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Everyone needs money to fulfill their needs when inflation rate is on its peak value. Person cannot survive fully in his limited earnings. When a person needs a small amount of money he/she raises personal loan. Personal loan is an unsecured loan offered by various lending institutions. The usage of this type of loan is not restricted as it can be used by a person to clear old debts, medical bills, and clear trip bills. Generally loan is secured and unsecured. Unsecured means there is no need of any property to serve as collateral. A person can make better chances to avail personal loan at low interest rate by satisfying some eligibility criteria. Several lending institutions provide unsecured loan at the best rates that is ICICI Personal Loan is the good deal to opt with several benefits. Banks check the credit history and repayment ability of the person for a loan. If the credit history and repayment ability are poor then, the rate of interest will be high. If the person has an account in the bank then he/she is eligible for applying for a loan. In some cases the person has bad credit history then the use of the guarantor is a good option. In case person is defaulter then guarantor has to pay all amount of the defaulter person. Person can easily apply for loan by comparing different Personal Loan Interest Rates of different banks. This can be done by going online and comparing the different offers online easily. After finalizing the best loan, the person should check whether he/she has salary account. Various things are needed like identity proof such as driving license/passport/Voter card, residence proof, latest salary slips, bank statements. Generally the person applying for a loan must have a minimum salary of 15,000. Personal loans are easily provided within 48-72 hrs and with less documentation. Personal loans are offered on short term and long term basis. If the person can pay high amount of EMI at a low rate of interest in short duration of time then, short term is the best option. If the person wants to pay a low amount of EMI at low rate of interest in long duration of time long term is the best option. Generally the loan can be prepaid after paying six months installments directly through checks or account debt. If the person is found unable to pay back the loan Bank can make the possession on his property to recover the debt.
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