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ICICI Personal Loan Eligibility Calculator India Aug 2020

ICICI Bank Personal Loan Eligibility

Last Updated 05th Aug 2020

6th August 2020 – RBI keeps Repo Rate unchanged at 4%

Eligibility CriteriaSalaried Self Employed Professionals
ProfessionSalaried persons working in government, private or MNCs companies Professionals like Doctors, CA, CS, Architects
Applicant Age23 - 58 years25 - 65 years
Minimum Eligible Income ₹ 25,000 per month ₹ 5 Lakh gross annual receipts
Maximum Eligible Loan24x of monthly income  -
Maximum Loan Amount Eligibility ₹ 30 Lakh ₹ 40 Lakh
Minimum Work Experience24 months 36 months
ICICI Bank Personal Loan Eligibility based on Age
  • Age: There is an age criteria for the approval of personal loan. The minimum age requirement for availing a personal loan is 23 years and maximum age is 58 years. ICICI Bank offers personal loans for a maximum period of 60 months.
ICICI Bank Personal Loan Eligibility based on Income and FOIR
  • Net Income : Your net income required to avail a personal loan is ₹ 25,000 per month. Your eligibility is determined by your income (Net take home salary). Your capability of paying EMI’s is judged on the basis of income earned as your loan EMI’s are not affecting your living standards.
  • FOIR : FOIR (Fixed Obligation to Income Ratio) is an important parameter that ICICI Bank uses to find out your ICICI Bank personal loan eligibility. ICICI Bank takes all your fixed obligations (like rent or current EMIs) into account while estimating your eligibility. Minimum FOIR required to be eligible for personal loan from ICICI Bank is 0.55. Calculate and compare your eligibility with ICICI Bank personal loan calculator and apply online for the eligible loan amount hassle free.
  • Co-applicant : Adding a co-applicant increases your eligibility for a personal loan as it increases your repayment capacity. Ensure that you add a co-borrower who has good income flow, limited fixed obligations and a strong credit score.

Illustration- Mr. A who is 25 years old has a net income of ₹ 25,000. He wants to take a personal loan of ₹ 1 Lakh for 60 months. ICICI Bank allows a maximum FOIR of 0.55.

Based on the information provided by the applicant, bank will calculate his eligibility using eligibility calculator. With a salary of ₹ 25,000, the maximum amount for which he is eligible is ₹ 6.36 Lakh. The interest he has to pay for this amount for 60 months is 10.75%.

ICICI Bank Personal Loan Eligibility based on CIBIL Score

  • CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers get captured in your CIBIL score. CIBIL score is the most important factor to define your eligibility to get a personal loan. When checking eligibility for a personal loan, ICICI Bank will check the complete Credit report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application from ICICI Bank will get approved. However, low CIBIL score decreases your eligibility to get a personal loan. ICICI Bank requires a minimum credit score of 650 to be eligible for a personal loan.

There are a few factors which affect your credit score -

  • Late payments on past loans – Any delay in payments on your existing or past loans can negatively affect your CIBIL score and it may also reduce your chances of getting a personal loan from ICICI Bank.
  • High number of unsecured loans – Always maintain a balance between secured and unsecured loans. Higher proportion of unsecured loans in your total borrowings can negatively impact your credit score.
  • Usage of credit limit – Your credit card bills and usage of credit limit determine your credit behaviour. Frequent withdrawals and spending more than your credit card limit can be seen as a sign of potential financial stress, credit indiscipline and hence, may pull down your credit score.
  • Multiple loan applications – If you apply for a personal loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from ICICI Bank, improve your credit worthiness to get a good score and your loan application to get approved.

ICICI Bank Personal Loan Eligibility based on other factors

There are other factors also which are responsible for the approval of the loan by ICICI Bank. Check to understand the importance of the following factors -

  • Job stability and profession - Job stability is important to improve your eligibility to get a personal loan from ICICI Bank. Your total work experience and current work experience are assessed to evaluate your job stability and profession. ICICI Bank looks for a minimum total experience of 24 months and also looks for applicants who have been employed in the current job for a minimum of 12 months.
  • Residence place and stability – Banks are very particular about the residence of the borrower. There are few areas which are considered negative by the bank. ICICI Bank has a pre decided list of area where the bank will lend the loan. The bank also has a negative list area of locations in which it will not lend depending on the past credit behavior of borrowers from such localities. ICICI Bank also gauges your residential stability by checking on the number of years since when you have been staying in your current residence. If you are staying in your own residence, it improves your chance of getting a loan from ICICI Bank. Minimum residence stability to be considered by the bank is 12 months.
  • Industry Type – ICICI Bank has a negative list of professions and type of industry, defined as customer or industry segments to which they will not give the loan. So, your chances of getting a loan approval also depends on your profession and industry you are employed in.
  • Salary Mode – Most of the banks consider salary transferred to the bank account as a secure and stable income with adequate income proofs. If you are earning well but getting salary through cash or cheque then bank will not give you the loan because bank needs concrete evidence of your salary to support your loan amount. So, salary transfer mode of payment is preferred by ICICI Bank if you apply for a personal loan.

FAQs

What are the eligibility criteria to avail ICICI Bankloan?

The minimum age of the applicant required to get a personal loan from ICICI Bank is 23 years. The maximum age for salaried employees can go up to 58 years.

What should be my income to secure a personal loan from ICICI Bank?

The minimum income for a salaried employee should be at least ₹ 25,000 per month to secure a personal loan from ICICI Bank.

How much work experience is required for personal loan from ICICI Bank?

The applicant must have at least work experience of 12 months in avail the benefit of ICICI Bank personal loan.

What is the maximum loan amount an applicant can get?

The maximum loan amount an applicant can get under a personal loan from ICICI Bank is up to ₹ 30 Lakh.

Will CIBIL Score affect my personal loan from ICICI Bank?

Yes, CIBIL Score does have an impact on your personal loan. A good score indicates a good repayment record and hence most banks avoid giving loans if you have a low credit score. The minimum CIBIL score for personal loan is 650 and above.

Do I need to have a guarantor to apply for Personal Loan from ICICI Bank?

Personal loan is an unsecured loan, so a bank may ask for a guarantor. However, if your credit score is good and there is no default in your past repayment history, then you do not need a guarantor to get a loan from ICICI Bank .

What is the minimum loan amount from ICICI Bank for pensioners?

Pensioners can apply for a minimum loan amount of ₹ 25,000 from ICICI Bank.


ICICI Personal Loan News - Aug 2020
  • 2020-07-09 : Banks exceed digital transaction target set for 2019-20
    The government notified that 17 banks received an overall good rating for their performance on digital transactions in 2019-20, with ICICI Bank topping the list of 56 banks and closed wallets. The result is the indication of ameliorating banking services like providing retail and business loans digitally with ease.
  • 2020-07-07 : ICICI Bank surpassed 1 million users on WhatsApp platform
    ICICI Bank crossed a mark of 1 million users on its WhatsApp banking platform. ICICI Bank had introduced WhatsApp banking services three months ago to enable its retail customers to undertake banking requirements from their home in the wake of the coronavirus pandemic.
  • 2020-07-02 : ICICI Bank introduced instant loan facility against mutual funds
    ICICI Bank has introduced Insta Loans against Mutual Funds in partnership with Computer Age Management Services. The credit will be availed against a wide range of debt and equity schemes of mutual funds. The loan will be paperless and amount upto Rs. 1 crore can be availed under this facility.
  • 2020-06-25 : ICICI Bank launches Video KYC
    ICICI Bank launched Video KYC for the savings account, personal loan, credit card. The facility will come handy for customers as it will allow them to complete the verification process digitally. New customers can now complete their KYC process by video interaction with ICICI Bank
  • 2020-06-20 : ICICI Bank introduced instant education loan of up to Rs. 1 crore
    ICICI Bank launched Insta Education Loan under which customers will get instant approval of education loans of up to Rs. One crore. This facility will enable borrowers to take education loans in a fully digital process against their fixed deposits with the bank.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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