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ICICI Personal Loan Eligibility Calculator India Jan 2021

ICICI Bank Personal Loan Eligibility

Last Updated 18th Jan 2021

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
Interest Rate 10.75% - 22.00% 11.50% - 16.25%
Personal Loan Eligibility CalculatorOr Free Corona Health Insurance Cover of up to ₹ 5 lakh
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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.

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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.


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ICICI Personal Loan News - Jan 2021
  • 2021-01-18 : ICICI Bank launched new year campaign
    ICICI Bank introduced iDelights New Year Bonanza. It is a new year campaign which offers several benefits brands and e-commerce platforms. It is a customised bouquet of offers for its customers to celebrate the beginning of 2021.
  • 2020-12-08 : ICICI Bank launched interoperable banking app
    ICICI Bank launched a new version of its mobile payment app which is interoperable and allows payments and other banking services to customers of any other bank. The new app will allow customers to link their bank accounts, generate a UPI ID and avail services such as online transactions, opening savings accounts, making investments, applying for loans and credit cards without being an ICICI Bank account holder.
  • 2020-11-06 : ICICI Bank introduced banking stack for millennial customers
    ICICI Bank launched a comprehensive banking programme known as ICICI Bank Mine ICICI Bank Mine, for millennial customers, in the age bracket of 18 years to 35 years called. It offers an instant savings account, a feature-driven iMobile application that offers investment guidance and curated credit and debit card. In addition to this, it is will also offer instant personal loans and overdrafts, and an experiential branch with social engagement space.
  • 2020-11-03 : New charges and fees by ICICI Bank
    Effective November 1, 2020, ICICI Bank will charge Rs 50 as a convenience fee on its customers for every such transaction done on bank holidays and between 6:00 pm and 8:00 am on working days. Further, The bank will charge a convenience fee if the cash deposit in the cash acceptor/recycler machines exceeds Rs 10,000 per month either as a single transaction or multiple transactions.
  • 2020-10-01 : ICICI Bank announces special benefits on personal and home loans
    ICICI Bank announced the launch of a festive bonanza that offers attractive benefits to personal and home loan customers. Personal loan customers will be offered an attractive interest rate starting from 10.50% and flat processing fee of ₹3,999. Whereas, home loan customers will be offered loans starting from 6.90% and processing fee starting from ₹3,000.
*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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