ICICI Bank is a private sector bank which is now the second largest bank in India, by asset size . ICICI Bank India offers instant personal loans both for salaried and self-employed at attractive low interest rates. These loans can be availed for a variety of personal needs.
One needs to fit the eligibility criteria of the Bank to qualify for a loan. The criteria are different for salaried and self-employed and are as below:
|Age||23 years – 58 years|
|Minimum Income||Salaried individuals with minimum monthly income Rs.17,500 (Rs.25,000 for applicants residing in Mumbai & Delhi; Rs.20,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata)|
|Total years in job/profession||2 Years|
|Years in current residence||1 Year|
|Age||28 years (self employed individuals) and 25 years (for doctors); Maximum age – 65 years|
|Minimum Turnover||Rs. 40 Lakhs for non-professionals; Rs. 15 Lakhs for professionals; as per audited financials|
|Minimum Profit After Tax||Rs. 2 Lakhs for Proprietorship Firm/Self employed Individuals and Rs. 1 Lakhs for non-professionals as per audited financials|
|Business Stability||In current business for at least 5 years and minimum 3 years for doctors|
ICICI Personal Loan Interest Rates are amongst the most competitive in the market. Loans are priced as per the MCLR based or Base rate pricing. Existing borrowers can choose to move to the method of using MCLR and all new customers are automatically given a MCLR based pricing.
The table below highlights the MCLR rates at ICICI Bank for the current month. These rates are indicative and are liable to change on a monthly basis.
|MCLR Benchmark Tenure (Period)||Benchmark Rates (MCLR)|
|Base Rate||9.35%, effective 05/10/2015|
As an existing customer you may choose not to move to MCLR, in which case you will continue paying interest as per the base rate. The bank can choose to modify this rate, with borrowers typically paying a certain percentage over and above the base rate. Tenure, relationship with the bank and loan amount is considered while calculating the final interest.