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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. 50 Lakhs
Up to Rs. 40 Lakh

Loan Tenure

Up to 72 months
Up to 5/6 years

Loan Processing fees

Up to 2% of the loan amount
Up to Rs. 6,500 + 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
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: Rs 30,000/ Self-employed: Rs 15 lakh turnover/ Non-professionals: Rs 40 lakh turnover
Minimum Rs. 25,000 per month

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 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


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