Loan comparison of ICICI Bank Personal Loan vs HDFC Bank Personal Loan
Interest Rate
Starts from 10.85% per annum
Starts from 10.90% per annum
Loan Amount
Up to Rs. 1 Lakh to 1 Cr
Up to Rs. 40 Lakh
Loan Tenure
12 / 72 months (84 months for top 6 companies)
Up to 5/6 years
Loan Processing fees
Up to 2% of the loan amount
Up to Rs. 6,500 + 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
Premature Closure Charges (For Full & Part Payment): Up to 24 EMI- 4% of principal outstanding,
Post 24-36 EMI - 3% of principal outstanding,
>36 EMI - 2% of principal outstanding
Prepayment charge would be applicable on the principal outstanding amount, Part prepayment would be allowed post servicing of 1st EMI, up to 25% of Principal Outstanding. It is allowed only once in the financial year and twice during the entire loan tenure. Charges would be applicable as above on the part pre-payment amount.
Minimum Income
Salaried individuals: Net salary: Minimum monthly income of Rs 30,000
Minimum Rs. 25,000 per month
Documents
Latest 3 months pay slips
Latest 3 months Bank statements
KYC Documents ( PAN & Adhaar)
Latest 3 months pay slips
Latest 6 months Bank statements in PDF format
KYC Documents ( PAN & Adhaar)
Employee ID card, Form 16, Previous emp proof if any
Employment less than 1 Yr qualification proof required
