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2 mins Read | 4 Months Ago

Mini Loans or Small Personal Loans: All you need to know

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A Small Personal Loan, also known as a Mini Loan, is an unsecured Loan type useful for those who need an urgent but small amount to cover an expense. At ICICI Bank, you can borrow a Loan as small as Rs 50,000, with flexible repayment terms and interest rates ranging from 10.80% to 16.15% per annum. The best thing is that these Loans have no end-use restrictions, meaning, you can use them for any legitimate purpose, including medical treatment, home repair, travel or appliance purchase. Both salaried employees and self-employed professionals & non-professionals can avail a Small Loan online. Here is everything you need to know about a Small Personal Loan.

Loan Amount and Tenure

The minimum amount you may borrow as a Personal Loan from ICICI Bank is Rs 50,000, and the maximum can go up to Rs 50 lakh. The repayment tenure ranges from 12 to 72 months, which you may select according to your monthly repayment capacity. Remember that the longer the term, the smaller the Equated Monthly Instalments (EMIs), but higher the interest cost. 

Eligibility Criteria for a Small Personal Loan

You must fulfil these conditions to be eligible for a Small Loan from ICICI Bank:

  • Profession: Salaried employees, self-employed professionals and non-professionals
  • Age: 20 to 58 years for salaried employees, 28 to 65 years for self-employed professionals and 25 to 65 years for doctors
  • Income: Minimum Rs 30,000 for salaried individuals, minimum turnover of Rs 15 lakh for self-employed professionals and turnover of at least Rs 40 lakh for non-professionals
  • Experience: At least two years job experience for salaried applicants, at least five years for business owners and at least three years for doctors
  • Duration at Current Residence: At least one year
  • Minimum Profit: At least Rs 2 lakh for self-employed individuals & proprietorship firms and Rs 1 lakh for non-professionals after Tax

Note: The minimum income eligibility criteria for salaried individuals vary based on the customer's profile, including factors like the type of employer and any existing relationship with ICICI Bank.

Documents required to apply for a Small Loan Online

The documents required for a Personal Loan application are minimal and paperless. You may submit the necessary documents online, to complete the application and verification. These include the following:

Documents required to apply for a Small Loan for Salaried individuals:

  • Identity Proof: Passport, Driving Licence, PAN Card or Voter's ID Card
  • Address Proof: Latest Utility Bill, Leave and Licence Agreement or Passport
  • Last 3 months’ Salary Slip and Bank Statement
  • Two Passport-sized photographs

Documents required to apply for a Small Loan for Self-employed individuals:

  • KYC Documents: Identity Proof, Residence Proof and Date of Birth Proof
  • Address Proof: Latest Utility Bill, Leave and Licence Agreement or Passport
  • Last 6 months' Bank Statement
  • Last 2 years' Audited Financials
  • Office Address Proof
  • Proof of Office or Residence Ownership
  • Proof of Business Continuity.

Features and Benefits of a Small Personal Loan:

  • Ample Loan amount from Rs 50,000 to Rs 50 lakh
  • Flexible repayment tenure from 12 to 72 months
  • Competitive interest rates ranging from 10.80% to 16.15% per annum
  • 100% Digital Loan process
  • Instant access to funds
  • Quick approval & disbursal
  • 100% transparency in the application and borrowing process
  • Paperless procedure
  • No collateral required.

Factors affecting your eligibility for a Small Personal Loan:

  • Age
  • Income
  • Debt-to-Income (DTI) ratio and financial obligations
  • Credit history
  • Financial condition
  • Repayment capacity
  • Profession
  • Work experience.

How to apply for a Small Loan online?

Below are the steps to apply for a Small Loan:

  1. Log in to your ICICI Bank Internet Banking Account to see if you have a Pre-approved Loan Offer
  2. If not, apply for a new Loan by filling out an online application
  3. Personalise your Loan plan by selecting your repayment tenure
  4. Submit the necessary documents or complete the Know Your Customer (KYC) process
  5. Review and accept the Loan Offer to get quick disbursal.

ICICI Bank is one of the most reliable Financial & Banking companies, making it easier for customers to avail Instant Personal Loans, best suited to their needs. The repayment terms are flexible and interest rates are attractive. Thanks to the easy, paperless application and approval procedures, you save a lot of money, time and effort, with quick disbursal.

Apply Now   Know More

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