Realise all you dreams with ICICI Personal Loan

There are many dreams on which you have to apply a brake because of financial issues. Do you wish to go on a long trip to New Zealand? Want to give the best education to your daughter? Need funds for your sister marriage? Have plans to renovate your dream house? Have a medical emergency in your family and need immediate financial assistance? If you any of these situations apply to you, then I have a good news for you. ICICI Personal loan is there to make you accomplish all your wishes and needs.

ICICI bank is one of the renowned private sector banks in the country which has created a name for itself.  The product can be availed by a anyone in the country who is a salaried employee or a self-employed individual. The maximum loan amount for a salaried employee is Rs. 20 Lakhs, for self-employed is Rs. 30 Lakhs and for doctors is Rs. 40 lakhs. You can secure the given amount for a period of one to five years. Gain a better understanding about the product by reading this article.


personal loan

Eligibility criteria:

Check out the eligibility norms for both self-employed and salaried individuals here-

Salaried employee:

  • The applicant should be between the age group of 23 to 58 years. he/she should not exceed the age of 58 years when the loan matures
  • The applicant should be a salaried employee earning a monthly income of a minimum of Rs. 17,500. For residents of cities like Mumbai and New Delhi the minimum salary should be Rs. 25,000. Applicants based in Kolkata, Bengaluru, Hyderabad, Pune and Chennai need to earn a monthly income of at least Rs. 20,000
  • Working experience of at least two years is mandatory
  • The applicant should be living in his current residence for a period of at least one year


  • The applicant should be at least 28 years old at the time of application of loan and 65 years old when the tenure expires. For doctors, the minimum age has been kept at 25 years
  • A turnover of at least Rs. 40 Lakhs and Rs. 15 Lakhs is required for a non-professional and a professional respectively
  • A business stability of five years is important. Doctors have to be employed in their current profession for at least three years
  • The minimum profit after tax for  self- employed/proprietorship firm and non-professionals should be Rs. 2 Lakhs and Rs. 1 Lakh respectively
  • The applicant needs to have a liability or asset relationship for a period of at least one year with the bank in the previous 36 months

Documents required for the loan:

Applicants are required to deposit certain documents to the bank if they desire to secure finance from the bank. Check the list of important documents here-

For Salaried individuals

  • Identity Proof:- Driving License /Aadhar card/Passport /Voters ID card/PAN Card
  • Two Passport size Photos
  • Proof of Address:- Utility Bill (telephone or electricity/)Passport/Leave and License Agreement
  • Salary slips of the previous three months.
  • Bank Statement of the latest three months in which the applicant’s salary is credited

For Self-employed individuals:

  • Identity Proof- PAN card/Aadhar card/Passport/Voter ID card/Driving license
  • Proof of Age- School leaving certificate/PAN card/Birth certificate/High school marksheet
  • Proof of Address- Electricity bill/ Leave and License Agreement/ Telephone Bill/ Passport
  • Bank statement of the latest six months
  • Proof of Business continuity
  • Proof of Income- Income Tax returns of the previous two years along with Audited balance Sheet and Profit & Loss Account
  • Proof of ownership of Office
  • Proof of Office Address

Interest Rate and Processing fee:

It is very important to keep in account the interest rates offered by the bank before availing a loan. In case you secure a high interest rate, you will have to pay a higher EMI. The current interest rates for a ICICI Personal loan is 11.59% to 22%. The processing fee levied by the bank is 2.25% of the sanctioned loan amount along with the applicable service taxes.

In case, the applicant wants to prepay his loan, then a prepayment charge of 5% per annum of the outstanding principal is levied along with the service taxes applicable.

ICICI Personal Loan EMI Calculator:

If knowing about the interest rates is important, then having knowledge about the monthly installments is as important. You cannot ignore the EMIs you will have to pay each month. There is no point of availing a loan with high EMIs, which can easily burn a hole in your pocket. You must be thinking how can the installments be calculated, isn’t it? The process of EMI calculation can be confusing and time taking. ICICI Personal loan EMI calculator has been specifically designed to make the entire process easier and hassle free. All you have to do is feed in the details of your loan amount, rate of interest and tenure. And then wait for the magic to begin. You will get instant information relating to your monthly EMI and total interest payable.


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