ICICI Bank Self Employed Personal Loan

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:

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:

ICICI Personal Loan for Self-Employed – Fees and Charges

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

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).