Are You Eligible for an ICICI Bank Personal Loan?

An emergency means you need emergency funds. Unless you had saved for a rainy day, this is a tough position to be in for most people. In these times, your best option would be to apply for an ICICI Personal Loan.

A Personal Loan is a good option in times of crisis, as well as if you are planning your dream vacation and need extra cash in hand to spend on your trip. Additionally if you are getting married and have many related expenses, you can get a short term personal loan for this purpose.

You can use money from a Personal Loan to buy anything that you would otherwise have not been able to obtain with your regular monthly pay cheque. ICICI bank is a trusted and user-friendly bank that people turn towards in times of need; be it a Home Loan, a Business Loan, or most commonly a Personal Loan. The ICICI Bank Personal Loan interest Rates are best in class.

The first step in the application of any credit is to check whether you are eligible for the loan or not. Most banks have their criteria for eligibility when it comes to a Personal Loan.

ICICI bank believes that their customers’ time matters thus you would not have to go through the typical circus that is involved with applying for a loan offline. You can check your eligibility quickly either with the online eligibility calculator or by merely visiting the ICICI branch that is closest to you. By filling out a few details, you can get instant results for your eligibility. You can also talk to our Loan Specialists at MyMoneyMantra at 1800 103 4004 to apply online.

Criteria for ICICI Bank Personal Loan Eligibility

For salaried individuals

• You need to be between 23 and 58 years of age.
• The minimum net salary should be at least 17,000 in states other than Mumbai and Delhi where it is 25,000. For Pune, Kolkata, Bangalore, Hyderabad, and Chennai, minimum salary required is 20,000 per month.
• You need to have a total of 2 years of experience in the same job or profession.
• You should be residing in the same house for at least past one year.
• The requirements can change depending on specific factors such as the relationship of the borrower with the bank, the profile of the borrower, and so on.

For self-employed individuals

• You should be at least 28 years of age if you are self-employed and at least 25 if you are a doctor.
• The maximum age limit for self-employed individuals is 65 years.
• The minimum turnover per year for these individuals should be 40 Lakhs for non-professionals and 15 Lakhs for professionals as per the current audit carried out.
• The minimum profit earned after tax should be 2 Lakhs in the case of a proprietorship and 1 Lakh in case of non-professionals per the audit.
• You should be able to prove that your business is a stable one, i.e., it should be a steady business for at least 5 years in the case of non-professionals and at least 3 years in the case of doctors.
• If you are a self-employed individual you would need at least a 1 year liability relationship with the bank, i.e., a savings or a current account or you should have an asset relationship, i.e., an ongoing loan with the bank or one closed in the past 36 months. You will also need to have the repayments tracked as per the requirements of the bank.

Documents required

If the loan is sanctioned to you, then you would need to give the bank a series of papers such as

• Proof of identity – passport, voters ID, Drivers license, or PAN card.
• Proof of residence – the leave or license agreement, utility bills, or passport.
• Your bank statements for the past three months.
• Your salary slips for the past three months.

To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 60+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.

Also Read: Should You Avail a Personal Loan to Fund Your Big Fat Indian Wedding?