Want to go on an exotic holiday with your friends? Planning to make your home more beautiful by renovating it? Are you in dire need of money for a wedding in your family? If you require quick funds for any of these then ICICI Personal Loan is here to act as your savior.
ICICI one of the largest private sector banks in our country provides a personal loan to interested applicants so that they can meet their personal needs. With its innovative and timely banking services ICICI has gained a cult status amongst banking customers.
The bank provides the personal loan to applicants at an interest rate between 11.59 to 22% per annum. One also has to pay a processing fee up to 2.25% annually of the loan amount taken.
After knowing about the interest rate you now need to know if you are actually eligible for an ICICI Personal Loan. Let’s have a look below to know about ICICI personal loan eligibility.
ICICI Personal Loan Eligibility:
ICICI Personal Loan can be availed by both salaried employees and self-employed people. The loan applicant needs to meet the following requirements in order to fulfill the ICICI personal loan eligibility criteria. Have a proper look at all these points-
For Salaried Employee:
- The applicant should be between the age of 23 to 58 years
- Salaried employees should have a monthly income of at least Rs. 17,500
- Individuals who stay in Delhi and Mumbai should have a monthly income of a minimum of Rs. 25,000
- In case the applicant resides in Hyderabad, Chennai, Kolkata, Bangalore or Pune then he/she needs to earn a monthly income of at least Rs. 20,000
- The applicant needs to have a working experience of at least two years
- The applicant needs to have lived in his current residence for at least one year
- The applicant should be in the age group of 28 to 65 years. In the case of doctors, the minimum age has been set for 25 years.
- Self-employed Professionals need to have a minimum turnover of Rs. 15 Lakh whereas a Self-employed Non-Professional must have a turnover of at least 40 Lakhs.
- Self-employed Individuals or proprietors should have a minimum Profit After Tax (PAT) of Rs. Two Lakhs. Self-employed Non-Professional should post a minimum Profit After Tax (PAT) of Rs. One Lakh.
- Self-employed individuals need to have a business stability of at least five years i.e. they should be in their current business for a minimum of five years. Doctors should be in their profession for a minimum of three years.
- The applicant is required to have a minimum of one-year relationship with the bank. It can be a liability relationship (savings or current account) or an asset relationship (loans) which are either live and existing or were closed in the past 36 months.
A strong CIBIL score of over 750 increases your chances of securing a loan from ICICI. So interested applicants are suggested to always a maintain a healthy CIBIL score.
If you have a good CIBIL score, what are you waiting for? Contact your nearest ICICI Bank and get the perfect deal for ICICI Personal Loan as soon as possible.