Documents Required, Eligibility Criteria and Interest Rates

Documents required for a Rs. 4 lakh Personal Loan:

For salaried applicants:

  • Proof of Identity: PAN Card/Aadhaar Card (any one)
  • Proof of Residence: Leave and Licence Agreement/Utility Bill (not more than 3 months old)/Passport (any one)
  • Bank statements for the last 3 months (where salary/income is credited)
  • Salary slips for the last 3 months.

For self-employed individuals:

  • KYC documents: Proof of Identity (Aadhaar Card, PAN Card), address and date of birth
  • Proof of residence: Leave and Licence Agreement/Utility Bill (not more than 3 months old)/Passport (any one)
  • Income proof (audited financials for the last two years)
  • Bank statements for the last 6 months
  • Office address proof
  • Proof of residence or office ownership
  • Proof of continuity of business
  • 2 passport size photographs.

Eligibility Criteria for a Rs. 4 lakh Personal Loan

To qualify for an online personal loan applicants must meet the following criteria:

  • Profession: Salaried employees, self-employed professionals and non-professionals
  • Age: 20 years to 58 years for salaried employees, 28 years to 65 years for self-employed professionals and 25 years to 65 years for doctors
  • Income: Minimum income of Rs. 30,000 for salaried individuals, minimum turnover of Rs. 4 lakh for self-employed professionals and turnover of at least Rs. 40 lakh for non-professionals
  • Experience: At least 2 years of work experience for salaried applicants, at least 5 years of experience for business owners and at least 3 years of experience for doctors
  • Duration of stay in the current residence: At least one year
  • Minimum profit: At least Rs. 2 lakh for self-employed individuals and proprietorship firms and Rs. 1 lakh for non-professionals after tax.

Interest rates and repayment terms for a Rs. 4 lakh Personal Loan

The interest rates for ICICI Bank Personal Loans range from 10.65% to 16.00% per annum. The tenure spans from 12 months to 72 months, providing borrowers the flexibility of choosing a repayment period that aligns with their financial capacities. To find the most suitable repayment plan for an ICICI Bank Personal Loan, it is advisable to use the ICICI Bank Personal Loan EMI Calculator

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