ICICI Bank, India’s largest private sector bank offers personal loans as a single solution for
various financial needs of an individual. Here are some facts about the ICICI Bank Personal Loan offering.
For what purposes can ICICI Personal Loan be availed?
A personal loan can be availed to fund any personal need of the
individual. This includes renovation of house, marriage, a family holiday,
child's education, purchase of laptop, medical expenses, business purposes for
self employed individuals or any other emergencies.
How to apply for ICICI Personal loan?
A personal loan at ICICI Bank can be applied online. The
representative from the bank will call upon you to collect the required
documents within 3 days. You will need to handover all payments in the form of
cheques drawn in favour of ‘ICICI Bank
Ltd - Personal Loans’. You can also walk into an ICICI Bank branch and
apply for the personal loan by
completing the required formalities. The loan is usually approved within 72
hours of submission of documents.
Eligibility criteria for ICICI Personal Loan
Both salaried and self employed
individuals can apply for personal loan.
·
For salaried individuals, age limit is between
23-58 years. The minimum monthly salary requirement is Rs. 20,000 (Rs. 25,000
for customers in Mumbai and Delhi), although the actual requirements may vary
as per the customer profile. The individual should be employed for atleast 2
years and should have stayed in the current residence for atleast 1 year.
·
For self employed individuals, age limit is
between 28-65 years (lower limit is 25 years for doctors). The annual minimum
turnover should be Rs. 40 lakhs and Rs. 15 lakhs for non professionals and
professionals respectively. The business should be running for atleast 5 years.
The minimum profit after tax should be Rs. 2 lakhs (for Proprietorship
Firm/Self employed Individuals) and Rs. 1 lakh (for non-professionals). The
individual should also have an existing relationship with ICICI Bank.
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