Are you looking for a Personal Loan? You might be looking for a lender who could offer you a great deal. The ICICI Bank could be such a reliable lender to help you. It has a broad reach across India, provides a quick process, and does not require collateral for the loan.
Apart from knowing the loan details, it is also essential to know the documents required, the eligibility criteria, and other information. We will get to know how to use the ICICI Bank Personal Loan Eligibility Calculator. It will help to understand the product, better to make it easy to apply. Let’s begin with the eligibility criteria.
What are the eligibility criteria for ICICI Bank personal loan?
The eligibility criteria for ICICI Bank personal loan are divided into two categories, salaried individuals and self-employed professionals.
For Salaried Individual
The applicant’s age should be between 23 years and 58 years.
The applicant’s minimum salary should be at least Rs 30,000 monthly.
The applicant should have at least two years of work experience.
The applicant should be living in the current residence for at least 1 year.
For self-employed professional
The applicant’s age should be between 25 years and 65 years.
The minimum turnover required is Rs 15 lakhs as per audited financials.
The minimum profit should be at least Rs 1 lakh.
The business should be in existence for minimum 5 years.
The applicant should have an existing relationship with ICICI bank in the last 36 months.
This is the basic eligibility criteria. If you are still not sure, whether as a borrower, you will qualify or not, use the ICICI Bank personal loan eligibility calculator. You just need to put the basic information, the calculator will tell you whether you are eligible or not.
The loan details
Here are the ICICI Bank personal loan details such as the loan amount, loan tenure, etc.
ICICI bank offers a loan amount of up to Rs 20 lakhs.
The rate of Interest is 11.25% onwards.
The loan tenure is up to five years.
The processing fee is up to 2.25% of the loan amount.
The prepayment charge is up to 5% of the principal outstanding loan amount.
The fee & other charges
For the loan cancellation, the charge is Rs 3000.
The EMI bounce charge is Rs 400 per bounce.
The no due certificate charge is Rs 500 per NOC.
The late payment charge is 24% per annum.
The amortization schedule charge is Rs 200 per schedule.
ICICI Bank personal loan EMI calculator
Using the ICICI Bank Personal Loan EMI Calculator is easy and free. You could use it to determine the monthly loan EMI, the total Interest payable, and complete payment ( payment + Interest).
Open the calculator, and there are three things you need to do. Enter the loan amount, the rate of interest, and the loan amount. It will automatically show the monthly EMI.
Required documents for ICICI Bank personal loan
For Salaried Individuals
Proof of Identity (Aadhar card, PAN card)
Proof of residence ( Rent agreement, passport)
Bank statement and salary slips for the last 3 months
Two passport size photographs
For self-employed Individuals
KYC documents
Proof of residence
Income proof
Bank statement
Office address
Proof of continuity of business
Proof of residence
The conclusion
This is a comprehensive knowledge on the ICICI Bank Personal Loan. It has an affordable interest rate, a quick disbursal, and an easy repay structure. Overall it is a good deal if you want to get an instant personal loan from a reliable lender.
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