Details of ICICI Bank Personal Loan Eligibility Criteria
The ICICI Bank Personal Loan Eligibility Criteria, both for salaried and self-employed loan applicants, are as follows:
ICICI Bank Personal Loan Eligibility Criteria for Salaried
- Age: 20 – 58 years
- Minimum monthly income: Rs 30,000
- Work experience: At least 2 years
- Total years in current residence: At least 1 year
ICICI Bank Personal Loan Eligibility Criteria for Self-Employed
- For self-employed: 28 – 65 years
- For doctors: 25 – 65 years
- For professionals: Rs 15 lakh (as per audited financials)
- For non-professionals: Rs 40 lakh (as per audited financials)
Minimum Profit After Tax
- For self-employed/proprietorship firm: Rs 2 lakh (as per audited financials)
- For non-professionals: Rs 1 lakh (as per audited financials)
- For doctors: At least 3 years
- For current business: At least 5 years
Existing Relationship with ICICI Bank: At least 1 year liability/asset relationship either running or closed in the last 3 years.
Factors that Affect ICICI Bank Personal Loan Eligibility
The role of credit score of personal loan applicants’ in determining ICICI Bank Personal Loan Eligibility has not been disclosed by the lender. However, most banks/NBFCs consider the loan applicants’ credit score while assessing their personal loan applications. Personal loan applicants having credit scores of 750 and above are considered creditworthy by lenders, who are more likely to approve their loan applications. Some lenders also provide lower interest rates on personal loans to loan applicants having higher credit scores. Therefore, having higher credit scores can help loan applicants avail personal loans at low interest rates.
Personal loan applicants with zero or low credit scores can avail the Step Up Credit Card co-branded with SBM Bank India Ltd., a lifetime free credit card issued by Paisabazaar.com secured against the fixed deposits of SBM Bank, in order to build/increase their scores and improve their ICICI Bank Personal Loan Eligibility.
EMI Repayment Capacity
The role of personal loan applicants’ repayment capacity (after factoring in their EMIs) for ascertaining their ICICI Bank Personal Loan Eligibility has not been disclosed by the lender. Lenders usually require prospective borrowers to limit their monthly loan repayment obligations (including the EMIs both from their existing loans and the proposed personal loan) to within 50-60% of their overall monthly income. Thus, prospective personal loan applicants exceeding the 50-60% limit should opt for longer personal loan tenures, as it will help them reduce their EMIs and improve their loan repayment capacity. Such individuals should make use of ICICI Bank Personal Loan EMI Calculator to find their optimum EMI and loan tenure based on their repayment capacity.
As mentioned above in ICICI Bank Personal Loan Eligibility Criteria, both salaried and self-employed applicants are eligible for availing ICICI Personal Loans. The bank offers personal loans to salaried applicants provided they have a minimum work experience of 2 years. Self-employed applicants with at least 5 years of business stability (minimum 3 years for doctors), minimum turnover of Rs 15 lakh (Rs 40 lakh for non-professionals) and profit after tax of Rs 2 lakh (Rs 1 lakh for non-professionals) as per the audited financials are eligible for availing ICICI Bank Personal Loans. While ICICI Bank has not disclosed its interest rate differentials based on the occupation profile of its loan applicants, many lenders set the personal loan interest rates of their loan applicants based on their occupation profiles.
Existing Consumer Relationship with ICICI Bank
ICICI Bank requires the self-employed personal loan applicants to have at least 1 year relationship (either running or closed in the last 3 years) with itself. However, the bank has not set any such conditions for its salaried personal loan applicants. Moreover, the bank has also not disclosed whether its existing customers get any special preference/concession while evaluating their personal loan eligibility. However, many banks/NBFCs prefer providing personal loans to their existing customers.
ICICI Bank also offers pre-approved instant personal loans with quick disbursal and/or nil documentation to their select customers having good credit history or clean track record of repaying their dues. The bank also offers pre-approved personal loans to customers with no credit history by considering parameters like their income and saving history. Existing ICICI Bank customers can check their eligibility for pre-approved or prequalified personal loan by visiting the bank’s website or mobile banking application.