1. What is ICICI Personal Loan Eligibility?

The ICICI Bank Personal Loan Eligibility calculator determines how much you can borrow based on your repayment capacity, interest rate, and loan term. It follows standard banking formulas to estimate loan amount while considering ICICI's specific requirements of 700+ credit score and ₹30,000+ monthly income for salaried individuals.

2. How Does the Calculator Work?

The calculator uses the present value of an annuity formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( PMT \) — Affordable monthly payment (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Total number of payments (term in years × 12)

Explanation: The formula calculates the maximum loan amount that can be repaid with the given monthly payment over the specified term at the given interest rate.

3. Importance of Loan Eligibility

Details: Knowing your eligible loan amount helps in financial planning and ensures you don't apply for amounts beyond your repayment capacity, which could lead to rejection or financial stress.

4. Using the Calculator

Tips:

• Enter realistic monthly payment you can afford
• Current ICICI personal loan rates range from 10.5% to 19% p.a.
• Standard terms are 1-5 years
• Must have credit score ≥700 and income ≥₹30,000

5. Frequently Asked Questions (FAQ)

Q1: What documents are needed for ICICI personal loan?
A: Typically salary slips (last 3 months), bank statements, KYC documents, and address proof.

Q2: How is credit score calculated?
A: Based on repayment history (35%), credit utilization (30%), credit history length (15%), credit mix (10%), and new credit (10%).

Q3: Can self-employed apply?
A: Yes, but requirements differ - typically need 2+ years in business and higher income proof.

Q4: What's the processing fee?
A: Usually 2-3% of loan amount plus GST, deducted from disbursed amount.

Q5: How long does approval take?
A: For pre-approved customers, instant approval. Others typically 2-5 working days with complete documents.