Description

ICICI Bank and HDFC Bank, both stand out to be the leading commercial banks in India when it comes to offering personal loans at competitive rates of interest alongside appealing other terms. Both of the lenders assure to offer customer-satisfactory policies in terms of interest rate, loan tenor, and eligibility criteria. Even though, when you have to avail a personal loan, it is for sure that you will only be applying for any one of them. Thus, with the objective to facilitate you in determining the best product for you, we've brought this special post on ICICI Bank Personal Loan vs. HDFC Bank Personal Loan.

ICICI Bank Personal Loan

ICICI bank is one of the leading banks and best lenders for a personal loan in India. It offers personal loans at attractive interest rates for its customers to meet their financial needs such as a wedding, home repair, child’s education, holiday, and a lot more. You can get a personal loan of up to Rs. 20 lakhs for up to 60 months from ICICI bank without any hassle. 

Benefits of ICICI Bank Personal Loan

ICICI Bank personal loan comes with a wide range of benefits. Following are the benefits that you can enjoy on availing a personal loan from ICICI Bank:

  • Attractive interest rates: Interest rates applicable on a personal loan from ICICI bank are very reasonable. The bank offers one of the lowest rates in the market, starting from as low as 10.5% per annum. Moreover, the interest is calculated on the outstanding principal after each EMI.
  • Digital process: The procedure of getting a personal loan from ICICI bank is completely online. Fill a personal loan application online and submit it. Within a couple of seconds or minutes, you will get a soft approval for the same.  
  • Minimal documentation: Applying for an ICICI bank personal loan needs minimal documentation. You can get a personal loan with minimum KYC documents. 
  • Maximum loan amount: Applicants can get a personal loan of up to Rs. 250 lakhs from ICICI bank without any collateral. 
  • Flexible loan tenure: With the ICICI bank you can get a personal loan for a flexible tenure ranging from 12 months to 72 months. Customers can opt for tenure as per their repayment capacity.   
  • Quick disbursal: ICICI Bank disburses a personal loan in just 3 seconds to a pre-approved customer after completion of online verification and acceptance of the final offer. 
  • Multipurpose personal loan: ICICI Bank offers a personal loan under various categories such as wedding loansTravel loansmedical loanshome renovation loans, etc. 
  • Loan balance transfer facility: ICICI Bank offers a loan balance transfer facility to personal loan customers to get attractive interest rates, reduced EMI, and to-up loan facility on their existing loan.

Eligibility Requirements of ICICI Bank Personal Loan

Take a look at the fundamental ICICI Bank Personal Loan Eligibility Criteria to get an understanding of your eligibility:
 

Eligibility Requirements of ICICI Bank Personal Loan

Particulars

Salaried

Self-Employed

Age

23 to 58 years

25 to 65 years

Income (Min.)

  • Rs. 25,000 (For Delhi & Mumbai Residents)
  • Rs. 20,000 (For Other Cities’ Residents)
  • Rs. 40,000 (For Non-listed organizations)
  • Rs. 15 lakhs (Professionals)
  • Rs. 40 lakhs (Non-professionals)

Eligibility

  • ICICI Bank Salary Account Holder
  • Customers having asset relationship with ICICI Bank (availed Home Loan, Car Loan, and/or Auto Loan)
  • Salaried customers with ICICI Bank Savings Account
  • Salaried customer having no relationship with ICICI Bank
  • 1 Year (Min.) liability relationship (current or savings account) or asset (loan) relationship, either live or closed in the recent 6 months

Work experience (Min.)

2 years

3 years (Doctors)

5 years (Others)

Profit after tax

-

Rs. 2 lakhs for prop. firm / self-employed individuals, Rs 1 lakh for non-professionals

 

HDFC Bank Personal Loan

HDFC Bank is a leading private sector bank in India. The bank offers a personal loan with unmatched features and benefits. Borrowers can get HDFC Bank personal loan online with a quick and hassle-free loan application process. The bank has useful tools such as HDFC Bank personal loan EMI calculator, and you can check your eligibility in 1 minute online. HDFC Bank approves a personal loan application in 10 seconds for existing customers and other customers can get a loan in under 4 hours. 

Benefits of HDFC Bank Personal Loan

HDFC Bank Personal Loan comes with a vast range of benefits. Following are the benefits that you can enjoy on availing a personal loan from HDFC Bank:

  1. Easy documentation: The documentation process for a personal loan is simple, fast and hassle-free. You need to provide a few documents to get a personal loan from the HDFC Bank. Documents include address proof, ID proof, income proof, and credit score. Pre-approved customers may get a personal loan without dealing with paperwork. 
  2. Collateral free: HDFC Bank offers a collateral-free personal loan. Hence, you don’t need to provide any assets to get the loan from the bank. The bank looks at your income, cash flow, the company you work for or the business you own to decide your eligibility for a personal loan. HDFC Bank customers are required to go under minimal formalities. 
  3. Instant disbursal: Borrowers can avail of an HDFC personal loan online. Existing HDFC Bank’s customers can get a pre-approved personal loan in 10 seconds. Non-HDFC banking customers can get a personal loan within 4 hours provided they fulfill the required criteria. 
  4. Lower interest rates: As compared to other banks, HDFC personal loans have lower interest rates. Eligible applicants with a good credit score, good income, stable job or business, and good relations with the bank can get a personal loan at more favorable terms. 
  5. Flexible and easy repayment terms: The bank offers a personal loan for a flexible and easy tenure ranging from 12 to 60 months with EMI starting from as low as Rs 2,187per lakh. 
  6. No restriction on the end use of the fund: HDFC Bank personal loans can be used for any purpose without restrictions – whether a holiday, wedding, latest gadgets, home renovation, holiday, medical expenses, business investment, and much more.
  7. Balance transfer benefits: Existing personal loan borrowers can enjoy loan transfer benefits by shifting their personal loan from an existing lender to HDFC Bank. If you transfer your personal loan from the existing lender to HDFC Bank you can enjoy:
  • Interest rate as low as 10.50% 
  • Flat processing fee of Rs. 2999 

You can use HDFC personal loan EMI calculator to estimate the benefits, cost of balance transfer and compare rates. 

Eligibility Requirements of HDFC Bank Personal Loan

Take a look at the fundamental HDFC Bank Personal Loan Eligibility Criteria to get an understanding of your eligibility:

Eligibility Requirements of HDFC Bank Personal Loan

Age

  • 21 years (Min.)
  • 60 years (Max.)

Income (Min.)

  • Rs. 25,000 (For HDFC account holders)
  • Rs. 50,000 (For HDFC non-account holders)

Eligibility

  • Private sector company employee
  • Public sector company employee
  • Local govt. employee
  • State govt. employee
  • Central govt. employee

Work experience (Min.)

  • 2 years (Overall)
  • 1 year (Current)

ICICI Bank personal loan Vs. HDFC Bank personal loan

This is the detailed comparison between ICICI Bank personal loan and HDFC Bank personal loan. Rate of interest on HDFC Bank personal loan online and ICICI Bank personal loan may vary from borrower to borrower based on their eligibility criteria. Borrowers can use the HDFC personal loan EMI calculator online to find out the EMI. 

Feature

ICICI Bank

HDFC Bank

Age limit

For salaried:

Between 23 years and 58 years

For self-employed:

25 years and 65 years

21 years to 60 years

Income criteria

For salaried:

For applicants residing in Mumbai & Delhi Rs. 25,000

For applicants residing in Chennai, Hyderabad, Bangalore, Pune and Kolkata Rs. 20,000. 

For others Rs. 17,500

For self-employed:

Minimum turnover of Rs. 40 lakhs for self-employed non-professionals 

Minimum turnover of Rs. 15 lakhs for professionals

Net monthly income would be based on your city of residence:

Rs. 20,000 in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Kolkata, Ahmadabad, Cochin

Rs. 15, 000 elsewhere 

Loan tenure

For up to 72 months

From 12 to 60 months

Rate of interest

Starting from 10.5 % p.a.

10.50% to 21% p.a.

Processing fee

Up to 2.25% of loan amount + GST

Up to 2.50% of loan amount (subject to Min Rs. 2,999; Max Rs. 25, 000)

Loan amount

From Rs. 50k to Rs. 20 lakhs

Up to Rs. 40 lakhs

Prepayment charges

5% on principal outstanding plus GST

13-24 months - 4% of principal outstanding,

25-36 months - 3% of principal outstanding

>36 months - 2% of principal outstanding

Additional interest on late payment

24% per annum

2% per month on EMI / principal overdue

Cancellation charge

Rs. 3,000 + GST

NIL (However, the processing fee will be retained)

Cheque bounce charges

₹ 550/- per cheque bounce

₹ 400/- per bounce plus GST

 

FAQs

Q1What are the eligibility requirements of ICICI Bank personal loan?
The minimum age of the borrower should be 23 years to avail of a personal loan from ICICI Bank as the chances of meeting income eligibility requirements are very low below this age. The maximum age for salaried employees is 58 years.
Q2Can I get ICICI Bank personal loan if my credit score is below 300?
It is unlikely that you are going to apply for ICICI Bank personal loan if your credit score is below 300. If you've got a credit score but 300 then it is considered bad and to avail an ICICI Bank personal loan, you better work on attaining a credit score above 650.
Q3Does adding a co-applicant can increase my personal loan eligibility?
Undoubtedly, yes, it will! Adding a co-applicant boosts your eligibility for a personal loan from ICICI Bank as it increases your repayment capacity. While availing loan from ICICI Bank make sure that you add a co-borrower who retains a good income flow, limited fixed accountabilities and a stringent credit score.
Q4Do I need to get a guarantor to apply for an ICICI Bank personal loan?
A personal loan is an unsecured loan in nature, so ICICI Bank makes sure that the quantity gets paid off timely. Although, if your credit score is good and there's no default in your past repayment history, then you will not need a guarantor to urge a loan from ICICI Bank.
Q5Where can I see the corporate list eligible for ICICI Bank personal loan?
ICICI Bank does not prefer extending personal loans to corporates identified under customer or industry sections. For information, you can get in touch with the ICICI Bank or can use the personal loan eligibility calculator.
Q6I am a business owner; can I take personal loan from HDFC Bank?
No, HDFC Bank offers personal loans to salaried individuals only. Applicants are required to be functional with a personal, public sector, or government entity while availing of the loan.
Q7Can I apply for a personal loan from HDFC Bank at a floating rate of interest?
No, HDFC Bank offers personal loans with fixed interest rates.
Q8Does HDFC Bank allow part-payment of the loan amount and are there any sort of conditions for the same?
A borrower whose personal loan was disbursed on or after April 1, 2018, can make part-payments, provided you've paid at least 12 EMIs.
Q9What's the repayment term for HDFC Bank personal loans?
If you're availing of a personal loan from HDFC Bank, you can pay off the loan amount within 12 months to 60 months.
Q10How can I know HDFC personal loan status?
You can visit the HDFC Bank official portal in order to check the status of your HDFC personal loan application. All you will need is to give the loan application reference number along with your date of birth or mobile number.