May 19, 2022
icici personal_loan

3 Keys to Get ICICI Personal Loan Instantly

If you want to get ICICI personal loan, you have either chosen it because you already have an account here or maybe you have heard a lot about. In both the cases, you are not sure whether you will get the approval or not. So, to help you in that, here are the things considered to accept and approve the loan.

You must be aware of the fact that loans are given based on certain factors. ICICI Bank also has some criteria based on which they approve or disapprove a personal loan application. The first thing below the eligibility criteria required for ICICI personal loan. Later, we have given the list of documents required to be submitted along with the application. These two are required to apply. But, the approval would depend on how strong your profile is. Let us see the details of each of the three things – eligibility criteria, documents checklist and CIBIL score.

What is the ICICI Personal Loan Interest Rates?

The rate ranges from 10.99% to 18.49% per annum. Applicants having suitable income, required documents, job stability and CIBIL score may get the rate on the lower end.

3 Keys to get ICICI personal loan

Let us read 3 keys to get ICICI personal loan below:

  1. Match the eligibility for ICICI personal loan

Just like any other loan, a personal loan is also given to the people who match the eligibility criterion set by the bank. This criterion is subject to change from one profession to another. So, ICICI personal loan eligibility criteria are as follows:

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
  1. Keep all the required documents

Even though this personal loan is an unsecured loan, you have to submit some of the basic documents to the bank. The better the documentation is, the higher is the chance to get instant approval. So, the list of the documents required is as follows:

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
  1. Maintain a good CIBIL score

If your CIBIL score is 750 or above, you can expect a faster approval considering you have all the required documents and income as per the requirement.

It is also important to note that if you are already an account holder at ICICI Bank, your KYC might take a lesser time. Otherwise, ICICI Bank will take a deep look into your submitted documents and then decide whether you are eligible for the approval or not. However, generally, you can expect disbursal within 7 days from your application date.

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