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Rs. 1 lakh Personal Loan Eligibility, Documents Required and Interest Rate

Documents required

For salaried individuals:

  • Proof of identity: PAN Card or Aadhaar Card (any one)

  • Latest Bank Statement of 3 months (where salary/income is credited)

  • Salary slips of the last 3 months

For self-employed individuals:

  • KYC documents: Proof of identity (Aadhaar Card, PAN Card), Address proof and Date of Birth proof

  • Proof of residence: Leave and Licence Agreement/Utility Bill (not more than 3 months old)/Passport (any one)

  • Income proof (audited financials for the last two years)

  • Latest Bank Statement of 6 months

  • Office address proof

  • Proof of residence or office ownership

  • Proof of continuity of business

  • 2 passport size photographs

Personal Loan eligibility criteria

To qualify for an online Personal Loan, applicants must meet the following criteria:


  • Profession: Salaried employees, self-employed professionals and non-professionals
  • Age: 20 years to 58 years for salaried employees, 28 years to 65 years for self-employed professionals and 25 years to 65 years for doctors
  • Income: Minimum Rs 30,000 for salaried individuals, minimum turnover of Rs 15 lakh for self-employed professionals and turnover of at least Rs 40 lakh for non-professionals
  • Experience: At least two years of job experience for salaried applicants, at least five years for business owners and at least three years for doctors
  • Duration in the Current Residence: At least one year
  • Minimum Profit: At least Rs 2 lakh for self-employed individuals and proprietorship firms and Rs 1 lakh for non-professionals after tax.

Interest Rates and Repayment Terms

ICICI Bank currently offers a Personal Loan at interest rates ranging from 10.80% to 16.15% per annum. The tenure ranges from 12 months to 84 months, providing flexibility in choosing a repayment period that aligns with their financial capacity. To find the most suitable repayment plan, please use the ICICI Bank Personal Loan EMI Calculator


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How does a Personal Loan work?

Personal Loans are funds that you can use for any legal purpose. Since these loans do not have any usage restrictions, they are ideal funding options for several financial needs like an urgent home repair, a last-minute wedding expense, a short foreign trip, a medical emergency or a study abroad programme. A Personal Loan of Rs. 1 works pretty much the same way as most other loan types. When you apply for a loan and submit the required documents, the loan provider checks your credit score and other eligibility criteria before providing the loan offer. If you accept the loan offer, you receive the sanctioned amount directly into your bank account. Once received, you can use the loan for your financial needs. When it comes to repayment, you must repay the loan in EMIs (Equated Monthly Instalments) spread across the repayment term you select.