How do I get a personal loan from ICICI Bank?
The first thing you should do if you are planning to apply for a personal loan from ICICI is to check if you are eligible. It is simple to check online if you are eligible for an ICICI personal loan. ICICI offers loans for a tenure of 12-60 months and the maximum amount varies depending on whether you are a salaried employee or a self-employed professional.
Check your eligibility for an ICICI personal loan
Existing customers: If you are an existing customer, you can check if you have a pre-qualified offer simply by entering your credit card, debit card or your loan account number on the website. Further, you can also use their EMI calculator tool to see if the offer suits your requirements. Once you do the eligibility check and calculate your EMI, you can go ahead and finalise your application. You can scan and upload the requisite documents, complete your application and submit it online.
If you are a new customer, then you can use the eligibility check tool online to see if you qualify in terms of age (there is a minimum and maximum), income and employment, and years in the job/profession. If you are self-employed, then you will need to enter details of your turnover, profit after tax and business stability to check if you are eligible for the personal loan.
If you do not have the time, or if you would like to talk with a representative before applying, you could call the Customer Care number. Or you could visit the Help Desk at any ICICI branch for more details on applying for a personal loan.
Documents to be submitted for an ICICI personal loan
Salaried employees will need to submit ID and residence proof, bank statements, salary slips and photographs among other documents.
Self-employed professionals also need to submit ID and residence proof, income proof, and bank statements.
Once you submit your application, you can track the status online using your application number. You will know if your application has been approved within a few days of submission of documents.
Tips to keep in mind when applying for a personal loan
1. Obtain a copy of your credit report and check your credit score. Lenders place emphasis on your credit score when approving a personal loan. It is advisable to have a score of 750 or above to avoid loan rejection.
2. If you have a poor credit score or poor credit history, take time to improve your score and any weak areas in your credit profile before you apply for the loan. You not only improve your chances of being approved, you also ensure easier access to credit in the future.
3. Check the interest rate and determine if you will be able to make all your loan repayments. Personal loans have some of the highest interest rates so it is important that you have a plan for repaying the loan in time to avoid damaging your credit health.