ICICI Bank offers Personal Loan with easy to meet eligibility requirements. Moreover, the bank also extends the low-interest rates, allows you to enjoy the affordable EMIs, consequently, lower your loan stress.
Read on to figure out the in-depth and essential elements of the eligibility criteria of ICICI Bank Personal Loan 2021.
Eligibility Criteria of ICICI Bank Personal Loan 2021
Below we have stated the essential elements of ICICI Bank Personal Loan 2021 so that you can check accordingly whether or not you meet with them. Take a look at them:
Age
- The bank offers Personal Loans to those who are aged between 23 years and 58 years.
Net Income
- Whether or not you are eligible for ICICI Bank Personal Loan 2021, it’s decided based on your net monthly income.
- To take out a Personal Loan from ICICI bank, you’ll also be required to have a minimum income of Rs. 25,000.
- This is important as your capacity to pay EMI’s is decided on the basis of the income earned since your loan EMIs aren’t impacting your living standards.
Fixed Obligation to Income Ratio (FOIR)
- FOIR is an essential factor that ICICI Bank considers to find your eligibility for a Personal Loan.
- ICICI Bank checks all your fixed responsibilities, i.e., rent or current EMIs into account.
- You must hold a minimum FOIR of 0.55 as needed by the ICICI Bank.
- You can calculate and compare your eligibility using the ICICI Bank Personal Loan calculator and apply online for the eligible loan amount simply.
Co-Applicant
- You can add a co-applicant as it boosts your eligibility for a Personal Loan since it boosts your repayment capability too.
- You should ensure, the co-borrower you add has good income flow, nominal fixed obligations and a high credit score.
Credit Score
- The credit score is another and one of the most important factors too that decide your eligibility and limit of a Personal Loan quantum.
- Your behaviour to utilize the credit or repay the debt and track record from your past moneylenders and credit card providers are captured in your credit score.
- The bank undergoes your entire credit report which also involves all past running loans and your track record of payment on loans and credit cards.
- As high your credit score, as high your chances will be of approval on your Personal Loan application from ICICI Bank.
- ICICI Bank asks for a minimum credit score of 650.
Other Eligibility Factors for ICICI Bank Personal Loan 2021
The aforementioned eligibility factors were the fundamental ones, below we have also drawn some more that are additionally supposed to be asked by the lenders to meet. Take a look at them too:
Stability of Job or Profession
- This stands out to be a vital aspect to boost your eligibility to avail of a Personal Loan from ICICI Bank.
- Your total work experience alongside current work experience is taken into consideration to assess your job stability or profession.
- ICICI bank looks for a minimum of 24 months experience in total and also seeks applicants who are employed in the current job for at least 12 months.
Residential Location
- This is another vital factor that can impact your ICICI Bank Personal Loan Eligibility 2021.
- The bank is very certain of the residence factor of the Personal Loan borrower.
- There are some of the regions that are marked as negative spots by the bank.
- ICICI Bank has a list of the regions where they will offer the loan.
- The bank also has a list of negative locations in which the loan won’t be offered by the bank on the basis of the credit behaviour of past borrowers from such areas.
- The bank will also assess your residential permanency by assessing the number of years you’ve been living in your current location.
- If you have your own house, it boosts your odd additionally of obtaining a Personal Loan from ICICI Bank.
- The minimum residence stability that the bank consider is 12 months.
Type of Industry
- The bank also has a list of negative professions and industries, to which they do not lend the loan.
- Thus, your chances of obtaining approval on a Personal Loan from ICICI Bank also remains dependent upon your profession and the industry you’re working in.
Mode of Salary Credit
- If you are getting your salary transferred to your bank account, it is considered as a secure and constant income by the ICICI Bank.
- If you earn good but get a salary cash form or cheque then the bank may not consider lending you the loan as the bank requires solid evidence of your salary to facilitate your loan amount.
- Thus, ICICI Bank prefers a salary transfer mode of payment.
Conclusion
To conclude, above we stated the major elements of ICICI Bank Personal Loan Eligibility 2021. Thereby, if you’re willing to apply potentially for a Personal Loan from ICICI Bank, you must check your eligibility as stated above.
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