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. 1 Lakh to 1 Cr
Up to 40 Lakhs
Loan Tenure
12 / 72 months (84 months for top 6 companies)
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
Part Payment Charges
Prepayment charges/Foreclosure charges: a. 3% of the outstanding principal amount
b. Nil after 12 EMIs
c. For Business Instalment Loan (BIL) <= ₹50 lakh the foreclosure charges will be ‘Nil’ only for micro and small enterprises (subject to URC -Udyam Registration Certificate submission) and not for medium enterprises 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 individuals: Net salary: Minimum monthly income of Rs 30,000
The minimum net monthly income should be Rs. 15,000
Documents
Latest 3 months pay slips
Latest 3 months Bank statements
KYC Documents ( PAN & Adhaar)
Latest 3 months pay slips
Latest 3 months Bank statements
KYC Documents ( PAN & Adhaar)
Form 16 mandatory
