ICICI Personal Loan Eligibility

To avail personal loan, you have to meet the personal loan eligibility criteria set by the lender. Below is the detailed ICICI Personal Loan Eligibility you should fulfill to be eligible for the loan.

 

ICICI Bank Personal Loan Eligibility

To avail personal loan from ICICI Bank, an applicant has to meet the following ICICI Personal Loan Eligibility Criteria:

ICICI Bank Personal Loan Eligibility for Salaried

Minimum ageMinimum 23 years at the time of loan application
Maximum ageMaximum up to 58 years at loan maturity
Minimum net monthly incomeRs. 30,000
Total experience in job or professionMinimum 2 Years
Years stayed in current residenceMinimum 1 year

ICICI Bank Personal Loan Eligibility for Self-employed

Minimum ageMinimum 28 years (25 years for doctors) at the time of loan application
Maximum ageMaximum up to 65 years at loan maturity
Minimum turnoverRs. 40 Lakhs for non-professionals & Rs. 15 Lakhs for professionals (as per audited financials)
Minimum profit (after tax deduction) Rs. 2 Lakhs for proprietorship firms or self-employed individuals & Rs. 1 Lakh for non-professionals (as per audited financials)
Minimum stability in current business3 years for doctors & 5 years for others
Minimum relationship with ICICI Bank1 year liability relationship (such as current/ savings account) or asset relationship (such as loan) which is either active or has been closed in the last 36 months. Borrower’s repayment track must be clean.

ICICI Bank Personal Loan Eligibility Factors

ICICI Bank Personal Loan Eligibility Based on Age

The age criteria for the approval of the Personal Loan are minimum 23 and maximum 58 years for salaried individuals, 28 and 65 years for self-employed individuals, and 25 and 65 years for doctors. ICICI Banks offers Personal Loan for the maximum duration of 60 months.

ICICI Bank Personal Loan Eligibility Based on Income

The net income necessary to get the Personal Loan approved is Rs. 30,000 per month for salaried individuals. Non-professionals should generate minimum Rs. 40 Lakhs annual turnover, and annual turnover for professionals must be Rs. 15 Lakhs as per audited financials. The ICICI Bank Personal Loan Eligibility 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.

ICICI Personal Loan Features

  • Maximum Loan amount up to Rs. 20 Lakhs
  • Interest rate 11.25% to 21% p.a.
  • Tenure of repayment - Maximum 60 months
  • Lowest EMI Per Lakh - Rs. 2,187
  • Processing fee - Up to 2.25% + GST
  • Balance transfer facility available
  • Get loan in just 3 minutes with ICICI Bank Instant Personal Loan online.
  • 24x7 personal loan assistance
  • Minimum documents required
  • No collateral required
  • Prepayment charges waived off if it’s done after paying off 12 EMIs.

Ways to Reduce Your EMIs

  • Check your credit score before applying for the Personal Loan. The credit score of 700 and above is considered ideal for the loan approval. If your credit score is not up to 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.
  • 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 personal loan interest rate and lower the amount of your EMI.
  • Opt for a longer tenure to lower your EMI as your principal and rate of interest will be divided proportionately with the number of months.
  • One of the best ways to significantly lower the amount of EMI is to make a prepayment 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.

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)

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

Kotak Personal Loan Festival Offer 

Ahead of festival season, Kotak Mahindra Bank has announced Rs 999 flat processing fee offer on Personal Loans. Customers can avail of instant approvals on personal loan applications up to Rs. 20 Lakhs at lowest interest rate starting at 10.25% p.a for maximum of 5 years. 

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ICICI Bank Personal Loan Eligibility FAQs

What are the eligibility criteria to avail ICICI Bank loan?

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 25 for doctors.

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

According to the ICICI Bank Personal Loan Eligibility Criteria, Rs. 25,000 per month should be the minimum income for the salaried employee if they are residing in Delhi and Mumbai; Rs. 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?

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 Rs. 20 Lakhs.

Will CIBIL Score affect my Personal Loan from ICICI Bank?

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?

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?

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?

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