1. What is ICICI Personal Loan Eligibility?

The ICICI Personal Loan Eligibility Calculator helps determine how much you can borrow based on your repayment capacity, income, and credit score. ICICI Bank requires minimum income of ₹30,000 for salaried individuals and a credit score of 700+.

2. How Does the Calculator Work?

The calculator uses the principal amount formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( PMT \) — Affordable monthly payment (INR)
• \( r \) — Monthly interest rate (decimal)
• \( n \) — Loan term in months

Explanation: The formula calculates the maximum loan amount you can get based on what you can afford to pay monthly, the interest rate, and loan duration.

3. Importance of Loan Eligibility

Details: Knowing your eligibility helps you understand your borrowing capacity before applying, improving chances of approval and preventing unnecessary credit inquiries.

4. Using the Calculator

Tips: Enter your comfortable monthly payment, current interest rate offer, desired loan term, monthly income, and credit score. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum income requirement?
A: ₹30,000 per month for salaried individuals. Higher amounts may be required for self-employed applicants.

Q2: What credit score is needed?
A: Minimum 700, but scores above 750 get better interest rates and higher loan amounts.

Q3: What documents are required?
A: Typically salary slips, bank statements, KYC documents, and employment proof for salaried individuals.

Q4: What are the interest rates?
A: Rates vary but typically range from 10.5% to 19% per annum based on credit profile.

Q5: How long does approval take?
A: For pre-approved customers, instant approval. Others may take 2-5 working days after document submission.