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Loan comparison of ICICI Bank Personal Loan vs Axis Bank Personal Loan

Interest Rate

Starts from 10.85% per annum
Starts from 11.25% per annum

Loan Amount

Up to Rs. 50 Lakhs
Up to 40 Lakhs

Loan Tenure

Up to 72 months
Up to 84 months

Loan Processing fees

Up to 2% of the loan amount
Up to 2% of the loan amount + GST

EMI per Lakh

N/A
N/A

Part Payment Charges

Part payment charges: a. 3% + GST on the part payment amount being paid for the loan seasoning period of up to 24 months / b. Nil for a loan seasoning period of above 24 months
Foreclosure / partial payment Policy : After 1 EMI / Partial payment allowed. Foreclosure zero after 12 months

Minimum Income

Salaried: Rs 30,000/ Self-employed: Rs 15 lakh turnover/ Non-professionals: Rs 40 lakh turnover
The minimum net monthly income should be Rs. 15,000

Documents

For salaried employees:

Identity proof: Passport, driving licence, PAN card and/or voter’s ID card

Address proof: Latest utility bill, Leave and Licence Agreement and/or passport

Last three months’ salary slips and bank statements

Two passport-size photographs.

For self-employed individuals:

KYC documents: Identity proof, residence proof and date of birth proof

Address proof: Latest utility bill, passport and Leave and Licence Agreement

Income proof (that includes audited books for the last two years)

Last six months’ bank statements

Last two years’ audited financials

Office address proof

Proof of office or residence ownership

Proof of business continuity

Latest 3 months pay slips

Latest 3 months Bank statements

KYC Documents ( PAN & Adhaar)

Form 16 mandatory


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