ICICI Bank Personal Loan Eligibility

Age of the Applicant

18 to 70 years

Eligible Salary

25,000 per month and above

Work Experience for Salaried

3 years and above

Business Stability for Self Employed

5 years and above

Minimum CIBIL Score


Maximum Loan on Property Value

Up to 90%

Maximum EMI as percent of income


Eligibility with Co-applicant

Up to 3 earning family members may be added to get higher loan eligibility

check your eligibility


ICICI Bank Personal Loan Eligibility

Personal Loan is offered by most of the banks and non-banking financial companies (NBFCs). A Personal Loan is an unsecured loan and does not require any collateral. It is a high-risk loan for the bank or NBFC hence the interest rates for the Personal Loans are higher as compared to that of secured loans.

An unsecured loan is an ideal way to get immediate financial help in case of a medical emergency or any other personal problems. The Personal Loan is meant to fulfill immediate needs and it is very crucial not to get a rejection of the Personal Loan application.

That is why it is important to know the eligibility criteria for a Personal Loan before applying in order to be well prepared. Several factors can have an effect on your loan application.

ICICI Bank was founded in 1994 and it is one of the leading private sector banks in India. It offers a wide range of banking products and other financial services, including Personal Loans for various needs. There is an array of products offered by ICICI. These products are designed to meet diverse needs of the customers.

Read on to learn all about ICICI Bank Personal Loan Eligibility.

How Can I Get ICICI Bank Personal Loan?

Personal Loan Application Process for Existing Customers

The existing account holder of ICICI Bank can apply for the Personal Loan. One can also visit the bank in person to apply for the Personal Loan or apply online. A loan application form is available on the ICICI bank official website. You can fill up the details and furnish the required documents to either submit online or personally to a bank representative. Alternatively, you can apply for an ICICI Personal Loan via MyMoneyMantra and let our executives handle the whole procedure for you in a seamless manner.

There are chances that the loan application is approved instantly and funds are dispersed quickly to the applicant.

Personal Loan Application Process for New Customers

The procedure to apply for Personal Loan for non-existing customers is similar to that for an existing customer. The entire procedure may take a little longer as the bank does not have a long-term relationship with the non-existing customers. It may take a week's time to get the verification process done

You can also check the eligibility for the Personal Loan on MyMoneyMantra and apply accordingly for the loan.

ICICI Bank Personal Loan Eligibility Criteria

Below listed are the few general criteria that one needs to fulfill to get the Personal Loan approved at the earliest without much delay. The criteria may change as per the bank.

ICICI Bank Personal Loan Eligibility Based on Age

  • Age: The age criteria for the approval of the Personal Loan are minimum 23 and maximum 58 years for salaried individuals, 28 and 58 years for self-employed individuals, and 25 and 58 years for doctors. ICICI Banks offers Personal Loan for the maximum duration of 60 months.

ICICI Bank Personal Loan Eligibility based on Income and FOIR

  • Net Income: The net income necessary to get the Personal Loan approved is 25,000 per month for salaried individuals. Non-professionals should generate minimum 40 Lakhs annual turnover, and annual turnover for professionals must be 15 Lakhs as per audited financials. The eligibility of an individual to get a Personal Loan approved depends on this net income. The capacity to pay the EMIs timely is assumed based on the income earned by an individual. The EMI must not affect one's standard of living.

  • FOIR: The most important factor that affects the eligibility of a loan applicant is FOIR (Fixed Obligation to Income Ratio). All the fixed obligations are taken into account while considering your loan application at ICICI Bank. 0.45 is the minimum FOIR to be eligible for the Personal Loan. Use ICICI Bank Personal Loan calculator to calculate and compare the eligibility and apply with ease for the Personal Loan.

  • Co-applicant: Increase the repayment capacity for the Personal Loan by adding a co-applicant and increasing one's eligibility. One should make sure the co-borrower has stable income flow and limited fixed obligations along with a good credit score.

ICICI Bank Personal Loan Eligibility Based on CIBIL Score

The CIBIL score captures the credit behavior and track record of the past borrowers. A good CIBIL score is very important to determine the eligibility to get the Personal Loan. ICICI Bank will check the complete CIBIL report in detail while considering your application for the Personal Loan. The CIBIL report includes all the information regarding current loans, Credit Card payments, EMI payments, and so on. Higher the credit score more are the chances of getting your loan application approved with the lower rate of interest. In case, if you have a lower CIBIL score your chances of getting the Personal Loan application approved are low. A minimum credit score of 700 is required by ICICI bank to consider your application.

Here are a few factors, which can affect your credit score:

  • Usage of credit limit: The credit bills and use of your Credit Card limit has a good effect on your credit score. The delay in paying the bills of Credit Card can lead to lower credit score. The frequent withdrawals and exceeding your Credit Card limit can also hamper your credit score and portray a financially stressed scenario.

  • Multiple loan applications:Applying for a loan with more than one bank can also negatively affect your CIBIL score. If your loan application is rejected from multiple banks it may affect your creditworthiness. It is important to improve the creditworthiness and then apply for the Personal Loan.

  • Late payments on past loans: The delay in making timely payment on the existing or past loan can have a negative impact on your CIBIL score. It can considerably reduce the chance of getting an approval of your loan with ICICI Bank.

  • The high number of unsecured loans: It is very important to maintain a perfect balance between the secured and unsecured loans. The more the ratio of your unsecured loan lesser is your chances to get a good credit score.

ICICI Bank Personal Loan Eligibility Based on Other Factors

There are several factors that are responsible for getting a Personal Loan approved from ICICI bank. Below-mentioned are some important factors:

  • Job stability and profession: It is very important to have job stability before applying for the Personal Loan. The job stability is extremely important to increase your credit score. Employees of the reputed large companies are given preference for the Personal Loan. The total work experience, profession, and job stability is assessed thoroughly while considering loan application. ICICI Bank prefers individuals having work experience of more than 24 months.

  • Residence place and stability: The place or area of residence is also an important factor for the bank to consider your application. There are several areas that banks do not consider positive. ICICI Bank like many other banks has a comprehensive list of predecided areas that are not considered good to lend a loan to the borrower. If your location falls in that negative list the bank may not consider your application because of its past experience with borrowers from such localities. ICICI Bank will also do a thorough check to know the number of years you are residing in the current address. In case you are staying in your own residence the chances of getting your loan approved from ICICI Bank are higher. An individual should be residing in this current residence for a minimum of 12 months.

  • Industry type: The type of profession and industry one works in also has an impact on the loan application. Several industries are considered negative for lending the loan. ICICI Bank has a negative list of profession and industry as well. The loan approval depends upon the type of profession and industry as well.

  • Salary Mode: The banks mostly consider the salary being transferred directly to the bank account as a safe and secured along with proper income proofs. However, in case the cash flow is more, i.e, you are earning through cash or getting cheques, the chances your loan application will get approved is less as it is not a concrete evidence of your income stability. Therefore, salary transfer mode is considered best to support the Personal Loan application.

Documents Required for ICICI Bank Personal Loan

Following are the important documents to be submitted while applying for ICICI Personal Loan:

Documents for Salaried Individuals

  • Proof of residence: Utility Bill (not more than 3 months old)/ Leave and License Agreement/ Passport

  • Proof of identity: Driving License/ Passport/ Voters ID/ PAN Card

  • Last 3 months' bank statement (of the account where salary or income is credited)

  • Last 3 months' salary slips

  • 2 recent passport size photographs

Documents for Self-Employed

  • KYC Documents: Address proof; Proof of Identity; DOB proof

  • Proof of Residence: Utility Bill (not more than 3 months old)/ Leave and License Agreement/ Passport

  • Income proof: Last 2 years' audited financials

  • Last 6 months' bank statement

  • Proof of office address

  • Proof of residence or office ownership

  • Proof of business continuity

Ways to Reduce Your EMIs

Check your credit score: It is best to online check the credit score before applying for the Personal Loan. The credit score of 700 and above is considered ideal for the loan approval. The credit score of 700 and above means you have timely paid all your dues and are one of the most consistent customers of the bank. You will be given good preference and the probability of getting your loan approved with lower EMI is more.

If your credit score is not upto the mark, the risk of your loan application getting rejected is more or you may have to pay higher EMIs if your loan is approved.

Negotiate with the bank: If you are sharing a good and cordial relationship with your bank and if your bank knows about your salary, expenses and other details. You can negotiate with your bank to offer you the best interest rate and lower the amount of your EMI. If you have a good track record and you are an existing lender or have previously take a loan from the bank and have cleared all your dues timely you can definitely negotiate with your bank to get the best deal.

Opt for a longer tenure:  Having a longer period for your loan will lower your EMI as your principal and rate of interest will be divided proportionately with the number of months. While the actual EMI will be lower, you will have to pay the loan for the longer period. This may reduce your monthly burden but you may pay more at the end of the loan tenure.

Making an early pre-payment: One of the best ways to significantly lower the amount of EMI is to make a pre-payment of your loan. If you are in a position to repay your loan you can always do the pre-payment as it will decrease the principal and thereby will save your interest too on other payments.

Paying Your ICICI Bank Personal Loan

One can repay the ICICI Bank Personal Loan in the following three ways

Standing Instruction (SI): Standing instruction is the best mode of payment for the existing ICICI Bank account holder. In this, your EMI amount gets directly debited from your ICICI Bank account at the end of the monthly cycle.

Post-Dated Cheques (PDCs): You can also pay your EMI through PDCs from a non-ICICI bank account to your nearest ICICI Bank Loan Centre. It is important to note that PDCs can be collected only from non-ECS locations.

Electronic Clearing Service (ECS): ECS can be used only if you are a non-ICICI Bank account holder. In this method, the EMI amount will be deducted directly from your account at the end of the monthly cycle.

PDCs are prone to errors and hence, it is highly recommended to opt for either the SI or ECS mode of payment for faster payment of your EMIs easily.

Why Apply for a Personal Loan Through MyMoneyMantra?

MyMoneyMantra will screen all your loan perquisites and will suggest the best bank suitable for you for the Personal Loan. MyMoneyMantra will also help you know your eligibility. This will surely increase your chances of getting your Personal Loan application approved or get the Credit Card faster without much hassle.

Why Use MyMoneyMantraPersonal Loan EMI Calculator?

You can use MyMoneyMantra Personal Loan calculator to calculate the exact amount you need to pay every month and channelise your finances accordingly. This will make your life much easier.

The customer can now know an approximate amount of EMI and interest they need to pay with the help of MyMoneyMantra's EMI Calculator. The calculator is the easiest way to compare various Personal Loan options available and helps you to choose the best suitable option to meet your needs. This calculator gives you a quick and accurate comparison of various loans and EMI options from different banks and NBFCs.


What are the eligibility criteria to avail ICICI Bank loan?

Ans. The maximum age for salaried employees is up to 58 years and 65 for self-employed individuals. The minimum age of the loan applicant required to get a Personal Loan from ICICI Bank is 23 years for salaried, 28 for self-employed individuals and 35 for doctors.

What should be the minimum net monthly income of the customer to get ICICI Bank Personal Loan?

Ans. 25,000 per month should be the minimum income for the salaried employee if they are residing in Delhi and Mumbai; 20,000 for applicants living in Chennai, Hyderabad, Bangalore, Pune & Kolkata; and 17,500 for applicants of other locations.

How much work experience is required for a Personal Loan from ICICI Bank?

Ans. A work experience of at least 24 months is required in order to avail the benefit of ICICI Bank Personal Loan.

What is the maximum loan amount an applicant can get?

The maximum Personal Loan amount an applicant from ICICI Bank is up to 20 Lakhs.

Will CIBIL Score affect my Personal Loan from ICICI Bank?

Ans. Yes, the minimum CIBIL score for the personal score is 700 and above. CIBIL Score has a great impact on the Personal Loan. A good credit score indicates a good repayment record. Most banks reject loans if your credit score is low.

How do I increase my loan amount for ICICI Bank Personal Loan?

Ans. You can increase the loan amount while opting for the Top-up Loan in case you are eligible for the new loan along with good past loan payment history.

Is there any processing fee for ICICI Bank Personal Loan?

Ans. Yes, the processing fees of Personal Loan are up to 2.25% per annum of loan amount plus GST.

How to get ICICI Bank Personal Loan quickly?

Ans. In order to get the Personal Loan approved by ICICI bank quickly, it is suggested to get the Personal Loan Eligibility Check Online. You can find all the information concerning this on ICICI Bank Website as well as on MyMoneyMantra.

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