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Loan comparison of SBI Personal Loan vs ICICI Bank Personal Loan

SBI Personal Loan

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. 1 Lakh to 1 Cr

Loan Tenure

6 Months to 6 Years
12 / 72 months (84 months for top 6 companies)

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
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

Minimum Income

Minimum monthly income should be Rs. 15000 or Rs. 24,000
Salaried individuals: Net salary: Minimum monthly income of Rs 30,000

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

Latest 3 months pay slips

Latest 3 months Bank statements

KYC Documents ( PAN & Adhaar)

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