ICICI Personal Loan is available to you when the requirements are met. And the eligibility criteria aren’t that complex for this loan. You just need to make sure you’re applying at the right age and have enough monthly income to afford a loan. Read this page below and know the ICICI Personal Loan Eligibility Criteria in detail.
ICICI Personal Loan Eligibility Criteria for the Applicant
Check the below-mentioned ICICI Personal Loan eligibility criteria.
Age Criterion for ICICI Personal Loan
Your age should be between 23 years and 58 years if you’re a salaried applicant and 28 years to 65 years if you’re self-employed. For doctors, the minimum age for loan application is 25 years. The bank considers your age to see for how long you will be working to pay the loan you apply for. A person aged 58 years may not earn a regular salary for the long term. This is the reason why high personal loan amounts can’t be offered to elderly people.
Flow of Income
ICICI Bank offers you money based on your income; the minimum salary you need for this is INR 30,000. The salary requirement varies based on the applicant’s profile such as the type of employee, relationship with ICICI Bank, etc. For self-employed people, the income situation should be as follows –
- Minimum Turnover – INR 40 Lakhs for non-professionals and INR 15 Lakh for professionals
- Minimum Profit – INR 2 Lakh for proprietorship firm or self-employed and INR 1 Lakh for non-professionals
Note – The minimum profit shown above is after the tax deduction.
Stability of Income
Your income will be considered stable if you have enough experience in the business or have spent quite a long time in the current organization. A salaried applicant requires a minimum work experience of two years to get the nod from ICICI Bank. So, if you have spent two years or more with your current employer, you meet the ICICI Personal Loan Eligibility Criteria.
If you’re self-employed, you should have spent at least five years in the current business. Because this shows that your business is doing well in the market. An applicant with less experience in the business won’t know much about the market situation and there is not a high possibility that the business will work. So, ICICI Bank won’t risk lending money to someone who doesn’t have a long experience doing business.
In the case of a doctor, the bank needs a minimum practitioning of three years. So, if you get the medical practitioner license, you need to give at least three years to it. After such experience, you’ll be eligible for an ICICI Personal Loan.
Relationship with ICICI Bank
This criterion is especially for self-employed applicants. ICICI Bank wants to make sure that there has been either a liability or asset relationship between the applicant and it for at least a year or two. So, if you maintain a current or savings account in ICICI Bank for the said period, it means the bank has a record of your money transaction, etc. Using the data, the bank can find your savings and specific capacity. Whereas, if you have borrowed any type of loan from ICICI Bank, the repayment record will help know your style of payment. An applicant who repays a loan without any default will be considered ideal for ICICI Personal Loan. Your loan account should be either live or closed in the last 36 months. ICICI Bank offers personal loans to self-employed applicants under Business Installment Loan.
Residence Stability of the Applicant
A minimum of one year of residency is required by ICICI Bank so there won’t be any difficulties contacting you. You can also check personal loan lowest interest rate on the website. To prove your eligibility, you need to submit address proof such as Aadhaar Card, Passport Copy, Electricity Bill, etc.