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HDFC Vs ICICI Bank Personal Loan 2022

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Personal Loan

Business Loan

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. 25 lakhs for up to 72 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 10.50% 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. 25 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

Documents Requirement for ICICI Bank Personal Loan

Following are the fundamental documents requirements that you’ll be asked to provide along with your loan application by the ICICI Bank:

Documents Requirement for ICICI Bank Personal Loan

Salaried

Self Employed

  • Identity Proof (Passport, Driving License, Voters ID, PAN Card) (any one)
  • Residence Proof (Leave and License Agreement, Utility Bill of not over 3 months old, Passport (any one)
  • Bank statements of last 6 months
  • Last 3 months’ salary slips
  • 2 recent passport size photos
  • KYC Documents (Identity Proof, Address Proof, Birth Proof)
  • Residence Proof (Leave and License Agreement, Utility Bill of not over 3 months old, Passport (any one)
  • Income proof (audited financials for the past 2 years)
  • Bank statements of last 6 months
  • Address proof of office
  • Proof of office ownership
  • Proof of business constancy

 

 

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)

Documents Requirement for HDFC Bank Personal Loan

Following are the fundamental documents requires that you’ll be asked to provide along with your loan application by the HDFC Bank:

Documents Requirement for HDFC Bank Personal Loan

Particulars

Documents

  • Identity Proof
  • Aadhaar Card
  • Driving License
  • Passport, or
  • Voter ID Card
  • Address Proof
  • Voter ID Card
  • Aadhaar Card
  • Passport, or
  • Driving License
  • Other Documents
  • Last 3 months’ bank statements or last 6 months passbook
  • Latest salary slips or salary certificate
  • Form-16
  • Recent passport-size photos

 

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 10.50 % p.a.

10.50% to 21% p.a.

Processing fee

Up to 2.50% 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. 25 lakhs

Up to Rs. 40 lakhs

Prepayment charges

2% 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

Ques. What 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.

Ques. Can 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.

Ques. Does 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.

Ques. Do 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.

Ques. Where 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.

Ques. I 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.

Ques. Can 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.

Ques. Does 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.

Ques. What'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.

Ques. How 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.

Ques. Which one is better HDFC vs ICICI for a personal loan?

The answer of this question varies depending on your need. As both the bank offers various schemes and rates depending on ana applicant profile.

➤ Reviews

Dinesh Rawat
04 Feb 2020
I availed a personal loan directly through HDFC Bank. The rate of interest was 12.50% p.a., it was an appealing offer for me. All thanks to Afinoz for this post!
Amit Rana
12 Mar 2020
I have availed of a personal loan from HDFC last month. The loan was processed by means of a mobile app and it was approved within a day. The repayment duration is 2 years. I got a nominal interest rate. Now, I have to pay Rs. 3,000/month. Thanks, Afinoz for this amazing comparison post!
Abhishek Sharma
23 Apr 2020
I got a personal loan offer from the ICICI Bank. The loan was sanctioned within one day for the loan amount of 2L. The repayment tenure is 4 years. The rate of interest is nominal of 10% p.a. EMI has to be paid of Rs. 5,240. Afinoz’s mobile app is user-friendly to access. It helped me get this great offer seamlessly!
Vikas Singh
15 May 2020
My salary account is in ICICI bank for the last 5 years, so a local executive approached me when I applied for this loan through an online medium and they offered me an interest rate of 13.50% p.a. I needed a loan, but was unable to decide whether to avail HDFC personal loan (as they are popular for a personal loan) or from my existing bank. Then I came across this post, thanks a lot! I got the offer from my bank (ICICI) at 11.50% p.a.
Nishant Verma
30 Jun 2020
Actually, my salary account is in HDFC and they extended me a pre-approved offer, thereby, they have sanctioned my loan within a matter of 2 minutes without taking any documents. All thanks to Afinoz for this post and their kind assistance in getting me a great offer for my emergency!
Nikhil Batla
11 Aug 2020
Recently, I availed of a personal loan from ICICI Bank and the loan amount is Rs. 5,00,000. The rate of interest is a little high which is 12% p.a. and I chose 5 years. Thanks, Afinoz for letting me understand the best lender for me!
Prashant Singh
19 Sep 2020
In HDFC Bank, the interest rate is comparatively lower than other lenders’ loans. I have opted for the repayment tenure of 4 years. I underwent this post to understand more and now have transferred my outstanding balance to ICICI Bank as they stood in my favor. All thanks to the writer, who wrote this post, thanks a lot for your kind and wise comparison. It helped me greatly in saving a lot!
Abhishek Negi
23 Nov 2020
ICICI Bank presented a personal loan and the loan amount was Rs.3 lakhs. The interest rate was 13.99% p.a. and I am paying Rs. 3,969 installments every month that I would pay off across 4 years. I applied for this loan directly from Afinoz to get a further better offer and assistance throughout the process. Thanks, so much Afinoz, you guys are just beyond awesome in the loan segment!
Kartik Tyagi
11 Nov 2021
Firstly, I was very confused which bank to opt HDFC vs ICICI so I got connected with Afinoz and they helped me out by comparing the scheme and rates of both the banks based on my needs. So, I got a personal loan offer from the ICICI Bank. The loan was sanctioned within one day for the loan amount of 2L. The repayment tenure is 4 years. The rate of interest is nominal of 10% p.a. EMI has to be paid of Rs. 5,240. Afinoz’s mobile app is user-friendly to access. It helped me get this great offer seamlessly!