CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, 2nd Floor, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
Have any queries? Click here for more details
All written queries will be responded within 1 working day.
We'd love to help you through every step along the way.
Is your Credit Score >750?
A personal loan is a versatile unsecured loan and it can be rejected due to several reasons. Multiple personal loan rejections could increase your hard enquiries, ultimately affecting your credit score negatively. Hard enquiries are a sign that you are hungry for more credit and the lenders might assume you are a risky borrower. If your recent personal loan application with ICICI Bank has been rejected, you may want to find out the reasons for the denial. Read on to know more why your personal loan application could be rejected.
The reasons for a personal loan rejection can be determined broadly under six reasons, however these vary from one lender to another, each lender have their own internal policy to determine the creditworthiness and risk rating.
With low processing charges, attractive interest rates,ICICI Bank offers competitive personal loans for meeting short-term needs such as wedding, medical treatment, education, travel, house repair etc. The monthly income required is very low which helps people belonging to various employments to avail the ICICI Bank personal loan.
Every bank has its own eligibility criteria for approval of personal loans. Likewise, the reasons for ICICI Bank personal loan rejection could vary with the rejection criteria of the other banks. The following could be the main reasons why ICICI Bank personal loan could be rejected.
ICICI Bank provides personal loans exclusively to people who are doctors, Chartered Accountants, employees of private limited companies, employees from public sector undertakings, including central, state and local bodies. If you do not fall under this category, your personal loan application is very much likely to get rejected.
Sometimes, you might be working in a private company and still get your personal loan rejected. This could happen if the company you are working for is under the category of delisted companies in the bank.
To get qualified for getting a personal loan application, you must be minimum of 23 years old and should not be more than 58 years old. If you do not fall under this age category, your ICICI Bank personal loan application would be rejected. The bank sets an age limit because they want to be assured that you are able to repay the loan without much difficulty.
A steady source of income is the proof for any lender that you are capable of repaying your personal loan. Every bank sets a minimum monthly or annual income requirement to be qualified for a personal loan. Similarly, ICICI Bank has a set a minimum net monthly income of INR 17,500. However, the income limit is not the same across all cities. Rs.25,000 for applicants residing in Mumbai & Delhi; Rs.20,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata. If you fail to meet this minimum income requirement, your ICICI Bank personal loan application may get rejected.
Frequent job switching gives an impression to the lender that you are unreliable to the organisation you are working for. With that notion, it could become difficult to secure a personal loan as it is an unsecured loan for which you do not have to pledge any collateral.
ICICI Bank expects their borrower to have a stable employment for at least 2 years and more importantly to be working for the current employer for the past 1 year.
A credit score is generated by credit bureaus based on your credit behaviour. A good score reflects how responsible in handling your finance. Lenders consider it an important criterion to evaluate the borrowers’ creditworthiness.
Having a poor credit rating is going to hurt your personal loan eligibility. This could be one of the main reasons why your ICICI Bank personal loan application could have been rejected.
This is another criterion which could lead to personal loan rejection. Too many loan applications provide a hint to the lender indirectly that you are credit hungry and might turn a risky candidate.
The answer to this question depends on the level of your personal loan application being processed. The borrower generally applies for a personal loan after checking the eligibility criteria and proceed with document submission. If there are difficulties in furnishing the relevant documents, the ICICI Bank personal loan might get rejected.
If all your documents are verified, the lenders will check your credit score to assess your creditworthiness. It is called hard enquiry. In worst case scenario, if your credit score is low and the personal loan gets rejected, the hard enquiry will have an impact on your credit score further in a small way. Hence, if you are faced with multiple hard enquiries, your credit score is sure to take a hit with it.
The ICICI Bank Personal loan approval process is simple and much quicker for existing ICICI Bank customers. They can apply online and get pre-approved offers on personal loans with attractive interest rates. The loan amount is directly credited to their account instantly.
The application process is different for other customers. The borrower needs to either apply for personal loan online or directly download the application form from the official website or visit the nearest ICICI Bank branch. They can also call the ICICI Bank customer care to proceed with the application process.
A ICICI Bank representative will collect the filled in application form and all the necessary documents required for verification. The bank will do a background check on the customer’s personal and professional information. If there are any discrepancies with the information provided, the ICICI Bank personal loan application is likely to be denied. After passing through document verification and eligibility criteria, the status of approval process moves to the final level. At the final stage, the interest rate and tenure are fixed and sent for your acknowledgement. You can also follow up on the process by calling the ICICI Bank personal loan customer care
The interest rate of ICICI Bank personal loan ranges between 10.99% to 22.00%
1. Should I have a good credit score to get ICICI Bank personal loan?
A good credit score helps you get a personal loan at better terms, a healthy credit profile results in lesser rejections on personal loan. So, if you find yourself with a low credit score you must try find ways to improve it.
2. What can I do if my ICICI Bank personal loan application gets rejected?
You can try to find out the reasons for the personal loan rejection and take actionable steps to rectify the flaws to become eligible for the future loans.
3. How will I know if my ICICI Bank personal loan application gets rejected?
The intimation policy depends on the bank. You may me informed through an e-mail or sent a ICICI Bank personal loan rejection letter to your resident.
4. What is the age limit for getting an ICICI Bank personal loan?
Individuals who fall between the age category of 23 to 58 can avail ICICI Bank personal loan.
5. Can I apply again with ICICI Bank if my personal application gets rejected?
Yes, you can, but make sure that you have improved your creditworthiness or rectified the mistakes on your previous loan application.
6. How can I apply for an ICICI Bank personal loan?
You can either apply online or visit the nearby ICICI Bank branch.
7. What is the minimum income requirement to get ICICI Bank personal loan?
The minimum income requirement is INR 17,500 per month, however, it is Rs.25,000 for applicants residing in Mumbai & Delhi; Rs.20,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata.
8. Is there a processing fee on ICICI Bank personal loan?
Yes, ICICI Bank charges a certain percentage of the loan amount as processing fee.
9. What is the processing time for ICICI Bank Personal Loan?
ICICI Bank personal loan processing time is 7 days
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.
Andhra Bank Personal Loan Rejection
Axis Bank Personal Loan Rejection
Bandhan Bank Personal Loan Rejection
Bank Of Baroda Personal Loan Rejection
Bank Of Maharashtra Personal Loan Rejection
Canara Bank Personal Loan Rejection
Central Bank Of India Personal Loan Rejection
Citibank Personal Loan Rejection
Corporation Bank Personal Loan Rejection
DCB Bank Personal Loan Rejection
Deutsche Bank Personal Loan Rejection
Dhanlaxmi Bank Personal Loan Rejection
Federal Bank Personal Loan Rejection
HDFC Bank Personal Loan Rejection
IDBI Bank Personal Loan Rejection
Indian Bank Personal Loan Rejection
Indian Overseas Bank Personal Loan Rejection
IndusInd Bank Personal Loan Rejection
Jammu Kashmir Bank Personal Loan Rejection
Karnataka Bank Personal Loan Rejection
Karur Vysya Bank Personal Loan Rejection
Kotak Mahindra Bank Personal Loan Rejection
Oriental Bank Of Commerce Personal Loan Rejection
Punjab National Bank Personal Loan Rejection
Punjab Sind Bank Personal Loan Rejection
RBL Bank Personal Loan Rejection
SBI Personal Loan Rejection
South Indian Bank Personal Loan Rejection
SVC Bank Personal Loan Rejection
Union Bank Of India Personal Loan Rejection
Vijaya Bank Personal Loan Rejection
YES Bank Personal Loan Rejection
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.