You can quickly and conveniently avail ICICI Bank personal loans of up to Rs. 20 lakh. Be it a wedding, home renovation, vacation, medical emergency or higher studies, you can fulfill any personal need using this loan. These personal loans from ICICI Bank can be applied online as well as offline and can be repaid within a maximum tenure of up to 60 months.
ICICI Bank Personal Loan Eligibility Criteria
The eligibility criteria for personal loans offered by ICICI Bank to different types of applicants are as follows:
For Salaried Individual
- You should be at least 23 years old and your maximum age should be 58 years
- Your minimum monthly income should be Rs. 17,500. If you are living in Delhi and Mumbai, your minimum monthly income should be Rs. 25,000. Minimum salary of 20,000 required if you are living in Hyderabad, Chennai, Bangalore, Kolkata or Pune.
- You should have a total job experience of at least 2 years
- You should be staying in your current residence for at least 1 year
For Self- Employed Individuals/Doctors
- If you are a self-employed individual/doctor, your minimum age should be 28 years and if you are a doctor, your minimum age to qualify for this loan should be 25 years
- Your maximum age at the time of application should be 65 years
- If you are a professional, your minimum annual turnover should be Rs. 15 lakh and if you are a non-professional, your minimum annual turnover should be Rs. 40 lakh
- If you are a self- employed individual/proprietorship firm, your minimum profit after tax should be Rs. 2 lakh annually and if you are a non- professional, your minimum profit after tax should be Rs. 1 lakh annually (according to audited financials)
- You should have been involved in your current business for at least 5 years. If you are a doctor, you must have been practicing for at least 3 years
- Applicant needs to have a prior liability association with the bank such as a current or savings account in the past 12 months or an asset relationship (such as loan or credit card) either current or closed in the last 36 months
- You should have a repayment track record as required by the bank
Eligibility for ICICI Bank Top-up Loan
There are two key eligibility criteria in case an individual opts for a top-up loan:
- Have an outstanding personal loan with ICICI Bank
- At least 6 EMI have been paid with respect to the current personal loan
Eligibility for ICICI Bank Personal Loan Balance Transfer
ICICI Bank offers the option of transferring outstanding personal loan balances with other banks to ICICI at a lower rate of interest. The key eligibility criterion for an ICICI Bank personal loan balance transfer is that the applicant should have an outstanding personal loan with a bank other than ICICI Bank. Additional factors that can impact eligibility for this option include income level of the applicant, outstanding debt, credit score/history, etc.
ICICI Bank Personal Loan Eligibility Calculator
In order to help the customers to check their ICICI Bank Personal Loan eligibility online, Paisabazaar offers a Personal Loan Eligibility Calculator, which requires a few out a few basic details like income, loan amount you need, employer, etc. from you to quickly determine your eligibility for a loan.
How to Improve Your ICICI Bank Personal Loan Eligibility?
- Build your credit score: Credit score is a reflection of your past repayments. Therefore, people with a higher credit score have more chances of repaying the EMIs on time and hence are considered more eligible for a personal loan. You can improve/maintain a high credit score by paying your loan EMIs and credit card bills in a timely manner
- Reduce existing debt: To improve your debt-to-income ratio, either pay off all or at least some of your existing loans and credit card dues in full. To be eligible for a new personal loan, it is desirable that you maintain a debt to income ratio of 50% or lower.
- Ensure stable employment track record: In case of salaried individuals, having a stable employment track record is an asset when it comes to being eligible for new loans. This also holds true in case you are self-employed as having been in business for a longer period of time can help your chances of being approved for a new personal loan from ICICI Bank.
Q1. What is the interest rate of ICICI Bank personal loan?
Ans. The interest rate of ICICI Bank personal loan varies from 11.50% to 19.25% p.a.
Q2. What are the documents required for ICICI Bank Personal Loan?
For salaried professionals:
- Proof of Identity: Passport/ Voters ID/Driving License/ PAN Card (any one)
- Proof of Residence: Utility Bill (not more than 3 months old)/Leave and License Agreement/Passport (any one)
- Salary slips for last 3 months
- Latest 3 months’ Bank Statement (where salary/income is credited)
- 2 Passport Size photographs
For self- employed individuals
- KYC Documents: Proof of Identity, Address proof, DOB proof
- Proof of Residence: Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one)
- Income proof (audited financials for the last two years).
- Office address proof
- Latest 6 months Bank statement
- Proof of continuity of business
- Proof of residence or office ownership
Q3. How do I get in touch with ICICI Bank customer care team?
- You can call at 1860 120 7777
- You can visit the nearest branch
Q4. How do I repay my ICICI Bank Personal Loan?
You can repay the loan in Equated Monthly Installments (EMIs). One can also get auto debit mandate activated if they have an existing account with ICICI Bank and if there is an alternate Bank Account then the payment can be made through NACH (National Automated Clearing House).
Q5. Can I foreclose my personal loan?
Yes, you can prepay the entire outstanding loan amount any time after paying the 12 EMIs along with applicable charges.
Q6. Can I get a co-applicant to enhance my eligibility for my personal loan application with ICICI Bank?
No. At present ICICI Bank does not allow you to improve your eligibility for a personal loan by getting a co-borrower.