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A personal loan is an unsecured loan which means that collateral is not required to avail a loan, which is provided by most banks and Non-Banking Financial Companies (NBFCs) like ICICI Bank. This is a high-risk loan on the part of the bank or NBFC, due to which interest rates on these loans would be higher than secured loans. But it is also important to note than an unsecured personal is a multipurpose loan and is ideal for immediate cash requirements such as medical emergencies, personal expenses, travel etc., from the reasons we can see that this is for immediate needs and it is important not to get rejected on a personal loan.
This is the reason why it is best to know the eligibility criteria and the factors that affect your loan application to make sure that your loan doesn’t get rejected as each time your loan is rejected it will adversely affect your credit score. If your credit score reduces a lot, it will become very difficult to get a loan or the loan will be of very high interest rate.
Most banks have strict eligibility criteria which depends on applicants age, location, salary, company of employment, marital status, credit score etc. The ideal customer for the banks is a person with a credit score of at least 750 whom they consider extremely “bankable”.
The lender will also fix your loan maximum and minimum based on your repayment capacity calculated based on your disposable income. It is best to know all these factors before applying for a loan so that your application is not rejected, and you get the best loan offer possible.
There are certain factors or criteria stipulated by banks which needs to be satisfied before loan applications are approved. They are
These are the general criteria which you need to satisfy for your loan to be approved. These criteria will change from bank to bank.
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
Important documents to be submitted while applying for personal loans
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.
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
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
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.
In case of any queries regarding ICICI Bank personal loan – be it application process, eligibility criteria, loan approval or loan dispersal can be obtained through ICICI Bank Personal Loan Customer Care toll-free number 1800 102 4242
On the other hand, checking your credit score helps to rectify any negative points on your report as a bad credit score is grounds for loan rejection.
The ICICI Bank personal loan can be repaid in following three ways.
Standing Instruction (SI): If you are an existing account holder with ICICI Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the ICICI Bank account you specify.
Post-Dated Cheques (PDCs): You can submit post-dated EMI cheques from a non-ICICI Bank account at your nearest ICICI Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.
Electronic Clearing Service (ECS): This mode can be used if you have a non-ICICI Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
To make life easy for customers and know exactly how much they need to pay every month customers can make use of the CreditMantri Personal Loan EMI calculator
The importance of this is that customers will know how much EMI they will have to pay based on their loan requirement. This helps them to plan accordingly. CreditMantri’s Personal Loan EMI Calculator is probably the easiest way to compare various personal loan offers and choose the loan best suited to your requirements. Using the Personal Loan EMI Calculator gives you a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.
CreditMantri pre-screens your application and suggests the lender who suits your eligibility and is willing to lend to you. This increases the chances of approval rate and helps you get you the right loan and credit card much easier.
1. How do I increase my loan amount for ICICI Bank Personal Loan?
ICICI Bank allows top up on personal loan if you are eligible to the new loan amount and also having a good repayment history on the existing loan.
2. Is there any processing fee for ICICI Bank Personal Loan?
Yes, a processing fees of up to 2.25% per annum of loan amount plus GST
3. What is the maximum loan limit for ICICI Bank Personal Loan?
The Maximum loan amount for ICICI Bank Personal Loan is Rs.40 lakhs
4. How to get ICICI Bank Personal Loan quickly?
Before applying for a personal loan, it is best to look into ICICI Bank Personal Loan eligibility check. All the information can be found in ICICI Bank website and CreditMantri website.
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