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3 Factors to Know to Get ICICI Bank Personal Loan in the First Try

ICICI Bank is one of the reputed financial institutions in India, which offers a variety of financial and banking products, including secured and unsecured loans. If you want to apply for ICICI personal loan, then it is important to understand the product’s feature for making an informed decision. The interest rate of personal loans ranges between 10.99% and 18.49%.

  • Loan amount is up to Rs. 40 lakh in special cases and up to Rs. 20 lakh, otherwise.
  • You do not have to submit a security for this loan.
  • Tenure is between 1 year and 5 years.
  • Processing fee is Rs. 999 or up to 2.5 percent of the loan amount, while prepayment charges are up to 5% of the outstanding principal.
  • For those who are salaried and working with a reputed MNC or company, there is good news. ICICI bank has special rates for such employees.

Apart from the above-mentioned personal loan details ICICI Bank, there are few factors to consider. If you meet these criteria, know the application process and required documents, then you can get the loan in the first attempt itself.

Factor 1- ICICI Personal Loan Eligibility

As personal loans are collateral-free, banks have stricter eligibility criteria. To get the loan from ICICI, you need to meet its eligibility criteria, listed below.

  1. For Salaried Individuals
  2. A) Minimum and maximum age of the applicant till loan maturity is 23 years and 58 years respectively. Minimum net monthly income of the borrower must be Rs. 17,500.
  3. B) But minimum net income for the month should be at least Rs. 25,000 for borrowers residing in Mumbai and Delhi. Rs. 20,000 should be the minimum net monthly income for borrowers residing in Pune, Kolkata, or Hyderabad.
  4. C) At least 2 years of work experience is necessary and 1 year work experience with the present employer is required.
  5. For Working Professionals and Self-Employed Individuals
  6. A) Minimum and maximum age of the applicant should be 28 years and 65 years. Doctors, who wish to apply, should be at least 25 years old. They must have at least 3 years work experience.
  7. B) The minimum business turnover must be Rs. 40 lakhs for non-professionals, minimum profit needed is Rs. 15 lakhs for professionals, Rs. 2 lakhs (excluding tax) for self-employed applicants and proprietors, and Rs. 1 lakh (excluding tax) for non-professionals.
  8. C) Minimum 5 years experience is required in the business. Existing customer of ICICI bank must have an account in the company, for a minimum period of 1 year. An existing loan account also counts, but it should be functional and ending in the initial 36 months of the loan period.

Factor 2- Documents Required for ICICI Personal Loan in India

Below given are essential documents to submit along with the duly signed loan application form.

  1. For Salaried Individuals
  2. A) Recent passport size photographs and processing fee cheque.
  3. B) Any of the given identity proof- voter ID, driving license, Aadhar card, copy of passport, etc.
  4. C) Last 3 months salary slips and last 3 months bank statement.
  5. For Self-Employed Applicants
  6. A) Recent passport-size photographs, last 6 months bank statement, and processing fee cheque.
  7. B) Any of the mentioned identity proofs, such as voter ID, copy of passport, driving license, Aadhar card, etc.
  8. C) Income proof with last 2 years audited financials.

Factor 3- Instant Personal Loan through ICICI Bank ATM

There is the facility of instant personal loan through ICICI bank ATMs, and you can borrow up to Rs. 15 lakh for a fixed tenure of 5 years.

  • After you complete the transaction, like cash withdrawal or balance enquiry, you will be shown option to avail this personal loan.
  • Follow the steps provided and get money immediately. Choose the required pre-approved offer.
  • Existing salaried customers of this financial company can get funds in fully paperless and digital manner. If you want avail this offer, you must hold a savings account in the bank.
  • The ATM screen will display varied loan amount options as per your eligibility, thus, you need to select one and accept the auto-generated rate of interest, EMI amount, and processing fee.
  • Confirm the terms and conditions and submit the card PIN. Once the process completes, you will receive the amount in your account immediately.

The above-given factors and features of personal loan at ICICI Bank will help you study and understand the loan product, before applying for the same.

October 2018
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