You can quickly and conveniently avail ICICI Bank Personal Loan that is offered upto Rs. 20 lakh. Be it a wedding, home renovation, vacation, medical emergency or higher studies, you can fulfill any personal need using this personal loan. ICICI Bank personal loan can be applied online as well as offline and can be repaid maximum by 60 months.
ICICI Bank Personal Loan Eligibility Criteria- For Salaried Professional
- You should be at least 23 years old
- Your maximum age should be 58 years
- Your minimum salary should be Rs. 17,500. If you are residing in Delhi or Mumbai then your minimum income should be Rs. 25,000 and you are residing in Chennai, Bangalore, Hyderabad, Kolkata or Pune, the minimum income should be Rs. 20,000
- You should have a total working experience of minimum 2 years
- You should be living in the current residence for at least a year
ICICI Bank Personal Loan Eligibility Criteria- For Self- Employed Individual
- You should be at least 28 years old
- Your maximum age should be 65 years. If you are a doctor then your minimum age should be 25 years
- If you are a non- professional, your minimum turnover should be Rs. 40 lakh and if you are a professional, your minimum turnover should be Rs. 15 lakh
- Your minimum profit after tax should be Rs. 2 lakh if you are a proprietorship firm/self-employed individual and should be Rs. 1 lakh if you are a non- professional
- You should be in your current business for at least 5 years and should be in practice for minimum 3 years if you are a doctor
- You should have minimum 1 year liability relationship with ICICI Bank (either savings or current account) or Asset relationship (loan) either live or closed in the last 36 months
- Your repayment track (if any) should be as required by the bank
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 basic details from you to quickly process your loan application.
How to Improve Your ICICI Bank Personal Loan Eligibility?
- Build your credit score: Credit score is a reflection of your past repayments and it usually ranges from 300 to 900 with 300 being the lowest. People with a credit score of 750 or above have more chances of repaying the EMIs on time and hence are considered more eligible for a personal loan. To check your credit score or credit report for free,click here.
- Clear your existing loans and credit card bills: To improve your debt-to-income ratio, either pay all or at least some of your existing loans and credit card bills in full. To be eligible for another personal loan, it is necessary to save at least 45 to 40% of your salary every month after paying all the EMIs and credit card bills
- Include all sources of income: Your income helps the lender to evaluate your repayment ability and hence it is important to include all the sources of income you have including your salary, variables, rental income, etc.
- Apply jointly with your spouse: Applying for a personal loan jointly with your spouse increases your loan eligibility as your spouse’s income and credit score is also considered in the process
Frequently Asked Questions
What is the interest rate of ICICI Bank personal loan?
The interest rate of ICICI Bank personal loan varies from 11.50% to 19.25% p.a.
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
How do I get in touch with ICICI Bank customer care team?
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).