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Loan comparison of SBI Personal Loan vs ICICI Bank Personal Loan

Interest Rate

11% onwards per annum
Starts from 10.85% per annum

Loan Amount

Up to 20 Lakhs
Up to Rs. 50 Lakhs

Loan Tenure

6 Months to 6 Years
Up to 72 months

Loan Processing fees

Up to 1.5% of loan amount + tax
Up to 2% of the loan amount

EMI per Lakh

Rs. 1832 Per Lakh
N/A

Part Payment Charges

Not allowed
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

Minimum Income

Minimum monthly income should be Rs. 15000 or Rs. 24,000
Salaried: Rs 30,000/ Self-employed: Rs 15 lakh turnover/ Non-professionals: Rs 40 lakh turnover

Documents

* Passport, PAN, Voter Identity Card, Driving License, Aadhaar Card

* Ration Card, Bank Account Statement, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement(for owned properties)

* Bank Account Statement, Salary Slips, ITR, Form 16

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


More comparisions with SBI Personal Loan

More comparisions with ICICI Bank Personal Loan

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