ICICI PERSONAL LOAN ELIGIBILITY CRITERIA
Are you dreaming of a grand wedding, planning a much-needed vacation, or need to manage a financial emergency? ICICI personal loan might be the key to unlocking your aspirations. However, before you take the leap, understanding the eligibility criteria is essential to ensure a smooth borrowing experience. Let’s dive into the eligibility criteria required to avail an ICICI Personal loan.
Eligibility Required – To acquire ICICI Personal loan
ICICI assures personal loans to both salaried individuals and self-employed professionals. It enables you to get loans at an interest rate starting from 10.50%. Before applying for an ICICI personal loan, it is essential to assess your eligibility and ensure that you meet the following criteria:
For Salaried Individuals
|Age||23-58 years of age|
|Monthly Income||Minimum income of Rs 30000 per month|
|Work Experience||2 Years|
|Years in current residence||1 year|
For Self-Employed Professionals
|Age||28-65 Years of age|
|Minimum Profit after Tax|
|Business Stability||Minimum stability of 5 years|
|Existing relationship with Bank||Minimum 1 year of liability or asset relationship|
Documents Required: ICICI PERSONAL LOAN ELIGIBILITY
The following documents are required to avail personal loan from ICICI Bank:
For salaried Individuals
- KYC Documents: Identity and Address proof
- 2 passport-size photographs
- Bank account statement (last 3 months)
- Salary slips (last 3 months)
- KYC Documents: Identity and Address proof
- Proof of Income (audited financials for the last 2 years)
- Bank account statement (last 6 months)
- Office address proof
- Proof of office ownership
- Proof of continuity of business.
Suggested Read: Check Business loan Emi Calculator
How to increase your chances of getting an ICICI Personal Loan?
The criteria for eligibility cover the following aspects:
Credit Score: The credit score is one of the most critical factors considered by ICICI Bank when determining the interest rate. A higher credit score indicates a responsible credit history, making the borrower less risky to lend to. Applicants with good credit scores are more likely to receive a lower interest rate on their personal loans.
Income level and stability: ICICI Bank also considers borrower’s income level and stability. A higher income and a stable job history demonstrate an ability to repay the loan, leading to potentially low interest rates.
Loan amount and tenure: The loan amount and tenure play a role in deciding the interest rate. Generally, larger loan amounts or longer tenures may attract slightly higher interest rates compared to smaller loans or shorter tenures.
Existing Relationship with Bank: Customers who have an existing relationship with ICICI Bank such as a current or savings account, may be eligible for preferential interest rates or special offers.
Age of the Applicant: The age of the applicant also plays a crucial role. Younger borrowers have more years to repay the loan and therefore interest rates and loan amounts are more favorable for younger applicants compared to the older applicant.
FAQs related to ICICI PERSONAL LOAN ELIGIBILITY?
Q.1 What is the minimum credit score required for ICICI Personal loan?
A credit score of 750 or above is required to secure an ICICI Personal loan.
Q.2 How much work experience does a salaried individual require to avail a personal loan from ICICI Bank?
As a salaried individual, a minimum of 2 years of working experience is required to avail a personal loan from an ICICI Bank.
Q.3 What is the maximum amount of personal loan offered by ICICI Bank?
The maximum amount of personal loan offered by ICICI Bank is Rs 50 Lakhs.
Q.4 Do I need to submit any security to avail a personal loan from ICICI Bank?
No, you don’t have to submit any security or collateral to avail a personal loan from ICICI Bank.
Q.5 What is the minimum salary for Icici personal loan?
Salaried individuals with a minimum monthly income of Rs 30,000 qualify for ICICI Personal Loan.
Q.6 Can I get a personal loan without a salary slip from Icici Bank?
According to the bank’s policy, you can avail of a personal loan without a salary slip only if you are a self-employed applicant. However, a salary slip is an essential document for salaried individuals availing the personal loan from the bank.
Q.7 How can I get a 30000 loan without a salary slip?
You can avail 30000 loan without a salary slip by just uploading your recent bank statement and submitting your loan application.
Q.8 What is the EMI for a 3 lakh personal loan?
Considering the tenure to be 72 months ( maximum tenure) and the interest rate offered by ICICI Bank to be 10.50%, the EMI for a 3 lakh personal loan comes out to be Rs 5,634 per month.