ICICI Personal Loan Eligibility

1. Age of the applicant: Most lenders set up a criterion for the age of the applicant. This is marked by a range with a lower limit which is usually 21 to 23 years old, and an upper limit which is usually 55 years to 60 years old. However, the criterion for the age of the applicant will differ from lender to lender and is likely to be higher or lower than the age brackets mentioned above.

2. Employment status of the applicant: The employment status is taken into consideration to find out the loan repayment capability of the applicant. The applicant will be required to have a regular source of income in order to be eligible for a personal loan. Furthermore, many lenders offer personal loans only for individuals who have a confirmed, full-time employment.

3. Credit Score: Usually, if you have a credit score of 750 or more, your personal loan application is likely to be approved. However, the credit score requirement differs from bank to bank. If you have a good credit score, the chances of your loan application getting rejected by the lender are cut down.

4. Residential status of the applicant: Typically, in order to avail a personal loan from a lender, you will be required to be a resident of India. The residential status will play a huge role in determining your eligibility for a personal loan.

5. Income of the applicant: The income of the applicant will determine his or her loan repayment capability. Most lenders have a criterion for a minimum income level to be eligible for a personal loan. If an applicant does not fulfil the criterion, his or her loan application is likely to be rejected.

6. The debt-to-income ratio of the applicant: The debt-to-income ratio, as the name suggests, determines the amount of money an applicant is paying off from his income, on a regular basis for his or her existing loans. Different lenders might have different criteria, however, if the applicant has maintained a good debt-to-income ratio, his or her personal loan application is likely to be approved.

7. Having a salary account with the lender: Having a pre-existing relationship, or a salary account with the bank might help in getting your personal loan application approved easily. Having a salary account might be helpful in getting your loan application approved.

How to improve your chances of getting an ICICI Bank Personal Loan?

1. Opt for a secured personal loan: You can always opt for a secured personal loan, i.e. you can provide collateral against your loan. This reduces the chances of rejection of your personal loan.

2. Improve your credit score: If you can wait for a while to get a loan, it is ideal to improve your credit score before applying for the loan application. If you have a good credit score, the chances of your personal loan application being approved are higher.

3. Do not apply for multiple loans at a time: Applying for multiple loans with different lenders at the same time and hoping to get at least one of the applications approved, is the last thing you would want to do. This portrays you as a credit-hungry individual which will not help your cause. Moreover, this will also have an adverse effect on your credit score.

A good credit score can help you secure lower interest rates on loans and credit cards.

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