ICICI Bank is one of the leading financial institutions providing a wide range of products and services to its customers. One of the popular products is ICICI Bank Personal Loan. ICICI Bank takes into account the growing financial needs of individuals. So, to fulfill the financial requirement of its customer, ICICI Bank has come up with ICICI Bank Personal Loan. To make it simple, Personal Loan is an unsecured loan to meet any unavoidable expenses such as- medical expense, wedding, and a vacation or house renovation. ICICI Bank provides personal loan to self employed individuals, salaried as well as working professionals. Here, we will discuss about ICICI Bank Personal Loan for the salaried individual.

This bank provides personal loan with minimum paperwork followed by quick loan approval process. Eligible borrowers can borrow up to Rs. 30 lakhs with the tenure period ranging from 12-60 months.

Features of ICICI Bank Personal Loan

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

1. No collateral or security is required to avail the loan.
2. A fixed rate of interest is charged on the personal loan. The interest rate on monthly basis is reducing.
3. Flexible loan repayment tenure is from 12-60 months.
4. For automation repayment of EMI for every month, you can set up auto-debit.
5. Very quick loan approval process helps to save time of the customers.
6. There is no hidden cost involved in the loan process.
7. You can prepay your entire outstanding loan balance completely before the due date.

ICICI Bank Personal Loan Eligibility Criteria

1. Age- The minimum and maximum age limit to apply for the loan is 23 years and 58 years respectively.
2. Income- The applicant must have a minimum income of Rs. 17500. But for Kolkata, Bangalore, Chennai, Pune, Hyderabad & Chennai- the income must be Rs. 20000. Again for Mumbai & Delhi- the minimum income must be Rs. 25000.
3. Work Experience- Applicant must have work experience of minimum 2 years.
4. Salaried individual must be working in Government, MNCs or private companies.

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.
• Mode of Salary Receipt – The applicant must receive the salary in his bank account which is considered safe and secure. Salary by cash or cheque is not eligible for the personal loan.
• 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.
• 2 Passport size photograph.
• ID proof- AADHAR Card, PAN Card, Passport.
• Proof Residence- Any Utility Bill as in Electricity Bill or Gas Bill, Driving License.
• Salaried individual must be working in Government, MNCs or private companies.
• Salary Slip for last 3 months.
• Bank Statement for last 3 months (where monthly income is credited).

ICICI Bank Personal Loan Interest Rate

Approval & Disbursement

The process of approval and disbursal of ICICI Bank Personal Loan is very simple and time-saving.

Firstly, you need to fill up the personal loan application form of ICICI Bank. Then you need to specify your basic details and also your required loan amount. Along with the application form, you need to submit all the required documents and 2 passport size photograph. After the successful submission of your application form, ICICI Bank professionals will verify the documents. After positive verification of your documents, the loan approval process starts. Then, the bank professional will contact you for the disbursal process. And finally, the loan amount gets credited to your account, which you can use it to fulfill your requirements.