Know about

ICICI Personal Loan

ICICI Personal Loan
• Established in 1994.
• ICICI Bank is considered one of the India’s leading financial institute.
• ICICI Bank offers personal loans with a flexible tenure, low-interest
rates and higher loan amount facility.
• ICICI Bank Personal Loans can be taken by salaried individuals, self-
employed individuals and working professionals.
Features and Benefits
• Multipurpose Loans.
• Fixed Interest Rate.
• Flexible Loan Tenure: Usually ranges from 12 – 60 months.
• No security or collateral needed.
• Easy repayment through auto debit/ECS/PDC.
• Less Documentation process.
• Facilitates quick loan approval and disbursal.
• Directly credits the loan amount through fund transfer.
Eligibility Criteria
 The eligibility criteria for a salaried individual is different from that of
a self-employed individual as follows in the next slides:
ICICI Bank Personal Loan Eligibility
for Salaried Individuals
• Age limit: Minimum age is 23 years and Maximum age is 58 years.
• Net salary: Salaried individuals should have minimum monthly income of
₹ 17.5K (₹ 25K for applicants residing in Mumbai and Delhi; ₹ 20K for
applicants residing in Chennai, Hyderabad, Bangalore, Pune, and Kolkata)
• Work Experience: Individuals who have had a job in the same profession
for at least 2 years.
• Years in current residence: Applicant should be living in his/her current
residence for a minimum of 1 year.
• The maximum loan amount a salaried individual can avail is ₹ 20 lakhs.
ICICI Bank Personal Loan Eligibility
for Self-Employed Individuals
• Age limit: Minimum age is 28 years and Maximum age is 65 years. Whereas,
Minimum age required for self-employed doctors is 25 years.
• Minimum turnover: ₹ 40 lakh for non-professionals; ₹ 15 lakh for professionals;
as per audited financials.
• Minimum profit after tax: ₹ 2 lakh for Proprietorship Firm/Self-employed
Individuals and ₹ 1 lakh for non-professionals as per audited financials.
• Business stability: Should be in current business for at least 5 years whereas
minimum stability is 3 years for doctors.
• Existing relation with ICICI bank: There should be minimum 1-year liability
relationship (current or savings account) or Asset relationship (loan) either live
or closed in the last 36 months; repayment track as required.
ICICI Bank Personal Loan Eligibility
for Self-Employed Individuals
• Eligibility and EMI calculator: Now, you can easily evaluate and calculate
your personal loan eligibility calculator and personal loan EMI calculator at
Afinoz.com. These calculators will help you to determine your EMI outflow
every month including the interest rate you will need to pay.
• Credit score: An applicant’s creditworthiness is determined by evaluating his
credit score i.e. CIBIL / EXPERIAN score.
Loan applications of applicants having poor credit score may get rejected.
It’s always advisable to keep on updating your credit score every now and then.
If you have a bad credit score and somehow your loan application gets approved, you
might be asked to pay a high rate of interest and be offered unfavorable terms and
conditions on your loan as compared to someone who has an excellent credit score.
 Documents Needed for
Salaried Individuals
• Proof of Identity: Passport / Driving License / Voters ID / PAN Card
(anyone).
• Proof of Residence: Leave and License Agreement / Utility Bill (not
more than 3 months old) / Passport (anyone).
• Latest 3 months Bank Statement (where salary/income is credited).
• Salary slips for last 3 months.
• Passport Size photographs.
 Documents Needed for Self-
Employed Individuals
• KYC Documents: Proof of Identity; Address proof; DOB proof.
• Proof of Residence: Leave and License Agreement / Utility Bill (not
more than 3 months old) / Passport (anyone).
• 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.
 ICICI Bank Personal Loan
Fees and Charges
• Interest Rates start from 11.25%.
• The Processing Fee charged is up to 2.25% of the loan amount + the
applicable GST.
• The Prepayment Charge is fixed at 5% of the principal outstanding +
the applicable GST.
• Loan cancellation charge is ₹ 3000 + the applicable GST.
• Additional interest levied on late payment is 24% per annum.
• The EMI bounce charge is fixed at ₹ 400 + the applicable GST.
• The Loan Repayment mode swap charge is ₹ 500 + the applicable GST.
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