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ICICI Bank Personal Loan Eligibility Criteria - A Snapshot

Icici Bank Personal Loan Eligibility

Loan Amount 

Rs. 50,000 – Rs. 2 Lakhs

Interest Rate

10.5% to 19% per annum

Repayment Tenure

12 months – 72 months

Personal Loan Interest Rates

10.5% to 19% per annum

Loan Processing Charges 

Up to 2.25% of loan amount + GST

Prepayment Charges

5% on principal outstanding + GST

Additional Interest on late payment

24% per annum

Loan Cancellation Charges

Rs. 3000 + GST

EMI Bounce Charges

Rs. 400 per bounce + GST

Overview of Personal Loans from ICICI Bank

ICICI Bank has been a pioneer in many banking features in India. They were one of the first banks to offer internet banking to their customers. Their loan products come with high loan amounts and attractive interest rates to provide timely financial assistance to their customers.

A personal loan is an important loan product for any bank. Personal loans are disbursed quickly and do not require any collateral. They allow customers to obtain funds immediately to meet any unexpected contingency. ICICI Bank personal loans can be utilized for different needs like weddings, vacation plans, home repairs and renovation, fresher funding or as a kind of top-up loan.

Who can apply for a Personal Loan from ICICI Bank?

Eligible individuals can apply for a Personal Loan directly on the ICICI Bank website or at the nearest branch. ICICI Bank personal loans are open for both salaried and self-employed individuals. Here are some of the eligibility criteria to look out for while applying for a personal loan from ICICI Bank:

ICICI Bank Eligibility Criteria for Personal Loans for Salaried Individuals

  • Age Criteria: Applicants should be a minimum of 23 years old and not more than 58 years of age.
  • Income Criteria: The applicant should earn a minimum salary of Rs. 30,000
  • Work Experience: They should have held a job for a minimum of 2 years.
  • Address Proof: They should have been the residents of the current address for at least the past year.

ICICI Bank Eligibility Criteria for Personal Loans for Self Employed

  • Age Criteria: Applicants should be a minimum of 28 years (for self-employed individuals) and 25 years (for doctors); the Maximum age - 65 years
  • Income Criteria: The business should be making a minimum turnover of Rs. 40 lakhs for non-professionals; Rs. 15 lakhs for professionals; as per last audited statements.
  • Profit: The business entity should show a profit of Rs. 2 lakhs (for Proprietorship Firm/Self-employed Individuals) and Rs. 1 lakh for non-professionals, as per audited financials.
  • Age of Business: The business should have been in operation continuously for at least 5 years and for doctors, their practice should be at least 3 years old.

What is the application process for ICICI Bank Personal Loan?

One can apply for an ICICI Bank personal loan in many ways – 

  • You can apply online through the ICICI Bank official website
  • You can even apply through the iMobile banking app
  • Visit your nearest bank branch and apply in person
  • You can apply for a personal loan through any of the ICICI Bank ATMs
  • Send a request mail to ICICI Bank Phone Banking Centre in Hyderabad at ICICI Bank Limited ICICI Bank Phone Banking Centre, P. O. Box No. 20, Banjara Hills P. O., Hyderabad 500 034, India

What are the documents required to apply for an ICICI Bank Personal Loan?

Here is a list of documents required for Salaried Individuals: 

  • Proof of Identity: Passport / Driving License / Voters ID / PAN Card
  • Proof of Residence:  Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport
  • Latest 3 Months Bank Statement where the salary account is held
  • Salary slips for the last 3 months
  • 2 Passport Size photographs

Here is a list of documents required for Self-Employed Individuals: 

  • KYC Documents: Proof of Identity / Address proof / DOB proof
  • Address Proof: Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport
  • Income proof: Audited financials for the last two years
  • Latest 6 Months Bank statement
  • Office address proof
  • Proof of residence or office ownership
  • Proof of continuity of business

What are the factors determining my ICICI Bank Personal Loan Eligibility?

ICICI Bank looks at various factors during the processing of your loan, which decides the amount of loan you are eligible for and the rate of interest that can be given to you. It should be noted that by following such measures, which will improve your reputation with the banker, the loan sum and the interest rate can be negotiated with the banker. Before applying for a personal loan, here are some things to bear in mind:

Having a good credit score

A big factor in assessing your eligibility for ICICI Bank personal loans is your credit score. A good credit score means that repayment history is good. A higher loan amount and lower interest rate are promised. A greater credit score is regarded by banks as an indicator of creditworthiness. This significantly affects the eligibility of your loan amount and interest rate.

Higher revenue means a higher amount of loans

A higher-income guarantees the servicing of the debt on time. Banks provide better rates of lending to higher-income individuals. Banks also favour salaried workers to self-employed individuals because salaries mean that the account receives regular cash flow. Self-employed workers, however, have an advantage over salaried people, since they earn more than they do.

However, remember that high income is just one of the many factors deciding loan eligibility. You may not qualify for a personal loan from ICICI Bank despite having a high salary package if you have several other ongoing debts and a low credit score.

Your age is also relevant

During the personal loan application process, the borrower's age plays an important role. The younger the borrower, the more years he will have to pay the loan back. Personal loans to individuals who are 23 years of age will be made available. Loan amounts and interest rates are very favourable for younger-generation applicants, unlike older candidates.

Jobs & employer type is also taken into consideration

Jobs with a reputable company would certainly get you a decent deal on the interest rates of your ICICI Bank Personal Loan. When authorizing a loan, most banks have a list of approved employers and reputable entities to which they refer. The security of employment and the flow of revenue to bankers is assured by jobs in these firms. You are therefore allowed to request an arrangement with a lower interest rate for higher amounts of personal loans.

Customer loyalty makes a difference

Banking clients with long-term relationship are also given priority, depending on the fact that their credit record is easier to access. The bank will be able to check your account background, any recent credit transactions and your general financial status if you are a current ICICI Bank customer. Therefore, for personal loans, preferential interest rates are given to current customers.

Inclusion of a co-applicant on the loan

When you have another earning member of the household, you can apply a co-applicant to the loan so that their revenue is also taken into account when accepting your personal loan application. If the income of the two borrowers is registered, the effect is a higher repayment potential and hence a lower interest rate.

Existing borrowings and liabilities

Your current loans and obligations play an important part in assessing the eligibility of your personal loan eligibility and interest rates. The opportunity for repayment would be diminished if you have pending debt or other liabilities. This is known to be an increased liability scenario for the lender. The influx of cash would also place more pressure on it. Therefore, for any bank, a person with very low to no current liability is a favoured candidate.

What is a Personal Loan Eligibility Calculator?

While it is quite easy and hassle-free to get a personal loan from ICICI Bank, one must be mindful of the tenure of the loan and the monthly EMI amount. Generally, personal loans are unsecured loans that thus come with a higher interest rate. ICICI Bank has a Personal Loan EMI calculator to help you calculate the monthly amount of EMI to determine if you can afford to make regular payments on personal loans. Since defaulting on repayments on your loan will negatively impact your credit score and affect your chances for future loans as well.

ICICI Bank Personal Loan EMI calculator has three main components:

  • The Loan Amount
  • The Interest Rate
  • The Loan Tenure

In the respective fields, you can enter the loan sum and the approximate rate of interest. You then pick the loan tenure and you will be given the estimated EMI sum by the calculator.

To get the corresponding EMI amount, you will change the loan amount, interest rate and tenure to various values. This way, to accommodate your needs and repayment potential, you will decide the most realistic loan amount and repayment tenure.

The EMI Calculator also displays the total interest that needs to be repaid on your personal loan.

FAQs – Personal loan Eligibility – ICICI Bank

1. Is there an age limit to apply for ICICI Bank Personal Loan?

Yes, the applicant has to be a minimum of 23 years old to apply for an ICICI Bank Personal Loan.

2. What are the basic factors affecting my personal loan eligibility with ICICI Bank?

ICICI Bank personal loan eligibility is primarily determined based on these factors –

  • Credit Score
  • Your Income
  • Your Age
  • Employment Type
  • And your current relationship with the bank

3. Why is my credit score relevant to process my personal loan application?

The credit score reflects your trustworthiness. It asserts your repayment power to the banker. As a personal loan is a line of credit, the banker recommends an applicant with a decent credit score.

4. Can I get a personal loan even if I am not salaried?

Only income is a prerequisite for your ICICI Bank Personal Loan. It is not relevant that you have to be a salaried worker. You can get a personal loan as long as you can present evidence of a stable income.

5. Do I have to be an existing customer of ICICI Bank to apply for their personal loan?

No, you need not be an existing customer of the bank to apply for their personal loans.

6. Can I add my brother, who is an employee with a reputed MNC as a co-applicant on my personal loan application?

Yes, adding a co-applicant enables you to improve your chances of loan sanction at affordable interest rates! Adding co-applicant increases the likelihood of receiving competitive interest rates on your ICICI Bank Personal Loan. You can also get extra preference for a reputed employer.

7. Is there a minimum employment history requirement to avail of ICICI Personal Loans?

Yes, salaried individuals should have been in their current employment for a minimum of 2 years; businesses should have been running continuously for at least 5 years. In the case of professionals, like doctors, their practice should be at least 3 years old.

8. How long does it take for the personal loan to be processed?

ICICI Bank usually processes your personal loan within 2-7 business days, once you have submitted the duly filled application form along with all the required documents.

9. Do ICICI Bank personal loans require collateral or security?

No, personal loans are usually unsecured loans and do not require any collateral or security.

10. What should my income be in order to secure an ICICI Bank personal loan?

A minimum salary of Rs. 30,000 should be earned by salaried people. The business entity should reflect a profit of Rs. 2 lakhs (for Proprietorship Firm/Self-employed Individuals) for self-employed applicants and Rs. 1 lakh for non-professionals, as per audited financials.

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