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CIBIL score for ICICI Personal Loan

There are many factors that affect the applicant's’ eligibility for an ICICI bank personal loan. Banks prefer to give loans to those who are capable of repaying the loan and who do not default on making the payments. Variables affecting an applicant’s personal loan eligibility are as follows.

  • Residence: Personal loans are quite easily disbursed to those who live in major cities. Owning a home instead of living in a rented accommodation too works in the applicant’s favor. As those who have their own home will not have an additional financial burden of paying the rent. He will also have a higher disposable income.
  • Monthly Income: The monthly income denotes your timely EMI repayment capability. Higher the income, better are the chances of getting a loan.
  • Applicant’s Age: Since younger people show higher job instability, there are lesser chances of younger people getting approvals on their loan applications.
  • Profession: Salaried individuals similarly, have higher chances of getting loans when compared to self-employed applicants. This is due to a comparatively secure income source for re-payment.
  • Employment History: For an applicant who has worked for a company for long durations, loan approval probability is higher. This denotes better income stability.

Importance of CIBIL score for ICICI Bank Personal Loan

  • Once you apply for a loan with ICICI Bank, your credit report and credit score comes under scrutiny as the first step.
  • When CIBIL score is less than 750, the bank will not take your application to processing stage without additional investigation and proper scrutiny.
  • All previously availed credit line, finished and unfinished, both are analysed by the bank.
  • Situations when an applicant has settled for banks condition due to credit hunger, do not reflect well on the credit report.
  • Also, loan settlements show badly on the CIBIL report. This note stays for 6 years. This is due to low or no repayment capacity.

Requirements for ICICI Bank Personal Loan Information

ICICI bank personal loan information

  • Interest rates: 10.99% p.a. to 17.99% p.a.
  • Disbursement time: 3 seconds (only for select customers with pre-approved offers)
  • No security or guarantor required
  • Minimum Documentation
  • Flexible Payment: 12 to 60 months
  • Avail Loans: 50k - 20 Lakhs

ELIGIBILITY

  • Salaried
    • Age: 23 years - 58 years.
    • Salaried individuals with a monthly minimum of INR 17,500.
    • INR 25,000 for applicants residing in Mumbai & Delhi.
    • INR 20,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata.
    • Total Experience: 2 Years
    • Present Residence: 1 Year
  • Self Employed

    • Age: 28 years, 25 years (Doctors)
    • Maximum Age - 65 years
    • Minimum Profits-
    • INR 40 lakhs for non-professionals.
    • INR 15 lakhs for professionals.
    • INR 2 lakhs for Proprietorship Firm Individuals.
    • INR 1 lakhs for non-professionals as per audited financials.

Income Stability

  • Worked in the current employer for minimum 5 years. Previous Terms with ICICI Bank
  • Minimum 1-year liability relationship.
  • Repayment track as required

Reasons for ICICI bank personal loan application rejection

  • Uneven Credit History: Timely repayments are very important for your CIBIL score. You need to ensure that a maximum 5-day window is followed after the due date for repayment.
  • Not Preferring Prepayment: Using the pre-payment feature for closing existing loans or reducing the EMIs of the existing loan shows higher disposable income to the bank when you apply for another credit line.
  • Secured and Unsecured credits: One should set aside both secured and unsecured loans in their credit bag. This works well for the credit score and report.
  • Too Many Loan Applications: Don’t apply for too many credits/loans. This is noted by CIBIL and each time you apply on a failed application, your score will go down.
  • Many Credit Cards: Many credit cards are not good for the credit score health. Especially when you are using all of the card’s monthly limit.

FAQs on ICICI Bank For Personal Loan

What if I have a low CIBIL score, will ICICI bank still give me a personal loan?

Having a poor credit rating reduces your loan eligibility with ICICI Bank.

Does skipping ICICI bank personal loan payment affect my CIBIL score?

Yes; it reflects badly on your CIBIL score.

I’ve had a loan settlement with ICICI bank, will it affect my CIBIL score?

Yes; this will show badly on your CIBIL report. It denotes that the bank got tired of your non-payment of EMIs.

Can I get more than 3 ICICI bank personal loans if I have a good CIBIL score?

Yes. You can avail multiple loans as well as raise your credit limit. Subject to the condition of your CIBIL report and your CIBIL score.

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