What is the eligibility and requirement for a Personal Loan?

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What is the eligibility and requirement for a Personal Loan?

Personal Loans are a widely availed financial product that allows individuals to borrow money for a host of purposes. These can be wedding expenses, long awaited holiday plans, a new phone, medical emergencies or other personal expenses. At ICICI Bank, we offer collateral-free Personal Loans up to Rs 50 lakh to individuals who fulfill the eligibility criteria. In this blog, we will take you through the eligibility for a Personal Loan and brief you on other requirements for getting quick approvals for ICICI Bank’s Personal Loans.

Eligibility criteria for ICICI Bank Personal Loans

Individuals looking to avail Personal Loans must meet the criteria to be considered. Both salaried and self-employed individuals can apply for a Personal Loan and the eligibility criteria are as follows:

Age: The minimum age of a salaried applicant should be 23 years and the maximum age is 58 years. The minimum age for self-employed applicants is 28 years. (25 years for doctors). The maximum age for self-employed individuals is 65 years.

Income: The minimum monthly income requirement is Rs 30,000 for salaried individuals. Self-employed applicants require a turnover of Rs 40 Lakh for non-professionals and Rs 15 Lakh for professionals, as per their audited financials. However, the income requirement may vary based on the applicant's location and occupation. The applicants must also be able to show a minimum profit of Rs 2 Lakh (Proprietorship Firms or Self-employed Individuals) and Rs 1 Lakh for non-professionals, as per audited financials.

Credit Score: A good credit score is also important in determining the eligibility for a Personal Loan. A high credit score helps your chances of getting a loan at better terms.

Employment: An employed applicant must have worked for at least two years in the profession or their current job. Self-employed individuals must be running their current business for at least five years, the minimum for doctors being three years.

Residence: The applicant should be a resident of India with a valid residential address. Applicants must be living at their current residence for at least a year.

Documents required for ICICI Bank Personal Loans:

To apply for a Personal Loan from ICICI Bank, an applicant must submit certain documents. If you’ve banked with us before, you can check your eligibility for an Insta Personal Loan on iMobile Pay or Internet Banking with no further documentation. Here’s what you’ll need otherwise:

• For Identity Proof: This can be done with an Aadhaar Card, Passport, Voter ID Card or PAN Card.

• As Address Proof: An Aadhaar Card, Passport, Voter ID Card or utility bills such as electricity or telephone bills

• Income Proof: Salary slips for the last three months, Form 16, Income Tax Returns (ITR) for the last two years or business continuity proof for self-employed individuals

• Bank Statements: Bank statements for the last six months will be needed

• Passport-size photographs.

Additional documents may be required based on the applicant's occupation, such as business registration proof, office address proof, etc.

How to calculate the EMI for ICICI Bank Personal Loans?

EMI or an Equated Monthly Instalment is the amount a borrower must pay to the lender every month to repay the Loan along with interest. The EMI for Loans can be calculated through ICICI Bank’s Personal Loan EMI Calculator on our website. The free tool will let you calculate EMIs according to different loan amounts and tenures better.

If you meet the aforementioned criteria and provide all relevant information, apply confidently for ICICI Bank’s Personal Loan.

Our Loans come with great benefits for our customers, some of which are listed below.

• Digital Process: Customers can apply for a Personal Loan digitally with a paperless process

• Instant Approval: Select customers have a Pre-approved Personal Loan Offer that can be availed through iMobile Pay or Internet Banking and the amount is disbursed instantly without any documentation

• Flexibility: Pay your Loan over a tenure that suits you. One can choose a tenure starting from 12 months to a maximum of 84 months

• Quick Disbursal: Once your Loan application is approved, the amount is disbursed quickly

• Competitive Interest Rates: At ICICI Bank, we offer competitive interest rates on our Personal Loans to make them more affordable for our borrowers

• No Collateral Required: Personal Loans are unsecured, i.e. collateral-free offerings, where the borrowers do not need to provide any valuable assets or securities to avail a Loan.

Conclusion

A quick Personal Loan from ICICI Bank can be a convenient and hassle-free way to finance any personal expense you need to meet. However, before applying for a Loan with us or any other lender, it is important that you check your eligibility and the requirements to ensure you meet all relevant criteria. This will help you avoid the risk of rejection, preserve your credit score and ensure a smooth Loan application process.

Along with the eligibility criteria, ensure that you collect all the necessary documents required for the Loan application. Please make sure to provide accurate and complete information. This will help avoid any potential delays in the Loan processing.

At ICICI Bank, we offer a range of Personal Loan products to suit the increasingly dynamic needs of all our customers. Whether you need funds for a medical emergency, wedding, holiday or home renovations, ICICI Bank’s Personal Loans can be a viable option.

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