Falling short of cash for that expensive anniversary get-away? Or the blueprint of your dream tree house is still waiting in the cabinet for the fund approval? ICICI Personal Loan caters to all your financial urgencies and backs you up so that no dream of yours remains unfulfilled. Either you are a Salaried Individual or are Self-Employed, ICICI Personal Loan fuels your dreams so that finances do not become a hinderance in your happiness. Salaried Individuals can avail a maximum of ₹20 lakh while the Self-Employed and doctors can avail a maximum of ₹30 lakh and ₹40 lakh, respectively. The loan can be availed for a period ranging from a minimum of 1 year to a maximum of 5 years. And all this comes without the hassle of collaterals and/or security. Read on to know more of this magic wand!

Eligibility-

The Personal loan eligibility criteria for the Salaried and the Self-Employed Individuals may vary a little.

Salaried Individuals: The applicants must be in the age bracket of 23 years to 58 years while applying for the ICICI Personal Loan. The minimum monthly income of the applicant must be at least ₹17,500 and may vary for different Metropolitans. Applicants residing in Delhi and Mumbai must have a monthly earning of at least ₹25,000. Those residing in Chennai, Hyderabad, Bangalore, Pune and Kolkata must have a monthly earning of at least ₹20,000. The applicants must be employed for at least last 2 years. Also, they must be residing in their current residence for at least a period of 1 year at the time of the application.

Self-Employed Individuals: The applicants who are Self-Employed must fall in the age bracket of 28 years (25 years for doctors) to 65 years in order to be eligible to avail the ICICI Personal Loan.

Their audited financials must be able to prove a minimum turnover of ₹40 lakh for the non-professionals and ₹15 lakh for the professionals. The applicant associated with a Proprietorship Firm or a Self-Employed Individual must be able to prove a minimum profit of ₹2 lakh after the tax deduction. Non-professionals must be able to show a minimum profit of ₹1 lakh post the tax deduction as per their audited financials.

The stability of the business is also an important criteria in order to be eligible for the ICICI Personal Loan. The Self-Employed Individuals must be associated with their current business for the last 5 years. This limit is a little relaxed for the doctors as they have to prove their professional association over a minimum period of 3 years.

The applicant must either have an existing liability relationship with the bank for the last 1 year (current or savings account) or an asset relationship (loan), existing or closed, in the last 36 months. The repayment track might differ as per individuals.

Documentation required for the Loan:

The following documents will be required by the applicant while applying for a Personal Loan:

Salaried Individuals

  • Identity Proof (any one): PAN Card/ Passport/ Voters ID/ Driving License/ Adhar Card
  • Residence Proof (any one): Passport/ Leave and License Agreement/ Utility Bill (not older than last 3 months)
  • Bank Statement of the Salary Account (last 3 months)
  • Salary Slip of last 3 months
  • 2 Passport size photographs

Self-Employed Individuals

  • Identity Proof (any one): PAN Card/ Passport/ Voters ID/ Driving License/ Adhar Card
  • Residence Proof (any one): Passport/ Leave and License Agreement/ Utility Bill (not older than last 3 months)
  • Proof of Date of Birth
  • Proof of Income (audited financial statements of the last 2 years)
  • Bank Statement of the last 6 months
  • Proof of office Address
  • Proof of Ownership (Residence or Office)
  • Proof of continuity of Business

Rate of Interest and Processing Fee:

The bank may charge the applicant an annual rate of interest of 11.59% to 22% along with a processing fee of about 2.25% of the loan amount that is sanctioned to the applicant. Additional service taxes are also applicable. In case of the prepayment of the loan, a charge of about 5% of the outstanding principal amount is levied along with the service tax.

ICICI Personal Loan EMI Calculator:

EMI calculation can at times be quite cumbersome and frustrating. ICICI Personal Loan EMI Calculator facilitates an easy process of EMI calculation and gives the applicant a brief idea about the EMI that he/ she would have to pay in order to repay the loan. This calculator churns out the exact EMI amount that one would have to pay by simply taking in the details of the loan amount, rate of interest and the tenure of the loan. Now your monthly EMI and interest details will be on your tips for when you need them!

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