ICICI Bank provides you with an unsecured loan wherein there is no need to submit collateral to get the money. You can borrow money from the bank solely based on your credibility which will be determined by your income, credit score, etc. ICICI Personal Loan is available up to INR 25 Lakh and in some exceptional cases, the bank can lend up to INR 40-50 Lakh. For more information on the ICICI personal loan, read this post further.
Factors That Help Decide ICICI Personal Loan Eligibility
ICICI Bank personal loan is based on the following factors –
An individual who is 23 years and above is eligible for ICICI personal loan. Because At this age, one can earn a decent income to pay the loan EMIs. The maximum age to borrow ICICI personal loan is 58 years which is nearer to most people’s retirement age. So, if you are so, the loan amount won’t be as high as you might expect. The reason is that you’re too old and the regular income could stop very soon, posing challenges for loan repayment. However, a younger applicant can borrow the highest amount from ICICI Bank due to his/her work opportunities.
The loan repayment is based on income. So, you need to earn a minimum of INR 30,000 per month to get an ICICI personal loan. Why does the bank ask for the minimum income? It is because the bank wants to know whether you have enough money to repay the loan. An income above the required amount makes you eligible for ICICI Bank personal loan interest rate negotiation. And this option is available only if you have enough savings left from the monthly income for paying the EMI amount.
Employment Type and Experience
ICICI Bank offers personal loans to both salaried and self-employed applicants. But the eligibility criteria may differ based on the employment types of applicants. A salaried employee gets an ICICI personal loan based on his income. Whereas, a self-employed person needs to have a strong foothold in his/her business to get a loan from ICICI Bank. If you’re salaried, you need to have a minimum experience of one year in the current company and a total work experience of two years. For self-employed, a minimum of five years of experience in the current business is required.
Previous Repayment History
Previous loan repayment history helps you get ICICI personal loan if you have repaid the same without any default. A credit history builds when you borrow money from a bank or financial institution. And using that information, ICICI Bank knows how well you manage your loan repayment. It gives an idea to the lender how you’ll be able to repay the new loan. ICICI personal loan amount is offered to you based on the creditworthiness, so with a good repayment, you can ensure you’re a reliable borrower.
Your current loan EMIs and credit card bills also impact your ICICI Personal Loan. So, make sure your liabilities are less and savings are more to grab a personal loan easily from this notable private lender. Make sure you’re paying the existing loan or credit card dues on time. Because if there’s any missed payment, it could affect your ICICI personal loan application. Even if the bank does not hesitate to offer you a loan, having a close look at the ongoing liabilities could help you decide the amount you should actually apply for.
Quick Loan for Existing Customers
If you’re an ICICI Bank customer, you can check for the pre-approved offer and get exclusive ICICI Bank personal loan interest rate. In case you do so and see yourself as pre-approved, apply for it and get the money in your account in three seconds. So, the existing relationship with ICICI Bank does help.