ICICI Personal Loan Eligibility Calculator
The ICICI Personal Loan Eligibility calculator aims to help the potential customers and borrowers in determining their eligibility for a personal loan. To access this tool, all a user needs to do is put in the basic details like monthly income, age, etc. and it will instantly show the personal loan amount that a borrower can apply. It is a very practical way to make an informed decision about one’s overall financial health and achieve pre-set goals.
ICICI Bank Personal Loan Eligibility Calculator - Key Features & Benefits
Here are the key features of the ICICI Bank Personal Loan Eligibility Calculator:
- Ease of Access: With the help of an ICICI Bank personal loan eligibility calculator, it becomes really easy to use and calculate the EMI needed to be paid on a monthly basis. Thanks to its easy user interface.
- Time Saving: The ICICI Bank Personal Loan Calculator saves a lot of your time as it gives you accurate results instantly.
- Financial Planning: The ICICI bank personal loan calculator lets prospective loan buyers do their financial planning.
- Customization Options: The users can adjust the various parameters within the calculator to check how the different scenarios may affect their eligibility.
- Informative Tool: The calculator serves as an informative tool, helping potential borrowers understand the link between their financial health and the loan amount they could secure.
- Assistance in Decision-Making: By providing a clear picture of one's loan eligibility, the calculator assists individuals in making informed decisions about the personal loan process and their property investment.
How to use ICICI Bank Personal Loan Eligibility Calculator?
Here are the steps to follow to use the personal loan eligibility calculator.
- Visit www.urbanmoney.com
- From the navigation menu, go to ‘loans’ and select the option ‘personal loan’
- You will be redirected to a page showcasing the top banks and NBFCs
- Scroll down to find ICICI Bank
- You will be redirected to the ICICI Bank Personal Loan page, where you will find ICICI personal loan eligibility calculator under the "Check ICICI Bank Personal Loan Eligibility".
- Enter all the required details, accept the T&Cs and select ‘Check Eligibility’
- Enter the OTP that you get on your mobile number and click on ‘submit.’
- The personal loan eligibility calculator will immediately show you the personal loan amount you are eligible to claim
ICICI Bank Personal Loan Eligibility Criteria
Getting a personal loan depends upon a variety of factors, such as the individual's credit score, income, occupation, and employer’s profile. Let’s explore the eligibility criteria based on various factors.
ICICI Bank Personal Loan Eligibility Based on Salary
Here is the ICICI Bank Personal Loan Eligibility based on the individual's salary.
20 years - 58 years.
Salaried individuals with minimum monthly income of Rs. 30,000
Total years in job/profession
Years in current residence
ICICI Bank Personal Loan Eligibility Criteria for Self-Employed Individuals
Here is the ICICI Bank Personal Loan eligibility based on self-employed individuals.
For those who are self-employed, it is 28 years and 25 years for doctors.
For non-professionals, Rs. 40 lakh is the limit and Rs. 15 lakh is the limit for professionals
Minimum Profit After Tax
For Proprietorship Firm/Self employed individuals, the minimum profit should be Rs. 2 lakh. For non-professionals the limit is Rs. 4 lakh
For doctors, it is 3 years and for businesses, it is 5 years
Existing relationship with ICICI Bank
One should have a current or savings account maintained for the last a year or have a live loan or loan closed in the last 36 months.
ICICI Bank NRI Personal Loan Eligibility: Requirements for Non-Resident Indians
Here are the eligibility criteria for the ICICI Bank NRI Personal Loan eligibility.
- The professionals who are salaried must be associated with the same organisation for at least a period of one year. Also, they will need to submit proof of income tax to the bank.
- The self-employed professionals must have 3 years of business experience. They also need to offer proof of their respective business continuity.
- It needs to be noted that the applicant must be an Indian resident, and the co-applicant NRI should be his/her close relative.
- Depending on your monthly income as well as obligations, the minimum income criteria would vary.
Special ICICI Bank Personal Loan Eligibility for Women Applicants
The ICICI Personal Loan for Women is designed to ease their lives. It is basically a collateral-free loan that comes with attractive interest rates. The maximum tenure for a personal loan is 6 years. It comes with minimum documentation work, a hassle-free application process, flexible repayment, and an attractive rate of interest.
The following people are eligible to Apply for an ICICI Bank Personal Loan:
- Salaried Doctors, CAs, Salaried employees working with MNCs or Private companies, and public sector undertakings, which is inclusive of central states as well as local bodies.
- Salaried women aged between 23 and 58 years
- Salaried women who have been working for at least 2 years, with a minimum of 1 year with the current employer.
- Those who earn a minimum of Rs. 25,000 in net income per month.
List of Factors Affecting ICICI Bank Personal Loan Eligibility
Here is the list of factors affecting ICICI Bank Personal Loan Eligibility:
- Applicant’s Age: The applicant’s age should be between 21 and 23 years. The upper limit of the age range is between 55 and 60 years old.
- Employment Status: The applicant’s employment status also plays a vital role and affects ICICI Bank personal loan eligibility.
- Credit Score: A healthy credit score is more likely to improve your chances of getting a personal loan.
- Applicant’s Residency: To avail a personal loan, it is important to be an Indian resident.
- Income: The income of the applicant also affects the applicant’s capacity to avail a personal loan.
- Debt to Income Ratio: As the name suggests, the debt to income ratio is the amount of money an applicant is going to pay off from his income.
- Salary Account with a Lender: Having a salary account with the bank might be helpful in getting your personal loan application approved without hassle.
How Can You Improve Your ICICI Bank Personal Loan Eligibility?
By following the below given guidelines/tips you can improve your personal loan eligibility.
- Maintain a high credit score
- Improve Your CIBIL Score
- Reduce your debt to income ratio
- Try to avoid multiple loan applications
- Opt for longer tenures
Understanding Impact of Credit Score on ICICI Bank Personal Loan Eligibility
It is important to note that banking institutions prefer giving loans to individuals who have a credit score of at least 750 and above. Thus, if your score is higher than 750, it gives you an opportunity to become a responsible borrower, and they might also reduce your interest rate to reward you for having a fairly decent credit score.
Comparing Eligibility across Different ICICI Bank Personal Loan Products
NRI Personal Loan
Top Up Loan
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- Employee Provident Fund
- Systematic Investment Plan
- Fixed Deposit
- Mutual Funds
- Recurring Deposit
- Systematic Investment Plan (SIP)
- Employees Provident Fund (EPF)
- Public Provident Fund (PPF)
- Voluntary Provident Fund (VPF)
- National Pension Scheme (NPS)
- National Savings Certificate (NSC)
- Senior Citizen Saving Scheme
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People Also Asked
What level of income is necessary to apply for a personal loan with ICICI Bank?
There is no minimum salary criteria to avail personal loan. Depending upon multiple factors such as location, housing situation, credit history, a person becomes eligible for personal loan.
What CIBIL score must a potential borrower have in order to be considered for an ICICI Bank personal loan?
The minimum CIBIL score required for a personal loan is 720 and 750.
When applying for a personal loan from ICICI Bank, do I need to have an account there?
No, it is not required to be a customer of ICICI Bank to apply for a personal loan.
Does my income guarantee that I will be approved for an ICICI Bank personal loan?
Depending upon multiple factors, the income of a person can play a vital role in ensuring his or her eligibility for ICICI Bank personal loan.
How can I make myself more eligible for an ICICI Bank personal loan so that I can borrow more money?
One of the significant ways to increase your eligibility to get a higher loan amount is to improve your CIBIL score.