ICICI BANK Self- Employed Personal Loan

Personal Loan

ICICI Bank is one of the leading financial institution providing a wide range of products and services to its customers. One of the popular product is ICICI Personal Loan. Personal Loan helps to meet any financial requirement which can be a wedding, a vacation or house renovation.

Here, we will discuss ICICI Personal Loan for the Self-Employed Professional.


ICICI Bank Personal Loan


Personal Loan from ICICI bank is a one-stop option for customers because of the following reasons:-

  1. No collateral or security is required to avail the loan.
  2. Competitive interest rate is charged on the personal loan.
  3. A flexible loan repayment tenure is from 12-60 months.
  4. Loan repayment capacity decides the amount of the loan.


ICICI Bank Personal Loan Eligibility Criteria


  1. Age- Applicant must have minimum and maximum age limit of 25 years and 65 years respectively,
  2. Turnover- For professionals, the minimum turnover must be Rs.15 lakh and for businessman, the minimum turnover must be Rs. 40 lakhs.
  3. Work Experience- For the current business, it should be 5 years. For professional like doctors- it should be 3 years
  4. Self-employed individual must be working professional like- CA, Architect, Doctor.
  5. Minimum of a 1-year relationship between the customer and ICICI Bank should exist. The relationship can be either a liability or an asset form.


Other factors of Eligibility Criteria


Following are some other eligibility criteria for ICICI Personal Loan:-

  • Stability of Job – Stable job ensures a secure repayment capacity of the applicant. This improves the eligibility to get the personal loan.
  • Residence area and stability – Banks do not provide the loan to individuals residing in negative areas based on previous credit behavior of borrowers from such areas. If the applicant is residing in the current residence for many years, it will enhance the eligibility criteria.
  • Co-applicant – If you add a co-applicant to applying for the loan, it will increase your repayment capacity. The co-applicant must have a steady income, good cibil score, and limited fixed obligation.
  • Type of Industry – ICICI bank does not provide loan to a negative list of industry and profession type. So, the type of industry will affect the eligibility criteria.
  • FOIR- FOIR or Fixed Obligation to Income Ratio is a very important criterion for ICICI Personal Loan. Minimum FOIR  is 0.45 to be eligible for the loan.


ICICI Personal Loan Documents Required


  • Duly filled application form.
  • Passport size photograph.
  • ID proof- AADHAR Card, PAN Card, Passport.
  • Proof Residence- Any latest Utility Bill as in Electricity Bill or Gas Bill, Driving License.
  • Income proof (audit financials for last 2 years).
  • Bank Statement for last 6 months.
  • Proof of office address of the applicant.
  • Applicant should have proof of workplace ownership.
  • Valid papers to prove the continuity of the business.


ICICI Bank Personal Loan Interest Rate



Loan Amount

Minimum- Rs.50000

Maximum- Rs.40 lakhs

Loan Tenure

Minimum- 12months

Maximum- 60months

Rate Of Interest


Pre-closure Charges

Applicable after 6 months of EMI. 5% Pre-closure charges.




Approval & Disbursement


After proper verification of the documents, approval of the loan and finally the disbursement takes place.

Apply Personal Loan Online at Lowest Interest Rate Upto Rs. 40 Lacs

*Salary account or relational bank
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Loan Duration: 12 - 60 months*   T&C Apply*