ICICI Bank Personal Loan Interest Rate For Salaried and Self-Employed

Personal loans are available from ICICI Bank to both salaried and self-employed individuals. In the case of salaried employees, the loan amount is determined by the person’s monthly wage, the company for which he or she works, and the bank’s connection with the client. The ICICI personal  loan amount is determined by the annual revenue, company sustainability, and established relationship with ICICI bank for self-employed individuals and doctors.

The interest rate on ICICI personal loan for both salaried and self-employed customers starts at 10.50 percent per annum and can go as high as 19 percent per annum, based on the person’s profile and prior relationship with the bank.

How Can I Get a Personal Loan from ICICI Bank at a Low Interest Rate?

You can get an ICICI bank personal loan with a lower interest rate by using the following methods:

  • Keep your credit score high.
  • Minimize your current debt.
  • Maintain a consistent work history
  • Maintain a strong connection with the bank.
  • Keep a tally of your credit card bills and loan EMIs.

ICICI Bank Personal Loan Documents Required

To get an ICICI Bank Personal Loan, you’ll need the following documents:

For Salaried Customers- 

  • Proof of Identity (any one): PAN card, Voter ID card, Driving License, passport
  • Address Proof (any 1): Driver’s licence, passport, PAN card, or voter ID Passport, a recent utility bill, and a leave and licence agreement
  • Two passport-size photos
  • Bank statement for the previous three months, including salary and income credits
  • Pay receipts over the previous three months

For Self-Employed Customers

  • KYC Documents: Proof of identification, proof of address, proof of date of birth
  • Proof of residence : Passport, Leave and License Agreement, and a recent utility bill are all acceptable forms of proof of residence.
  • Proof of Income
  • Office Address Proof
  • Bank statement for the last six months as proof of office address
  • Proof of residence or proof of office ownership
  • Evidence of business continuity

Who can apply for an ICICI Bank Personal Loan?

Individuals who meet the criteria can apply for a Personal Loan immediately on the ICICI Bank website or at a branch near them. Personal loans from ICICI Bank are available to both salaried and self-employed individuals. When applying for a personal loan from ICICI Bank, keep the following eligibility conditions in mind:

Eligibility Criteria for Personal Loans for Salaried Individuals at ICICI Bank

  • Age requirements: Applicants must be at least 23 years old and no older than 58 years old.
  • Monthly Income: The applicant must earn a minimum of Rs. 30,000 in order to be considered.
  • Work Experience: They should have worked for at least two years.
  • Proof of residence: They should have lived at the current address for at least a year.

Eligibility Criteria for Personal Loans for Self-Employed at ICICI Bank

  • Applicants must be at least 28 years old (for self-employed individuals) and 25 years old (for doctors); the maximum age is 65 years old.
  • Income Criteria: According to the most recent audited financial documents, the business should have a minimum turnover of Rs. 40 lakhs for non-professionals and Rs. 15 lakhs for professionals.
  • Profit: According to audited financials, the business entity should show a profit of Rs. 2 lakhs (for proprietorship firms/self-employed individuals) and Rs. 1 lakh for non-professionals.
  • Age of Firm: A business should have been in operation for at least 5 years, and a doctor’s practice should have been in operation for at least 3 years.

The Bottom Line

You can take up a Personal Loan of up to Rs 25 lakh. Personal Loans from ICICI Bank provide a speedy approval process, ensuring a simple borrowing experience. The ICICI bank personal loan interest rate start at 10.5 percent per annum to cover personal unforeseen expenses. You can also acquire the funds in 3 seconds with the fast Personal Loan online services.

Read Also: What To Choose Between A Personal Loan And A Credit Card

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