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.
To avail personal loan from ICICI Bank, an applicant has to meet the following ICICI Personal Loan Eligibility Criteria:
|Minimum age||Minimum 23 years at the time of loan application|
|Maximum age||Maximum up to 58 years at loan maturity|
|Minimum net monthly income||Rs. 30,000|
|Total experience in job or profession||Minimum 2 Years|
|Years stayed in current residence||Minimum 1 year|
|Minimum age||Minimum 28 years (25 years for doctors) at the time of loan application|
|Maximum age||Maximum up to 65 years at loan maturity|
|Minimum turnover||Rs. 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 business||3 years for doctors & 5 years for others|
|Minimum relationship with ICICI Bank||1 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.|
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.
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.
Following are the important documents to be submitted while applying for ICICI Personal Loan:
Documents for Salaried Individuals
Documents for Self-Employed
|Personal Loan Eligibility by Banks|
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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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.
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.
A work experience of at least 24 months is required in order to avail the benefit of ICICI Bank Personal Loan.
The maximum Personal Loan amount an applicant from ICICI Bank is up to Rs. 20 Lakhs.
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.
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.
Yes, the processing fees of Personal Loan are up to 2.25% per annum of loan amount plus GST.
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.