What is the Eligibility Criteria for ICICI Bank Personal Loan?by Sakshi Kharbanda Financial Consultant
Personal loans are very useful. You do not need to provide a reason for taking this loan and you can use the funds to pay for a variety of things. With a personal loan, you can plan a trip, or an event, pay off another debt, renovate the house, buy r invest in something and do many more things. As we mentioned earlier you do not need to have a specific reason for borrowing a personal loan. All the banks readily give out personal loans to their customers. You must conduct detailed research regarding all the banks and their various features of personal loans. For instance, ICICI bank is one of the best banks to apply for a personal loan.
The ICICI bank personal loan starts at the rate of 10.25%. This interest rate is supposed to vary from 10%-19% per annum. In this article, we will be discussing the eligibility criteria for a personal loan by ICICI bank. You can also check your eligibility on the personal loan eligibility calculator ICICI bank.
Eligibility for ICICI Personal Loan
Before you go and apply for the loan it is always better to understand whether you will be approved for the loan or not. It is extremely important to determine your eligibility for a personal. However, personal loans are less tricky than home loans or education loans yet they follow quite strict approval procedures. To be approved for a personal loan you need to fall under the following eligibility criteria:
The applicant at least needs to be of 23 years of age to 53 years of age while applying for the loan. This applies if the individual is a salaried applicant. On the other hand, a self-employed person will have to be between the ages of 28 and 65 for applying for a personal loan.
You will get quick loan approval if you earn a minimum of Rs 30,000 as a salaried individual. While for self-employed people their venture needs to provide a turnover of about 40 lakhs if its a business or of 15 lakhs as a professional (doctors, architects, etc)
As a salaried applicant, you need to have an experience of at least 2 years. The venture needs to be at least 5 years old for self-employed people. Professionals like doctors, need to be in the profession for at least 3 years to be an applicant for a personal loan.
The applicant should be a resident of India.
The applicant needs to have a good credit score
ICICI Personal Loan eligibility calculator uses
You can further check your eligibility on the website of ICICI bank. Using ICICI personal loan eligibility calculator you will be able to determine your status and how eligible you are for a personal loan. This eligibility checker will ask you about some personal information, your retention with ICICI bank and professional information and then use the info to determine your eligibility.
You will need to put in details like:
Your current address
Date of birth
Name and mobile number
Your relation with ICICI bank
Your work information.
The ICICI personal loan eligibility calculator will consider all the information and declare the results. Further to properly plan your finances you can also check out its EMI calculator and understand how much of a loan you can afford and how much EMI you will have to pay every month as well as the interest rate available.
Application Process for an ICICI Personal Loan.
At ICICI bank, the personal loan interest rate starts at 10.25% p.a and can go up to 19% p.a. ICICI bank will provide a personal loan of Rs 50,000 to Rs 25 lakhs. Moreover, it offers you the advantage of applying for a personal loan within 3 seconds. You can either go to the nearest bank branch or even apply on their website.
To apply online you need to first avid for a pre-approved offer. You can get this by speaking to the bank employee and getting your documents checked, once the bank pre-approves you, you can apply for a personal loan in just 3 seconds. You will not require any kind of collateral for a personal loan here. The bank provides you with a personal loan for 1-6 years. They also charge 2.5% of the loan amount as a processing fee. Finally, on approval, the disbursement process takes very less time and you will get to see the funds in your account in no time.
ICICI Bank provides you with a variety of personal loans:
Top up personal loans
Personal Loan for NRI
Per-approved Personal loans
These options make your life easier and help you select the best out of the rest. In summary, if you want to apply for a loan in ICICI bank, you have to make sure to meet all the eligibility requirements first. Being prepared for financial matters is always a wise thing to do.
Created on Jun 10th 2022 01:58. Viewed 47 times.