ICICI stands for Industrial Credit and Investment Corporation of India. It is an Indian multinational banking and financial services company. It is known for providing a wide range of banking and financial products and services which cover loans, credit cards, trading, insurance, and investments. No wonder that ICICI is widely regarded as one of the premier financial institutions in India.

ICICI bank is known to provide attractive personal loan products for salaried, self-employed and working professionals with features such as higher loan amounts, lower interest rates and flexible repayment tenures. If you meet the ICICI personal loan eligibility criteria to the satisfaction of the bank, your personal loan amount will get credited straight into your account in quick time.

What is ICICI personal loan Eligibility?


Salaried Professionals

Self-employed Individuals


From a minimum of 23 years to a maximum of 58 years

From a minimum of 28 years( 25 for doctors) to a maximum of 65 years

Minimum Income

NMI ( Net Monthly Income) of Rs. 20,000 for residents in Bangalore, Calcutta, Chennai, Pune and Hyderabad and 25,000 for residents in Delhi and Mumbai

Rs. 15 lakh per annum for professionals, Rs 40 lakh for non-professionals

NMI ( Net Monthly Income) of Rs. 17,500 for the rest of India

Maximum personal Loan Amount

Rs. 20 lakh

Rs. 20 lakh

Loan Tenure/repayment period

12 to 60 months

12  to 60 months

Continuity of Employment/Business

Should be doing a job for at least 2 years. Also, he should be working for at least 1 year with the present employer

Should be in the current business for at least 5 years. A minimum stability is 3 years is required for doctors

Credit Score

Preferably 700 and above

Preferably 700 and above


Have a look at the table above. It depicts some of the most important points related to the ICICI Bank personal loan eligibility criteria. Just like any other lender, the ICICI bank also has some standard eligibility requirements for the customers to meet while applying for an ICICI Bank personal loan. We will discuss them shortly.

What is an ICICI personal loan eligibility calculator?

The ICICI personal loan eligibility calculator can give an instant assessment if you want to ascertain your eligibility for an ICICI personal loan. This is a user-friendly tool, but to get accurate results, you should be providing to it information such as –

  • Net Monthly Income: It refers to the income earned by you every month.
  • The interest rate: This the interest rate offered by the ICICI to the borrowers at a particular point in time.
  • Existing EMI: In case you have any recurring liability/expense in the form of an EMI, then mention the amount in the space provided for the same.
  • Tenure of the loan: Provide the personal loan tenure (in the number of months) inside which you want to pay off the loan to the ICICI  bank.

ICICI personal loan rates and charges



Interest Rate

11.25% onwards

Loan Tenure

12 to 60 months

Maximum Loan Amount

Rs.20 lakh

Processing Fees

A maximum of 2.25%  of the loan amount per annum + applicable GST

Prepayment Charges

5% of the principal outstanding + applicable GST

Loan Cancellation Charges

Rs.3,000 + applicable GST

EMI bounce charges

Rs 400 for every bounce+ GST

Additional interest on late payment

24 % per annum

Repayment mode change charges

Rs 500 for every transaction + GST




*Rates are subject to periodic change. Personal loan interest rates in ICICI  Bank and other fees and charges are subject to regular reviews and can vary from customer to customer depending upon a number of factors

How does the ICICI personal loan eligibility calculator work?

The ICICI personal loan eligibility calculator works on the following two methods-

  • Multiplier method-

In this method, the ICICI Bank attaches a multiplier to your take-home salary so as to ascertain your loan eligibility. This multiplier is basically a function of your net take-home salary and profile of the organisation you work for. If you earn a hefty monthly salary and work for a reputed organisation the multiplier will be high enough to impact your ICICI personal loan eligibility positively. It will also make you eligible to get the best personal loan offers from ICICI Bank too.

  • FOIR (Fixed Obligation to Income Ratio) method

Here, the ICICI Bank considers your net income and ascertains the maximum EMI you can afford on a given month. The bank also takes into account other fixed expenses you are dealing with at present (such as rent outflow and existing EMIs).  Usually, the ICICI is ok with the fact if about 50 % to 65 % of your monthly income is consumed by fixed expenses/obligations such as EMIs, credit card payments and so on.  If the percentage is more than this range, the ICICI may either reduce the loan amount or may reduce the EMI amount by increasing the loan tenure. The bank may still consider your case favourably if you can show higher affordable income by adding income from other sources.

This illustration will help you to understand it better-

Mr. Rohit works as an Assistant Manager in IDEA Telecom and draws a monthly take-home of Rs 50,000. He does not have any other monthly obligations/EMIs at present. He wants to avail an ICICI personal loan which has the maximum FOIR of 50 %. Therefore, in this scenario, the ICICI can lend Mr Rohit a loan amount to ensure that his EMI does not fall beyond Rs 25,000 (50 % of his monthly take-home). Now, considering the prevailing rate of interest to be @ 10.99 %, the bank can grant him a maximum amount of Rs 11.50 lakhs, for the personal loan tenure of 5 years.

Let’s consider a different scenario now where Mr Rohit has an auto loan EMI of Rs 10,000 to pay every month. Here, he will be eligible for an ICICI personal loan with the condition that the EMI should not exceed Rs 15,000. Therefore, the bank will revise its calculations and will approve him a maximum loan amount of Rs 4.60 lakhs only, at the interest rate of 10.99% and the tenure of 5 years.

Usually, the ICICI Bank calculates the eligibility with both the above-mentioned methods and approves the lower amount between the two to the applicant.

How to increase your ICICI bank personal loan eligibility

Here we are providing you with some tips so that you can boost your ICICI Bank personal loan eligibility to a great degree.

  • Apply only for the amount of loan you need

Make a thorough assessment of your requirement and loan repayment capacity before applying for an ICICI Bank personal loan. If you apply for a bigger loan amount, your EMI will be that much higher, which may go well beyond your affordable range. Accurate online tools such as the Afinoz personal loan EMI calculator are available these days where you can calculate your possible EMIs beforehand and apply for a loan amount accordingly. Before granting you a personal loan, the ICICI Bank also ascertains your current financial position and loan repayment capacity. Therefore, you should apply only for the amount that matches your repayment capability and affordability. It will increase your eligibility for the ICICI Bank personal loan.

  • Keep an eye on your DTI (Debt to Income) ratio

Your debt to income ratio conveys to the ICICI Bank if you can pay your EMI amount timely every month and how responsible you are in managing your expenses. DTI is often expressed in percentage. A high percentage indicates you are ‘eating up’ a bigger chunk of your affordable monthly income in paying debts. Hence, you check your DTI percentage from time to time. If it goes over 43 % at any point in time, you should be paying off some of your existing debts sooner than later. Once you do it, your DTI percentage will fall and it will enhance your ICICI Bank personal loan eligibility.

  • Opt for a longer loan tenure

A longer personal loan tenure conveys to the Bank that you can handle your finances for a longer period of time and you can continue to pay the loan EMIs on time for a longer duration. Thus, choosing a longer tenure will do a world of good towards enhancing your ICICI personal loan eligibility.

  • Check your credit score and keep on improving it constantly

Please bear in mind that your credit score is a critical instrument for the ICICI bank to figure out your personal loan eligibility. You should make a continuous endeavour to improve your credit score all the time.

If your credit score is poor, the ICICI Bank may reject your personal loan application. Even if ICICI approves you a personal loan somehow, the same may be granted with a higher rate of interest and with other unfavorable terms, as compared to other borrowers with excellent credit scores.

There are a number of ways if you want to improve your credit score. Get a copy of your credit report from any of the premier credit bureaus (CIBIL, EXPERIAN etc) to check your credit score. You should consult with them to rectify errors if any. Other steps to improve your credit scores include paying your EMIs on time every month, paying off debts faster and so on.

  • Avoid multiple loan applications

If you apply for a number of personal loans simultaneously or within a short span of time, you will find it difficult to have your ICICI loan approved as it impacts your personal loan eligibility negatively.

Every time you submit a personal loan application, your potential lender generates a request to the premier credit bureaus (CIBIL, EXPERIAN etc) for your credit report. This is termed as a "hard inquiry". Such credit reports feature the intended purpose and the date of request. If multiple requests are generated from multiple lenders within a short time duration, your credit report will have an obvious reflection of all these queries. Now, if you apply for an ICICI personal loan as well, your credit report, with such mention of multiple ‘hard inquiries’ will lead the ICICI Bank to believe that you are “Credit Hungry”. It will have a negative impact on your personal loan eligibility.

Hope you have got a clear picture about ICICI personal loan eligibility from the above-mentioned points. Now you can sort out issues related to your ICICI personal loan eligibility if at all there is any. The ICICI  personal loan eligibility calculator considers all the factors related to your personal loan eligibility and provides an accurate assessment of your eligibility for an ICICI Bank personal loan.

    Getting to know about your eligibility before opting for a particular ICICI personal loan product has manifold advantages. It will not only simplify the application process but will also help you avail the best personal loan offers from the ICICI Bank.