So you want to lock a personal loan deal with ICICI Bank, a leading private sector bank with more than 5,000 branches across India. Also, the interest rates of 10.99%-22% per annum must have prompted your focus to ICICI Bank for a loan, right? Well, it’s a good option to avail given the testimony of the services it has extended to the customers over the years. But, you must do the homework properly to prevent the undue frustration that results from the rejection of an application. Yes, you guessed it right!
The approval to an application depends on you meeting the eligibility criteria. And, if found short on that, the application can so easily be denied. Even if it does get approved, the terms and conditions may not suit your budget. And so, there’s a growing need to be aware of ICICI Personal Loan Eligibility before applying. Let’s begin then.
What is the Eligibility Criteria for ICICI Personal Loan?
ICICI Bank offers a personal loan to both salaried and self-employed on the basis of income, age, and several other factors. Let’s be briefed on the eligibility criteria set by the bank for these two categories of borrowers separately.
What Does the Salaried Must Have to be Eligible for a Personal Loan?
The bank keeps the following eligibility criteria for a personal loan, take a look.
- The age of the applicant must be 23 to 58 years
- The minimum income sought is ₹17,500, with applicants residing in Delhi and Mumbai requiring ₹25,000 a month. Residents of other top cities such as Kolkata, Pune, Chennai, Bengaluru and Hyderabad must have at least ₹20,000 as monthly remuneration
- Salaried must have at least 2 years of work experience while living in the current residence for a minimum of 1 year
What are the Eligibility Criteria Set for Self-employed?
Self-employed individuals and businessman must meet the following criteria.
- The applicant’s minimum age must be 25 and 28 years for self-employed individuals and doctors, respectively, at the time of loan application. On the other hand, the maximum age permitted is 65 years by the time the proposed loan tenure gets over.
- The minimum turnover must be ₹15 lakhs for professionals and 40 lakhs for non-professionals
- The minimum net profit must not be less than ₹1 lakh and ₹2 lakhs for non-professionals and sole proprietorship/self-employed individuals.
- Self-employed must show a business stability of at least 5 years. However, the minimum business stability for doctors is brought down to 3 years
- One must have a minimum 1-year banking relationship with ICICI Bank, doesn’t matter whether the relationship exists or have closed within 3 years from the date of application.
ICICI Personal Loan Customer Care Number
Doesn’t matter whether it’s the issue of eligibility, interest rate, EMI or even the application status, you can resolve all those with ease by calling the ICICI Personal Loan Customer Care Number – 18002003344. The customer care representatives can resolve your query at the earliest to make it smooth for you to bank with ICICI.