Apply for a ICICI Bank Personal Loan

1. Loan Amount: ICICI Bank offers personal loans starting from ₹50,000 up to ₹20 lakhs, depending on your eligibility and requirements.
2. Interest Rates: Interest rates may vary based on your credit score, loan amount, and other factors. As of my last update, you mentioned an interest rate of 10.50%.
3. Repayment Tenure: ICICI Bank typically offers repayment tenures ranging from 12 months (1 year) to 60 months (5 years). You mentioned a 5-year tenure.
4. Eligibility Criteria: The eligibility criteria for ICICI Bank personal loans include factors like age, income, employment stability, and credit history. Exact criteria can vary, so check with the bank for the most up-to-date information.
5. Documents Required: While specific document requirements may vary, common documents include identity proof, address proof, income proof, bank statements, and photographs.

When applying for an ICICI Bank personal loan, you will typically need to provide several documents to support your loan application. The specific document requirements may vary depending on factors such as your employment type, income source, and the loan amount. Here's a general list of documents commonly required for an ICICI Bank personal loan:

For Salaried Individuals:

1. Proof of Identity:
   • Passport
   • Aadhar card
   • Voter ID card
   • Driver's license
2. Proof of Address:
   • Passport
   • Aadhar card
   • Voter ID card
   • Utility bills (electricity, water, gas, or telephone bills)
   • Rent agreement (if applicable)
3. Income Proof:
   • Salary slips for the last 3 to 6 months
   • Form 16 or Income Tax Returns (ITR) for the last 2 to 3 years
4. Bank Statements:
   • Bank statements for the last 3 to 6 months showing salary credits
5. Employment Proof:
   • Employment offer letter
   • Employee ID card
   • Current employment certificate
6. Photographs:
   • Passport-sized photographs

For Self-Employed Individuals:

1. Proof of Identity:
   • Passport
   • Aadhar card
   • Voter ID card
   • Driver's license
2. Proof of Address:
   • Passport
   • Aadhar card
   • Voter ID card
   • Utility bills (electricity, water, gas, or telephone bills)
   • Rent agreement (if applicable)
3. Income Proof:
   • Business financial statements (profit and loss statement, balance sheet) for the last 2 to 3 years
   • Income Tax Returns (ITR) for the last 2 to 3 years
   • Business ownership documents (e.g., Partnership Deed, Memorandum of Association)
4. Bank Statements:
   • Bank statements for the last 6 to 12 months showing business transactions
5. Photographs:
   • Passport-sized photographs

Additionally, the bank may request additional documents or information if necessary to assess your loan application. Be sure to prepare all required documents and keep them ready when applying for an ICICI Bank personal loan to expedite the process.

ICICI Bank Personal Loan eligibility

1. Age: You should generally be within a specified age range to be eligible for a personal loan. Typically, the minimum age requirement is 21 years, and the maximum age limit is around 60 to 65 years at the time of loan maturity. The exact age limits may vary.
2. Employment Type:
   • Salaried Individuals: If you are a salaried individual, you should have a stable job with a regular source of income. ICICI Bank may also consider your employment history.
   • Self-Employed Individuals: If you are self-employed, you should have a well-established business or profession with a steady income. Business stability and financial health may be assessed.
3. Income: Your income plays a crucial role in determining your eligibility for a personal loan. The bank will typically have a minimum income requirement, which can vary based on factors such as your location and the loan amount.
4. Credit Score: Your credit score, which is a reflection of your creditworthiness, is a significant factor in loan approval. A higher credit score typically improves your chances of approval and may lead to more favorable terms, such as lower interest rates.
5. Existing Debt Obligations: ICICI Bank may assess your existing financial obligations, including outstanding loans and credit card dues, to determine your repayment capacity.

Example:

Personal loan of 5 lakhs at an interest rate of 10.5% for tenure of 5 years, the EMI will be 10,747. The total pay out here would be:

• Principal Amount: 5,00,000
• Interest Charges (@10.5%): 1,44,817
• Loan Processing Fees (@2.5%): 12,500
• Documentation charges: 500
• Amortization Schedule charges: 200
• Total Amount paid after 5 Years: 6,58,017
• *Interest rate and processing fees varies as per your product depending on the lender's policy.