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Check Your Personal Loan Eligibility Before Applying For It

personal loan eligibility

ICICI bank personal loan is a collateral-free loan, which means that you are not required to put anything as a security against the loan. Hence, this puts the bank in a delicate position. They evaluate your profile based on many factors such as the net monthly income, credit score, etc. Though, before applying for a personal loan you need to be sure about eligibility.

Let’s have a look at the benefits of using ICICI bank personal loan eligibility calculator:

Check Eligibility of the Loan amount

A key feature of an ICICI bank personal loan eligibility calculator is that it enables you to experiment with the loan amount as per the wants. Different numbers can be entered in the column like loan amount, rate of interest rate, repayment term, etc. to get the customized results through which you can figure out the required loan amount that suits the best to your income. ICICI’s loan eligibility calculator is free of cost even if you are not a customer of the ICICI Bank, you can also use it free of cost.

Helps in making Informed Decisions

ICICI personal loan eligibility calculator is quite a support to you in making informed decisions. As you happen to have some extra income like a bonus, etc., then you can use it to pay an extra EMI, which will lead to lesser the EMIs amount for the remaining months. Furthermore, you can also use an ICICI bank personal loan eligibility calculator to plan your loan repayment term. This is especially helpful when the rate of interest fluctuates.

Increases the chances of Loan Approval

You should always check the loan eligibility before applying for it as if in case a loan application gets rejected it can harm your Credit Score. It’s always better to have an idea of the minimum EMI needs to be paid as it increases the chances of loan approval. This also helps you to understand how much loan amount you can apply for.

Eligibility for availing ICICI Bank Personal Loan

To avail ICICI personal loan, a borrower has to stand up on eligibility criteria. The ICICI personal loan eligibility consists of many factors that vary on case to case basis. Here are the generic eligibility criteria:

  • The applicant’s age should be 23 years to 58 years.
  • If an applicant resides in Delhi & Mumbai should have a minimum monthly salary of Rs.17, 500 and applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata should have a minimum monthly salary of Rs. 26, 000.
  • 2 years of working experience in the current organization.
  • The applicant must be residing in the present residence for at least one year.

Benefits of ICICI Personal Loan

One of the best escape routes from cash needs is a personal loan. But what if the borrower doesn’t receive the funds at the time of requirement? Then maybe the whole struggle tends to be in vain. But with ICICI personal loan no borrower will face funds delay. ICICI is committed to transfer the funds in a shorter period. Along with this, there are other benefits of the ICICI personal loan on which a look is mandatory. So, let’s see some benefits of the ICICI personal loan:

1. Quick loan Approval

ICICI personal loan is so quick that after you complete the loan application form, you can get the loan approval in a short time. In some cases, you may get the loan approved on the same day as long as the submitted documents are correct. Not only this, but ICICI personal loans can also be disbursed on the same day (t& c apply) directly into the borrower’s bank account.

2. Online Loan Process

Most of the time, the loan seeker looks for a loan in case of urgency where time plays a major role. During such a requirement, visiting the branch, applying for a loan, and then waiting for the loan disbursement would not be the practical option. But with ICICI bank personal loan saves a lot of time and get the funds at the time of requirement to you.

3. Simple and minimal documentation

Documentation is among the biggest tensions while taking a personal loan. ICICI understands it’s completely. Due to which ICICI offers personal loans with the minimum documentation which generally includes basic documents like ID proofs, address proofs, etc. A borrower just needs to upload these documents and fill the loan application form to apply for an ICICI personal loan from anywhere at any time.

4. Repayment Flexibility

ICICI personal loan for holidays comes with flexible loan repayment tenure from 1 year to 6 years. A borrower can choose a tenure that suite his/her best.

5. Simple to use the portal

ICICI website is user-friendly. The first-time borrower can also use it and apply for a personal loan. Moreover, it is so efficiently designed that first-time users will also have experience of utmost convenience.

Here a few tips that will help you to boost your loan eligibility.

1. Pay Off all Existing Loans

When you apply for a personal loan, make sure you do not have any other loan payments in line. If there are other loans to pay for, then your loan repayment capacity becomes a risk for the lender as you already have to pay other EMIs at the end of each month.

2. Maintain a good Credit Score

Of all the set criteria, the credit score is the most important factor which lenders focus on. If you have an impressive credit score for a regular period, then the banks consider you as a credible applicant and not a risk.

3. Choose Longer Repayment Term

When you choose a longer tenure, it increases your eligibility. A longer tenure shows that you can repay the loan for a certain time in the future. You can always use a personal loan EMI calculator to plan your EMIs.

4. Pay Your Credit Card Bills on Time

Paying credit card bills on time reflects that you are disciplined when it comes to making payments. This can boost your eligibility.

5. Residential or Commercial Rental Income

If you have any residential or commercial property on rent then the rent you earn from it is known as rental income. A rental income is a good add-on to your existing financial situation when you apply for the loan.

How to use ICICI Bank Personal Laon Eligibility Calculator?

You will be required a few basic details to know your ICICI bank’s loan eligibility. Below are the steps for using the ICICI bank personal loan eligibility calculator:

Step 1: Visit the website of the ICICI Bank.
Step 2: Select the “Check your Eligibility” option.
Step 3: Enter basic details like the city you live, date of birth, first name & last name, select your relationship with the ICICI Bank from the dropdown, select your type of employment from the dropdown, and tick on the declaration.
Step 4: Lastly, click on the “Check Eligibility” button and you are done.

Read More:- Know, How To Choose A Best Personal Loan Online

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