Personal Loan for Salaried Individuals

A personal loan is a boon when you are going through a financial emergency. It is easily accessible as it is an ideal option to meet your short-term funding requirements such as marriage expenses, travel, online courses, medical exigencies, etc. Getting a bit of extra credit through a personal loan requirement can become as much of a necessity for a salaried employee as well. So, if you are a salaried employee looking for a personal loan in India, here are a few things you need to know.

Personal loan eligibility criteria for salaried employees:

The eligibility criteria for personal loans vary from one bank to another. For salaried employees, it is easy to apply a loan of up to Rs 50 lakhs starting at the rate of 10.85% p.a. from ICICI Bank, as meeting personal loan eligibility isn’t much of a complication. However, there are some general rules that are usually followed, and they are:

Nationality

You need to be a resident citizen of India

Age limit 

Usually, the minimum age is 20 years and the maximum age is 58 years for salaried individuals.

Employment status 

To apply for a personal loan, you need to be employed for a minimum period of two years.

Minimum salary 

Since you do not need any collateral for a personal loan, banks will take into account your disposable income. They decide on the minimum salary requirement based on factors like the borrower’s credit score, nature of employment, previous relationship with the bank and so on

Credit score 

Your credit score is a major factor in determining your eligibility for a loan. A credit score of 750 and above is generally considered favourable. However, there is no need to lose hope

if your credit score is not good enough. The fact that you are a salaried employee with a stable job can also work in your favour.

At ICICI Bank, salaried individuals can apply for a Personal Loan of up to ₹ 50 lakh starting at an interest rate of 10.65% p.a.

Documents Required for Salaried Employees to Apply for Personal Loan

• Proof of Identity: Aadhaar Card, Voter’s ID, Valid Passport or Driving Licence

• Proof of Residence: Aadhaar Card, Recent Utility Bill, Valid Passport or Leave and Licence Agreement

• Latest 3 months’ Salary Slips

• Latest 3 months’ Bank Statement (of the account in which salary is credited)

• 2 Passport size photographs.

Salaried individuals can also be eligible for Instant Personal Loans if they are existing customers of ICICI Bank. You can check your Personal Loan offer using the iMobile app or by logging into ICICI Bank Net Banking.

To know more about the criteria and guidelines, get in touch with ICICI Bank right now. They will help you get a personal loan at a highly affordable interest rate. Don’t let financial worries trouble you anymore!

How to apply for a Personal Loan with ICICI Bank 

Applying for a Personal Loan as a salaried individual is simple and quick with ICICI Bank. You can apply online through the ICICI Bank website or iMobile app. You need to upload your documents digitally.

You can also visit any ICICI Bank Branch for offline assistance. Once approved, the loan is disbursed directly to your bank account– it’s fast, secure and hassle-free.

To know more about Personal Loan criteria and guidelines, get in touch with ICICI Bank right now. We will help you get a Personal Loan at an affordable interest rate. Don’t let financial worries trouble you anymore!

FAQs 

How do I apply for an ICICI Bank Personal Loan as a salaried individual?

Salaried individuals can apply online through ICICI Bank’s website or the iMobile app by filling in basic details, uploading documents and getting quick approval. You can also apply for a loan offline by visiting any ICICI Bank Branch.

What are the eligibility criteria for salaried individuals to apply for a Personal Loan from ICICI Bank? All Indian citizens aged 20–58 years with a stable job, regular monthly income and a good credit score are eligible to apply for a Personal Loan from ICICI Bank.

What can a Personal Loan be used for? You can use the loan for wedding expenses, medical emergencies, travel, home renovation, education or any other personal need; there are no restrictions on fund usage.

What is the tenure of a Personal Loan for a salaried individual? ICICI Bank offers flexible repayment tenures ranging from 12 to 72 months, allowing salaried individuals to choose EMIs that fit their monthly budget comfortably.

APPLY PERSONAL LOAN NOW   KNOW MORE