Documents required, Eligibility Criteria and Interest Rates

Documents required for a Rs 15 lakh Personal Loan

For salaried applicants:

  • Proof of identity:  PAN Card/ Aadhaar Card (any one)
  • Proof of residence: Leave and Licence Agreement/ utility bills (not more than 3 months old) / passport (any one of these documents)
  • Bank statements for the last 3 months (where the salary or income is credited).
  • Salary slips for the last 3 months.

For self-employed individuals:

  • KYC documents: Proof of identity (Aadhaar Card/ PAN Card), proof of address and date of birth proof
  • Proof of residence: Leave and Licence Agreement/ utility bills (not more than 3 months old) / passport (any one of these documents)
  • 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.

Personal Loan eligibility criteria

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

  • Profession: Salaried individuals, self-employed professionals and non-professionals
  • Age: 20 years to 58 years for salaried individuals, 28 years to 65 years for self-employed professionals and 25 years to 65 years> for doctors
  • Income: Minimum Rs 30,000 for salaried individuals, minimum turnover of Rs 15 lakh for self-employed professionals and turnover of at least Rs 40 lakh for non-professionals
  • Experience: At least two years of job experience for salaried applicants, at least five years for business owners and at least three years for doctors
  • Duration of stay at 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

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, giving borrowers the flexibility to choose a repayment period that aligns with their financial capacity. To find the most suitable repayment plan for your ICICI Bank Personal Loan, it is advisable to use the ICICI Bank Personal Loan EMI Calculator.

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Factors affecting your Personal Loan eligibility

It is important to understand the factors affecting your Personal Loan eligibility. These include -



Your age is an important factor for determining your loan eligibility. You must be in your prime earning years to qualify for a loan. Check the minimum and maximum age requirement before applying



While many lending institutions provide Personal Loans to salaried employees only, ICICI Bank accepts applications from self-employed professionals and non-professionals as well

Work experience

Work experience

Your work experience in a job or profession matters as it indicates your professional and financial stability



You must earn enough to fulfil your financial obligations and repay the EMIs on time. Check the minimum income or turnover requirement before applying for a Rs 15 lakh loan.


Your credit history, Debt-To-Income (DTI) ratio, credit utilisation rate etc., also determine your loan eligibility. Therefore, you have to work on these aspects in order to qualify for a Rs 15 lakh Personal Loan.

What does a Personal Loan EMI plan look like?

Your Rs 15 lakh Personal Loan EMI plan depends on your loan amount, interest rate and repayment tenure. If the Personal Loan interest rates are higher, the monthly instalments will also be higher. Similarly, if the repayment tenures are longer, the EMIs will be smaller. For instance, a Rs 15 lakh Personal Loan EMI for 10 years will be more manageable than a Rs 15 lakh Personal Loan EMI for two years. However, the interest outgo will be higher for a longer tenure. Here is an example of what a Rs 15 lakh Personal Loan EMI at 16% interest rate will look like:

Repayment tenure EMI amount Interest payable
12 months Rs 1,36,096 Rs 1,33,155
24 months Rs 73,445 Rs 2,62,672
36 months Rs 52,736 Rs 3,98,480
48 months Rs 42,510 Rs 5,40,500
60 months Rs 36,477 Rs 6,88,625
72 months Rs 32,538 Rs 8,42,719
84 months Rs 29,793 Rs 10,02,620

You must have noticed that the monthly EMI amount reduces as you increase your repayment tenure but the interest outgo increases. Therefore, choosing the shortest possible loan term is important.

Tips to get a Rs 15 lakh loan easily

Are you looking for a Rs 15 lakh instant loan at attractive interest rates? Here are a few tips to boost your chances:

  • Maintain a high credit score
  • Reduce your DTI ratio by paying your outstanding balances
  • Use Credit Cards responsibly to minimise your credit utilisation ratio
  • Pay your loan EMIs and Credit Card bills (if any) on time
  • Build professional stability to attract the best loan offers.

A Rs 15 lakh loan is an easy way to finance your long-term goals, especially if you have a suitable repayment plan in place. The application process, processing time, approvals and disbursals for the loan are relatively quick, making it a convenient solution for your financial needs.