Want to Pass ICICI Personal Loan Eligibility Test? Tick The Following Boxes

Planning to explore the picturesque locales of Europe? And to fulfill the same, you are approaching ICICI Bank for a customized personal loan offer. Since you hold a savings bank account with ICICI Bank for long, you are banking on your existing relationship with the lender to get a quick approval for the loan.

Yes, you can get that. But that’s not the only thing the bank will consider. In fact, It will go beyond to test your eligibility on factors like income, age, credit history, etc. Wanna know those in detail? Then, read this article carefully which enlists every single information pertaining to ICICI Personal Loan Eligibility.

ICICI Personal Loan Eligibility Criteria

ICICI Bank has set a list of eligibility criteria for the applicants, including salaried, self-employed businessmen and self-employed professionals, to meet before they can get a nod from the lender. Without any further delay, let’s read that one after the other.

Income - The income criteria differ according to the cities an applicant resides in, as well as the types of profession one is into. So if an applicant resides in the top cities of Delhi and Mumbai, they must be earning a net salary of at least?25,000 in a month to get a nod for a personal loan. The bank has stipulated a net monthly salary of?20,000 for those living in cities like Bengaluru, Kolkata, Chennai, Hyderabad and Pune. Salaried professionals staying in other cities must have a minimum net earning of?17,500.

On the other hand, the self-employed businessmen and professionals need to post a minimum turnover of?40 lakh and?15 lakh, respectively.

Even though you tick the boxes of minimum income criteria, the bank would further go on to check the eligibility for the quantum of finance you are looking to avail. So not only you need to maintain the aforesaid levels of income but also earn enough to repay the likely EMI on the proposed loan amount. The EMI is calculated taking into consideration the loan amount, interest rate and tenure. ICICI Bank can disburse a maximum loan of 40 lakh at an interest rate of 10.99%-22% per annum for a period of as much as 5 years.

Work Experience/Continuity of Business - ICICI Bank would also check the length of work experience for a salaried, and the number of years in the business or a profession for those belonging to the self-employed category, before okaying the loan application. While salaried must have a total work experience of 2 years, their association with the existing organization should not be less than a year. Self-employed businessmen and professionals must be in the business for a minimum of 5 years. However, self-employed doctors need to have been in their profession for at least 3 years.

CIBIL Score - It is one thing that can make or break the case for you. Every lender, be it ICICI Bank or others, keeps their close eye on your credit history by checking the CIBIL Score. CIBIL, one of India’s top credit information providers, prepares the credit report of individuals using the matrix based on loans or credit cards availed by them in the past, their pattern of EMI or bill repayment, incidences of late payment, if any, the number of credit applications made by the borrowers, and so on.

The matrix, in many ways, represents the credit behaviour of an individual. So if the matrix highlights you as someone worthy of availing the personal loan from ICICI Bank, then it’s all good and you can set off to experience the chills of Europe. However, if you are found to be short on the CIBIL Score, you may have to wait till you achieve the get that right to realize your ‘European Expedition’.

Age - While the salaried must be within 23-58 years, the self-employed must have an age of 28-65 years. The minimum age for doctors, though, is 25 years.

So if you meet the above points, it won’t be any surprise if you get awarded a personal loan offer to cherish your European dream. Also tell your pals, if they are seeking a personal loan from ICICI Bank, to align with the eligibility criteria as discussed above.

Anvi Sharma is a professional writer who has written on various financial products like personal loans, home loans, credit cards & mutual fund investment, etc. She believes in delivering best of her knowledge so as to help the readers und