Description

A personal loan comes to your rescue in financial emergencies. Multiple lenders including banks and NBFCs offer a personal loan at the competitive interest rate. However, each lender has its own policies regarding interest rates, loan tenure and eligibility criteria. It is incumbent on you to compare rates and other terms to get the best 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 up to Rs. 20 lakh for up to 60 months from ICICI bank through without any hassle. 

Why should you get a personal loan from ICICI Bank?

ICICI Bank personal loan comes with a wide range of benefits:

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 11.25% 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. 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 up to Rs. 20 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 60 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 loans, Travel loans, medical loans, home renovation loans, etc. 

Loan balance transfer facility: ICICI Bank offers loan balance transfer facility to personal loan customers to get attractive interest rates, reduced EMI, and to-up loan facility on their existing loan.

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. 

Why should you get a personal loan from HDFC Bank?

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. 

Collateral free: HDFC Bank offers a collateral-free personal loan. Hence, you don’t need to provide any asset to get the loan from the bank. The bank looks at your income, cash flow, the company you work for or business you own to decide your eligibility for a personal loan. HDFC Bank customers are required to go under minimal formalities. 

Instant disbursal: Borrowers can avail an HDFC personal loan online. Existing HDFC Bank’s customer can get a pre-approved personal loan in 10 seconds. Non-HDFC banking customers can get a personal loan within 4 hours provided they fulfil required criteria. 

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 relation with the bank can get a personal loan at more favourable terms. 

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. 

No restriction on 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.

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 11.49% 
  • Flat processing fee of Rs. 3999 

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

ICICI Bank personal loan Vs. HDFC Bank personal loan

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 lakh for self-employed non-professionals 
  • Minimum turnover of Rs. 15 lakh 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 60 months

From 12 to 60 months

Rate of interest

Starting from 11.25% p.a.

11.25% p.a. to 17.99% 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 lakh

Up to Rs. 15 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

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.