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ICICI Bnak Self Employed Personal Loan

ICICI Bank Self Employed Personal Loan

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Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

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Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Getting a loan as a self-employed individual can be challenging. Even if your application is approved, you may typically face a higher interest rate. This is because banks usually consider self-employed individuals as risky applicants due to the irregular nature of their income. However, it doesn’t mean no better financing options are available for self-employed individuals.

ICICI self-employed personal loans are crafted exclusively for self-employed individuals. Eligible candidates can secure a loan amount of up to ₹50 lakh, based on their income and creditworthiness. Moreover, you can use the loan amount at your discretion; the bank remains completely indifferent to your loan purpose. Let’s scroll down and learn more about this multi-purpose financing option.

ICICI Personal Loan for Self-Employed – Highlights

The following are the key parameters of an ICICI women’s personal loan:

Highlights
Loan Amount	Up to Rs 50 lakh
Interest Rates	10.50% to 16% p.a.
Loan Tenure	1 to 7 years
Eligibility	The current business must have a minimum of 5 years of continuity (3 years for doctors)

Compare ICICI Self-Employed Loan From Other Banks

Let’s compare an ICICI women’s personal loan with other leading banks and NBFCs across India:

Lender	Interest Rate (p.a.)	Processing Fee	Max. Loan Amount	Max. Loan Tenure
ICICI Bank	10.50% onwards	Up to 2.5% of the loan amount	Rs 50 lakh	7 years
Bank Of Baroda	10.80% onwards	Up to 2% of the loan amount	Rs 20 lakh	7 years
Axis Bank	10.49% onwards	Up to 2% of the loan amount	Rs 40 lakh	7 years
HDFC Bank	10.50% onwards	Up to 2.5% of the loan amount	Rs 40 lakh	6 years
Union Bank	13.05% onwards	0.50% of the loan amount	Rs 15 lakh	6 years
IDBI Bank	9.50% onwards	1 % of the loan amount	Rs 5 lakh	6 years
Kotak Mahindra Bank	10.99% onwards	Up to 3% of the loan amount	Rs 40 lakh	6 years
Tata Capital	10.99% onwards	3.5% of the loan amount	Rs 35 lakh	6 years
State Bank of India	11% onwards	Up to 0.75% of the loan amount	Rs 35 lakh	6 years

ICICI Personal Loan for Self-Employed – Fees and Charges

Following are the applicable fees and charges for an ICICI women’s personal loan:

Fee/Charge	Amount
Processing Fee	Up to 2.5% of the loan amount + Applicable taxes
Prepayment Charges	3% on outstanding principal, (Nil if 12 or more EMIs are paid) + Applicable taxes
Additional Interest on late payment	24% per annum
Repayment Mode Swap Charges	Rs 500 + Applicable taxes
EMI Bounce Charges	Rs 500 + Applicable taxes
Loan Cancellation Charges	Rs 3000 + Applicable taxes

ICICI Personal Loan for Self-Employed – Documents Required

Following are the ICICI self employee Personal loan Documents that you may submit to the bank along with your application form:

Proof of Identity: Aadhaar Card, PAN Card, Passport, Voter ID or Driving License.

Proof of Residence: Leave and license agreement, passport, or latest utility bill.

Proof of Income: Audited financial statements for the last 2 years, and bank statements for the last 6 months

Proof of Business: Gomasta License, Registration certificate, Service Tax, etc.

ICICI Personal Loan for Self-Employed – Eligibility Criteria

The ICICI self employee Personal loan eligibility criteria are as follows:

Age: You must be aged between 21 and 65 years

Minimum Turnover: ₹40 lakh for non-professionals and ₹15 lakh for professionals, as per audited financials

Minimum Profit After Tax: ₹2 lakh for non-professionals and ₹1 lakh for professionals, as per audited financials

Business Stability: The current business must have a minimum of 5 years of continuity (3 years for doctors)

Existing Relationship With Icici Bank: Minimum 1-year relationship with ICICI Bank, either through a current or savings account (liability relationship) or a loan (asset relationship).