ICICI Bank Personal Loan Eligibility | ICICI Bank Personal Loan
ICICI Bank Personal Loan Eligibility Criteria
There are certain factors or criteria stipulated by banks which needs to be satisfied before loan applications are approved. They are
| Age | Minimum 21 years |
| Maximum 65 years | |
| Nationality | Indian |
| Employment Type | Salaried or Self-employed |
| Employment status | Employed/In-business for at least 2 yrs. and at least 1 yr. with current employer/business |
| Minimum Income | Rs.4000 - Rs.20000 per month (Varies according to area, which is higher in cities) |
| Maximum Loan Amount | Rs.70 lakhs (Based on your repayment capability) |
| Tenure | Minimum – 6 months |
| Maximum – 60 months | |
| Credit Score | Preferred 750 |
These are the general criteria which you need to satisfy for your loan to be approved. These criteria will change from bank to bank.
Factors Affecting ICICI Bank Personal Loan Application
Apart from the eligibility criteria there are certain factors that affect your loan application mainly the minimum salary expectation and your loan amount eligibility. They are
- Location: the place where you stay play an important part in your loan application. This determines the minimum salary amount for you to be eligible for a personal loan. The minimum salary is higher in the cities and more so in the case of metropolitan cities like Mumbai.
- Income: The higher the income the better loan amount you will get. This also shows that your repayment capability is excellent.
- Housing situation: Whether you stay in your own house or in a rental property also play a part in determining your loan amount. This is because staying in a rental property reduces the disposable income, which means that your repayable capacity is reduced.
- Company of employment: Working for a reputed company close to a year could indicate to the lender you are in a stable job, the better the rating of the company the better the personal loan interest rate can be negotiated.
- Existing credit: If you already have another loan or credit card debt will play a major factor in determining your loan amount and interest rate.
- Credit history: Your credit history based on which your credit score is calculated is very important. It is a primary factor upon which the loan amount, interest rate and tenure depend upon. If there is any discrepancy in your credit history, there are chances of your loan being rejected outright.
Documents Required for ICICI Bank Personal Loan
Important documents to be submitted while applying for personal loans
- Completed loan application
- 3 Passport size photographs
- Statement of Bank Account/ Pass Book for last six months
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- IT returns for the three years for self-employed professionals
- Form 16/IT returns for the last two financial years for salaried employees
ICICI Bank Personal Loan
ICICI Bank is one of the leading private sector banks in India. ICICI Bank was founded in 1994 and provides a wide range of banking products and financial services. It offers an array of credit products designed to suit the many differing needs of its customers.
ICICI Bank personal loan eligibility criteria for salaried and self-employed person
Age limit: Minimum 23, Maximum 58 and Self-employed Minimum is 28 years
Minimum Loan Amount for ICICI Bank Personal Loan:
ICICI Bank provides personal loans starting from Rs.1 Lakh
Maximum Loan Amount for ICICI Bank Personal Loan:
ICICI Bank provides loans to a maximum of Rs.40 Lakhs
Minimum Salary Requirement for ICICI Bank Personal Loan: Minimum salary for ICICI Bank Personal loan is Salaried – Minimum monthly income Rs.17,500 (Rs.25,000 for applicants residing in Mumbai & Delhi; Rs.20,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata) Self-employed – Rs.40 lakhs for non-professionals; Rs.15 lakhs for professionals annually
Work experience Required for Yes Bank Personal LoanSalaried
Number of years in current company: 1 year
Total work experience: Minimum 2 years
Self-Employed
In current business for at least 5 years and minimum 3 years for doctors
ICICI Bank Personal Loan Tenure: ICICI Bank offers loans for a tenure with maximum of 60 months
ICICI Bank Personal Loan Interest Rate: The interest rate for ICICI Bank personal loan is 10.99% to 22.00%
ICICI Bank Personal Loan Charges
Loan processing charges: Up to 2.25% per annum of loan amount plus GST
Foreclosure charges: 5% per annum of principal outstanding plus GST
Duplicate No Due Certificate/No Objection Certificate (NOC): Rs.200/- Per event
Charges for late payment of EMI: 24 % p.a on amount outstanding from date of default
How can I get ICICI Bank Personal loan?
Personal loan Application Process for Existing Customers
Existing customers can apply for a ICICI Bank Personal online or visit a nearby ICICI Bank branch for the application. You can also download the home loan application form from the ICICI Bank official website, complete the form and submit it to the bank representative. Due to already existing scenario the chances of approval of the application will be high and dispersion of funds fast.
Personal loan Application Process for New Customers
The process to apply for ICICI Bank personal loan when it comes to new customers is same as with existing customers. The only difference is due to lack of previous relationship the loan approval process will take some time – maximum of a week as all the verification process will take place.
You can also check your eligibility for a personal loan through CreditMantri and apply for it.