loans for medical emergencies, weddings, higher studies, travel and business among others. In addition, the Bank offers a Pre-approved Instant Personal Loan facility, which is available only to select customers. As an existing customer of the Bank with a good credit history and repayment cycle you can be eligible for the offer. The loan will be disbursed in seconds.

Also, those who do not have an ICICI Bank Account and wish to apply for a Personal Loan can do so with the help of our UCJ (Unified Customer Journey) platform.

Complete your KYC virtually and share your salary details through an Account Aggregator or Salary Account Login under the UCJ Platform.

Key highlights:

• No documentation: Lengthy paperwork or documents are not required, since the Bank already has your profile & credit history details

• Least processing time: The loan is disbursed within 3 seconds once you enter the Debit Card grid details

• Flexible repayment time: Select the repayment cycle as per your preference and ensure a stress-free repayment schedule

• No Security/Collateral required: ICICI Bank does not ask for any security or guarantor

• Lower Personal Loan Interest Rate: Avail the loan amount at an attractive interest rate.

The benefit of a Pre-approved Personal Loan is a quick eligibility check and less than an hour’s loan application process.

The final word:

The turnaround time differs from bank to bank. The loan verification process takes the maximum time but if you need instant funds, check whether you are eligible for a Pre-approved Personal Loan Offer. For instance, the online loan application process of ICICI Bank’s Pre-approved Personal Loan is easy and quick. Once the application process is done, the loan gets disbursed within seconds to select customers.

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