Wondering if you qualify for an ICICI Bank Personal Loan? Lenders approve loans based on specific eligibility criteria, which vary by institution. ICICI Bank offers simple and easy-to-meet requirements, making it a great option for covering expenses like medical emergencies, vacations, or weddings. The ICICI Personal Loan Eligibility Calculator helps you check your eligibility instantly. Read on to learn more about its benefits and how to use it.

What Is ICICI Bank Personal Loan Eligibility Calculator?

The ICICI Personal Loan Eligibility Calculator helps individuals estimate their eligible loan amount before applying. By considering factors like loan tenure, income, and existing obligations, it prevents overborrowing and ensures better financial planning. This tool streamlines the loan approval process, saving time and reducing errors for a hassle-free experience.

How To Use ICICI Bank Personal Loan Eligibility Calculator?

Here is a detailed step-by-step guide to follow for accurate use of the Personal Loan calculator:

• Enter your gross monthly income. 
• Add the desired tenure for repayment of your personal loan.
• Input the corresponding interest rate being charged by HDFC Bank.
• The calculator will automatically display the total loan amount you are eligible for, along with the monthly EMI payable for the same.

How Is ICICI Bank Personal Loan Eligibility Calculated?

Equated Monthly Installment or EMI is the required amount mandatory for each borrower to pay the lender each month for repaying the loan amount with interest. With accurate use of this online free tool, you can calculate EMIs as per your loan amount and tenure. 

P = EMI x [(1+r)(^n) - 1]
            r x (1+r)^n

Where, 

• EMI= Equated Monthly Instalment
• R= Interest Rate on the loan amount
• N= tenure of the loan repayment amount
• P= Principal amount

For Example: Mr Saxena aims to secure a personal loan, with the following parameters in place: 

• Monthly Salary: Rs 1,00,000
• Tenure: 3 years (36 months)
• Miscellaneous Expenses: Rs 20,000
• Interest Rate: 10%

Step 1: Calculate the maximum EMI you can afford

Since banks allow you to use 50% of gross monthly income for loan EMI:

EMI=[100000×(50/100)]-20000 = 30000 

So, you can afford to pay ₹30,000 per month as EMI.

Step 2: Input values in the formula

Where:

• P = Loan amount (we want to find this)
• EMI = ₹30,000 (from Step 1)
• r = Monthly interest rate = 10% per year → (10/12) x (1/100) = 0.00833
• n = Loan tenure in months = 3 years → 3 x 12 = 36 months

Adding these values to the formula, 

P = 30000 x [(1+0.00833)(^36) - 1]
        0.00833 x (1+0.00833)^36

P=  Rs. 9,29,737.07

Therefore, the final loan amount Mr Saxena is eligible for is Rs. 9,29,737.07

ICICI Bank Personal Loan Eligibility Criteria

ICICI Bank has certain specific eligibility criteria applicable only to Personal Loan applicants to repay loans on time. Let us look into those eligibility criteria in detail below:

• Age: For salaried individuals, the minimum age is 20 years while the maximum age is 58 years. Whereas, for self-employed individuals, the minimum age is 28 years (25 years for doctors) while the maximum age is 65 years. 
• Credit Score: Maintaining a high credit score increases the chances of loan approval. 
• Income: For salaried individuals, the minimum income monthly should be Rs. 30,000. Whereas, self-employed individuals need a turnover of Rs. 40 Lakhs for non-professionals and Rs. 15 Lakh for professionals. This income range however varies according to the location and occupation of applicants. Alongside this, self-employed individuals should display a minimum profit of Rs. 2 Lakhs and for non-professionals, it is Rs.1 Lakh, according to the audited financials. 
• Employment Status: An employed individual applying for a Personal Loan from ICICI Bank should be employed for at least 2 years in the current organization. However, self-employed individuals should be operating their current business for at least 5 years, while it is 3 years minimum for doctors. 
• Residence: The borrowed individual should be residing in India with a valid residential address for at least a year.

Documents Required for ICICI Bank Personal Loan

Here are the required documents for increasing your approval chances of a Personal Loan from ICICI Bank:

For Salaried Individuals

• Proof of Residence/Identity: Driving license, passport, voter’s identity card, NREGA card, aadhaar card
• Salary Slips for the previous 3 months
• Bank statement of the current 3 months (where income/salary is credited)

For Self Employed Individuals

• Proof of Residence/Identity: Driving license, passport, voter’s identity card,  national population register, NREGA card, aadhaar card
• Income Proof: Last 6 months bank statement, audited financials during the previous two years
• Office address proof
• Proof entailing continuity of business

Factors Affecting ICICI Personal Loan Eligibility

Proper understanding of factors affecting personal loan eligibility can raise your chances of qualifying for a Personal Loan:

• Monthly Income: Your monthly income plays an important role towards determining Personal Loan eligibility with ICICI Bank. This income requirement however varies on location. In cities such as Delhi, Mumbai and Bangalore, the salary is expected to be higher as the cost of living is higher. 
• Age: ICICI prefers salaried individuals between the ages of 20 and 58 years. However, for self-employed and non-professionals, the borrower's age range should lie between 28 years and 65 years. Borrowers who are self-employed however can continue working even after the retirement age of 55-58 years. Hence, the maximum age limit is up to 65 years. 
• Credit Score: The higher the credit score, the larger will be your chances of loan approval. Usually, lenders approve loans maintaining a credit score of 700 and above. 
• Work Experience: Work experience plays a crucial role in financial stability. ICICI Bank assess your experience based on factors like occupation and chosen lender, with seasoned borrowers having greater financial security than newcomers.

To conclude, opting for a Personal Loan from ICICI Bank is a great solution for financing your personal expenses during times of need. However, before applying for the loan, make sure to check its eligibility criteria and the requirements. Most importantly ensure to provide detailed and accurate information to avoid delay in loan processing.