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      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

      How to avail a Rs 4 lakh Personal Loan:

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      Check your Credit Rating

      Although a perfect credit score is not mandatory for the approval of a Personal Loan, a decent Loan amount can be sanctioned at a reasonable rate of interest. A credit score of above 700 will improve your chances of getting a Loan approval easily at the best rate. You must check your credit score before the Personal Loan application process to understand your current standing. If you need to improve it, understand the factors holding it down and take appropriate actions.

      Some ways to improve your credit rating:

      • Pay your Credit Card balances and outstanding Loan EMIs
      • Clear all the past due payments
      • Regularly check the credit reports for any errors. If you find one, raise a dispute with the Credit Bureau and get it rectified to improve your credit score.
      • Responsibly use a mix of credit types.

      Calculate your Loan requirement

      Understanding your Loan requirements can avoid excessive borrowings. Evaluate the intended expenses and decide on a Loan amount that you need. For instance, if you need funds for home renovation, determine if a Personal Loan of Rs 4 lakh is sufficient to cover the cost that you would incur. Remember that taking a Loan greater than needed increases the debt and interest payments, potentially leading to financial strains and difficulty in managing other financial obligations or future savings.

      Calculate your Rs 4 lakh Personal Loan EMI

      Once you determine your Loan requirement, use the ICICI Bank Personal Loan EMI Calculator to estimate how much you need to pay each month as Equated Monthly Instalment. This online tool will calculate your EMI based on your Loan amount, interest rate and Loan tenure. Going through these numbers will let you determine if you can afford a Personal Loan EMI and the total Loan cost.

      Check if you qualify for a Pre-approved Loan

      Login to your ICICI Bank Internet Banking Account to see if you have a Pre-approved Loan offer available for borrowing. The Pre-approved nature of these loans will make the required funds available to you in no time when the need arises. Moreover, you don't need to go through the eligibility and documentation related formalities.

      Compare the Loan terms

      While the Personal Loan interest rate is the most crucial factor to take into consideration, here are a few other terms to evaluate:

      • Repayment tenure: An ICICI Bank Personal Loan comes with a tenure ranging from 12 to 72 months. A longer tenure reduces your EMI amount but results in a higher interest cost. Aim to opt for the shortest possible Loan terms with budget-friendly EMIs.
      • Additional charges: Personal Loans come with a few other charges, including a processing fee. Compare these charges to choose a lender offering loans at lower additional charges.
      • End-use restrictions: Since Personal Loans have no end-use restrictions, you can use them for almost any purpose(s) you want. Check the restrictions related clause of the Loan before applying.

      Review and accept the Loan offer

      Once you apply for a Loan, ICICI Bank will verify your details and send you a Loan offer with the approved Loan amount, interest rate, repayment tenure and other Terms and Conditions. You must review this offer carefully and accept it to initiate the disbursal process. After you accept the Loan offer, you will get the Loan amount disbursed to your Bank Account in no time.

      Here is how you can apply for a Rs 4 lakh Personal Loan from ICICI Bank. Maintain a high credit score to attract the best Loan deal with the lowest possible interest rate. Use the ICICI Bank EMI Calculator to calculate your Rs 4 lakh Personal Loan EMI as per your budget and make timely repayments to build credit over time.

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