- ICICI Personal Loan Eligibility Calculator
- ICICI Bank Personal Loan Eligibility Criteria
- ICICI Bank Personal Loan Eligibility Criteria by Profession
- ICICI Bank Personal Loan Balance Transfer Eligibility
- Eligibility for ICICI Bank Top-up Loan
- ICICI Bank Personal Loan Eligibility Calculation
- Factors That Influence Your ICICI Personal Loan Eligibility
- How to Improve Your Eligibility for an ICICI Personal Loan?
- Find Your Personal Loan Eligibility with Fincity Experts
ICICI Personal Loan Eligibility Calculator
ICICI Banks personal loans are available to salaried individuals, self-employed professionals and self-employed non-professionals. An applicant must be a minimum of 23 to 28 years of age, depending on the loan scheme they opt for. They can avail up to a personal loan amount of Rs.20 lakhs, and the repayment tenure ranges anywhere from 12 months to 60 months.
ICICI Bank Personal Loan Eligibility Criteria
A prospective personal loan borrower must meet the eligibility criteria set by ICICI Bank. In the table below, we state a few noteworthy ones:
|Criteria||Salaried||Self-Employed Professionals||Self-Employed Non-Professionals|
|Age||Minimum age: 23 years; |
Maximum age: 58 years
|Minimum age: 28 years |
(25 years for doctors);
Maximum age: 65 years
|Minimum age: 28 years; |
Maximum age: 65 years
|Work Experience||Should be in service for 2 years at least||Should have a stable business for a minimum of 5 years (3 years at least for doctors)||Should be in the same business for a minimum of 5 years|
|Minimum income||Rs.25,000 per month for residents of Mumbai and Delhi; |
Rs.20,000 per month for Chennai, Hyderabad, Bengaluru, Kolkata, and Pune residents;
Rs.17,500 per month for others
|Turnover of at least Rs.15 lakh as per the audited financial records||A turnover of at least Rs.40 lakh as per the audited financial records|
|Residential Status||Resident of India||Resident of India||Resident of India|
|Interest Rate||10.99% p.a. to 16.25% p.a.||10.99% p.a. to 16.25% p.a.||10.99% p.a. to 16.25% p.a.|
|Loan Amount||Up to Rs.20 lakh||Up to Rs.20 lakh||Up to Rs.20 lakh|
|Loan Tenure||From 12 months to 60 months||From 12 months to 60 months||From 12 months to 60 months|
ICICI Bank Personal Loan Eligibility Criteria by Profession
The eligibility criteria for an ICICI Personal Loan varies depending on the applicant type. Below are the details:
For Salaried Applicants:
- The applicant must be a minimum of 23 years of age and a maximum of 58 years of age.
- The applicant should have work experience of a minimum of 2 years.
- The applicant must be residing in their current residence for at least 1 year.
- The applicant’s minimum monthly income must be Rs.17,500. The applicant’s minimum monthly income must be Rs.25,000 if living in Delhi or Mumbai, and a minimum of Rs.20,000 if living in other cities like Hyderabad, Chennai, Bangalore, Kolkata or Pune.
For Self-Employed Individuals:
- The applicant must be a minimum of 25 if they are a doctor and a minimum of 28 if they are a self-employed professional/non-professional.
- The applicant must be a maximum of 65 years of age at the time of loan application.
- The applicant must have a business continuity of at least 5 years. If they are a doctor, they must be practicing medicine for at least 3 years.
- The applicant must meet the repayment track record as needed by the bank.
- The applicant must have a minimum annual turnover of Rs.15 lakhs if they are a professional and an annual turnover of at least Rs.40 lakhs if they are non-professionals.
- The applicant must have a prior liability association with the lender – meaning they should have a current or savings account with ICICI Bank in the past 12 months or an asset relationship by means of a loan or credit card, current or closed in the last 36 months.
- The applicant must have a minimum annual profit after tax of Rs.2 lakhs if they are a self-employed individual or proprietorship firm, and a minimum annual profit after tax of Rs.1 lakh if they are a self-employed non-professional. This should reflect in their audited financials.
ICICI Bank Personal Loan Balance Transfer Eligibility
ICICI Bank offers customers the option to transfer their current outstanding personal loan balance to ICICI at a more competitive rate. To be eligible for an ICICI Bank Balance Transfer, one needs to simply have an outstanding personal loan with any bank other than ICICI. The bank evaluates the borrower’s profile and factors in their credit score, repayment history, outstanding debt, income, etc., before deciding on whether to approve their request for personal loan balance transfer.
Eligibility for ICICI Bank Top-up Loan
An applicant applying for an ICICI Bank Top-up loan has to meet two main criteria:
- The applicant must have an outstanding personal with the bank.
- The applicant needs to have paid at least 6 EMIs towards the outstanding personal loan with ICICI.
ICICI Bank Personal Loan Eligibility Calculation
Would you like to know how much ICICI Bank Personal Loan you are eligible for? Use the Fincity Personal Loan Eligibility Calculator, and enter a few basic details such as your loan amount, income, city and profession know your ICICI Personal Loan eligibility instantly.
Factors That Influence Your ICICI Personal Loan Eligibility
Age: Like most lenders, ICICI Bank also has a lower and upper age limit to be eligible for their personal loans. The minimum age for an ICICI Personal Loan is generally between 21 and 23 years while the maximum age is between 55 and 65 years. This depends on their applicant type and the loan scheme they may be opting for. Younger applicant are often preferred as banks view them as having more work years left to earn and repay the loan amount.
Credit Score: This is a very important factor for banks to evaluate your eligibility for a loan. Credit score reflects your repayment pattern and credit behaviour in the past. A credit score of 700 and above is considered good for a personal loan with ICICI Bank. However, if your credit score is low, it is advisable that you take the necessary steps to improve it before you apply for a loan.
Income: The applicant’s income indicates their repayment capacity and therefore most lenders have a criterion of minimum income to be eligible for a personal loan. Like any other lender, ICICI Bank too take the applicant’s income into account before deciding on their eligible loan amount.
Residential Status: For an ICICI Personal Loan, it is important that the applicant is a resident of India. For salaried individuals, the bank also requires that the applicant be living in their current residence for at least a year.
Employment Status: ICICI Bank looks into the applicant’s employment status as well. Having a stable income indicates a good repayment capacity, making the applicant a good candidate for a personal loan. Having a stable employment record, irrespective of whether you are salaried or self-employed, makes you more eligible for a personal loan.
Debt-to-income Ratio: A high debt-to-income ratio shows that the applicant has a number of debts to repay in the form of credit card bills, loan EMIs, etc. This leave a less proportion of his income which can be used to service the new personal loan. Banks prefer that the applicant maintain a low debt-to-income ratio.
Salary Account with the Bank: Having a salary or savings account with the bank reflects a pre-existing relationship. This helps get your loan application approved quickly.
How to Improve Your Eligibility for an ICICI Personal Loan?
Maintain a Good Credit Score: Having a good credit score always improves you chances of getting your loan application accepted by the bank. Therefore, if there is a scope of improving it, follow simple steps like repay existing debts, pay EMIs on time, etc., to improve your score first and then apply.
Opt for a Secured Personal Loan: You can choose to go for a secured loan, providing a collateral against your personal loan. This lowers the lending risk for the bank and increases your chances of loan approval.
Avoid Applying for Multiple Loans with Different Lenders: Many times, applicants apply with multiple lenders for loans. Every enquiry done by a lender for credit score impacts your score negatively, and indicates to a future lender that you are credit hungry. This reduces your chances of getting a personal loan approved by the bank.
Find Your Personal Loan Eligibility with Fincity Experts
Need an instant personal loan but don’t have time on your hands to check your eligibility? Relax and leave the task to Fincity experts. Connect with us at firstname.lastname@example.org, and we will evaluate your borrower profile and eligibility thoroughly before we negotiate the lowest rates with banks. With 50+ banks to choose from, you will surely find your rate match in no time!