What is The Best Way to Get Lowest ICICI Personal Loan Interest Rates?

For a personal loan, you need to have a stable source of income. This helps banks trust your repayment capacity. ICICI Bank is among the most preferred banks for a personal loan. The customer service of the bank is unbeatable and widely appreciated. If you want to avail this loan, you need to match the eligibility criteria, documents checklist and minimum CIBIL score.

The eligibility for ICICI personal loan

Below is the eligibility criteria for a personal loan at ICICI Bank.

For Salaried:

• The age of the applicant should be between 23-58 years
• The applicant’s minimum net monthly income should  be ₹17,500/-
• The minimum work experience required for this loan is 2 years with 1 year of experience at the current organization

For Self-employed:

• The age of the applicant should be between 28-65 years
• The applicant’s minimum net annual income should  be more than ₹15 lakhs
• The minimum work experience required for this loan is 5 years

Documents required for ICICI personal loan

The documents checklist required for ICICI personal loan is given below:

For Salaried:

• Identity Proof: Passport/Driving License/Voters ID Card/PAN Card/Aadhar Card
• Residence Proof: Leave and License Agreement/Utility Bill (not more than 3 months old)/Passport/Aadhaar Card
• Last 3 months bank statement with the details of salary credited
• Last 3 months salary slip
• 2 passport size photos

For Self-employed:

• Identity Proof: Passport/Driving License/Voters ID Card/PAN Card/Aadhar Card
• Residence Proof: Leave and License Agreement/Utility Bill (not more than 3 months old)/Passport/Aadhaar Card
• Date of Birth proof
• Income proof (audited financial for the last 2 years)
• Last 6 months bank statements
• Office address proof
• Proof of residence or office ownership
• Proof of continuity of business
• 2 passport size photos

CIBIL score for ICICI personal loan

The minimum CIBIL score required for ICICI personal loan is 750. You can check your CIBIL score on the basis of your PAN number. It hardly takes 2 minutes to know your CIBIL score. If you do not have a credit history, you must be having zero credit score. In that case, you can surely apply for the loan if you have income proof but you might get interest rate a bit higher than those who have a good credit score.

ICICI personal loan EMI calculator

With the help of a loan EMI calculator, you can take a look at EMIs in advance so that you can decide which loan amount and tenure you would want to choose for your loan. ICICI personal loan EMI calculator is very simple to use as it shows how much loan amount you can take. It is your repayment capacity calculator which helps in deciding whether or not your choice is suitable to your wallet.

With the above information on ICICI personal loan interest rates and ICICI personal loan EMI calculator, you must have got the idea that which rate you would be able to afford and which EMI would be good for you.