What is the minimum income required to get a personal loan from ICICI Bank?

A personal loan is the first choice of borrowers in financial emergencies owing to a slew of reasons like unsecured funding, the hassle-free application process, instant disbursal and flexible repayment tenure. Moreover, there are no restrictions on the use of a personal loan; borrowers can use the money for any purpose they want. 

Minimum salary for ICICI Bank personal loan

ICICI Bank is one of the leading private sector banks in India known for offering one of the finest loan services. ICICI Bank instant personal loans are available at attractive interest rates and minimal processing charges. Borrowers can get a personal loan from the ICICI Bank for a host of financial needs like home renovation, travel, credit card bill payment and purchase of a home and medical bill payment. Preapproved customers can get ICICI Bank instant personal loan in just 3 seconds after online verification and acceptance of the final offer. 

Minimum income required to get the ICICI Bank personal loan varies from city to city and applicant to applicant based on their employment status. Here is the minimum income required for ICICI Bank personal loans:

Salaried applicants:

  • For borrowers residing in Mumbai and Delhi should have a minimum monthly salary of Rs. 25,000 per month. 
  • For individuals residing in Hyderabad, Bangalore, Chennai, Pune and Kolkata should have a minimum monthly salary of Rs. 20,000 per month. 
  • For individuals residing in other cities should have a minimum monthly income of Rs. 17,500 per month. 

Self-employed applicants:

Self-employed professionals and non-professionals need to have the following income:

  • Minimum turnover for self-employed professionals is Rs. 15 lakh per annum. 
  • Self-employed non-professionals should have a minimum of Rs. 40 lakh annual turnover. 

Apart from the minimum income conditions mentioned above, you should remember that while assessing your application for a personal loan, ICICI bank also considers your FOIR (Fixed Obligation to Income Ratio). FOIR refers to debt to income ratio whereby a personal loan borrower needs to limit his income hi fixed monthly obligations to 50% of his monthly income. ICICI Bank will ensure that your monthly liabilities/ obligations, including the loan EMI you are applying for, are within 50% of your monthly income, while 50% of your monthly income will be used for your daily expenses. 

While applying for a loan, you can use the ICICI Bank personal loan EMI calculator to know your monthly EMI. If the EMI exceeds 50% of your monthly income, either you can select longer tenure or smaller loan amount so that it fits into 50% of your monthly income. ICICI Bank personal loan EMI calculator is very helpful to figure out the total interest rate and monthly instalment. 

What are other eligibility criteria for ICICI Bank instant personal loan 

For salaried applicants:

  • Salaried person aged between 23 years and 58 years old is eligible to apply for ICICI bank personal loans.
  • A minimum of 2 years of work experience is required for ICICI Bank personal loan. 

For self-employed individuals 

  • Minimum age of a self-employed individual should be 25 years at the time of application and maximum 65 years before the maturity of the loan.
  • For doctors, minimum work experience is 3 years; at least 5 years for others.  

Documents required to apply for a personal loan

For salaried person

  • Identity proof: Voter’s ID Card / PAN Card / Passport / Driving License/ Aadhaar Card
  • Residential proof: Utility Bills (for the latest 3 months)/ Leave and License Agreement
  • Salary slips for the last 3 months
  • Last 3 month’s bank’s statement showing salary credit
  • Passport size photographs

For self-employed individuals

  • Identity proof: Aadhaar Card/ Passport / Driving License / PAN Card
  • Residential proof: Utility Bills (for the latest 3 months)/ Leave and License Agreement 
  • Date of birth proof
  • Office address proof
  • Income proof: Audited financial statements for the last 2 years
  • Bank statement for the last 6 months
  • Proof of office ownership
  • Proof of continuity of business

If you’re not sure if your income is sufficient to get a personal loan, you should use the ICICI Bank personal loan EMI calculator to know the monthly EMI. If the EMI amount exceeds 50% of your monthly income, apply for a smaller loan. 

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