ICICI 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

Note: Now customers can know their bank balance using ICICI Bank Balance Check Number service.

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.

Also Check: CIBIL Score Required for Personal Loan

• Maximum Loan amount up to Rs. 20 Lakhs
• Interest rate 10.75% 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.

• 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.

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