If you want to take out a personal loan, preferably from a private bank, we will compare the HDFC personal loan and the ICICI personal loan today.
First and foremost, these two banks are India’s leading private-sector banks. Both banks offer personal loans and have nearly identical terms and conditions, but you can decide for yourself by reviewing the comparison table.
Table of Contents
HDFC Bank Personal Loan Vs ICICI Bank Personal Loan Comparision Table
| Feature | HDFC Personal Loan | ICICI Personal Loan |
| Eligibility | Employees of private limited companies, employees from public sector undertakings, including central, state, and local bodies | Salaried and Self Employed |
| Age | Between 21 to 60 | Between 25 to 65 |
| Monthly Income | Rs 25000 | Rs 25000 |
| Discount | Senior Citizen Customers are eligible for a 10% discount on all service charges | NO |
| Processing Fee | Up to Rs 4999 | up to 2.50% of the loan amoun |
| Overdue Charges | Overdue EMI interest: 2% per month on EMI / Principal Overdue | 24 % per Annum |
| Loan Cancellation Charges | NIl | Rs 3000 |
| Part Payment | Part-payment allowed up to 25% of Principal Outstanding | Not Applicable |
| Interest Rate | 10.75% to 21.50% | 10.75% to 19% |
| Repayment Mode Change | Rs 500 | Rs 500 |
| EMI Bounce Charges | Rs 450 | Rs. 500 |
| Pre- Payment | Salaried- 13-24 months – 4% of principal outstanding25-36 months – 3% of principal outstanding36 months – 2% of principal outstanding | for salaried customers are 3% on principal outstanding |
| Documents | Identity ProofAddress ProofTwo Latest Salary Slip | Identity ProofResidence Proof3 Months Bank StatmentLast 3 Months Salary Slip2 Passport Size Photographs |
| Pre Clouser Charges | 4% of the outstanding principal amount for 13 to 24 months | there are no pre-closure charges if 12 EMIs are paid |
If you want to learn more about it, you can read about the features of personal loans from both banks below.
HDFC Bank Personal Loan Features
Eligibility Criteria
- Employees of private limited companies and employees of public sector undertakings, including central, state, and local bodies, are eligible for personal loans.
- Individuals between the ages of 21 and 60
- Individuals who have worked for at least two years, with at least one year with the current employer
- Those with a monthly net income of at least $25,000
- Senior citizens are entitled to a 10% discount on all service charges.
Personal Loan Interest Rates:
- HDFC Offers personal loans at a range of interest rates from 10.75% to 21.50%
- Loan Processing Charges / Processing Fee– Stamp Duty & Other Statutory Charges: Up to Rs 4999/- According to the state’s applicable laws
- 2% per month on EMI / Principal Overdue Legal/Incidental Charges
- Charges for Amortization / Repayment Schedules: 50/- Per Instance
- 500/- EMI / Payment 450/- for return charges
- Loan Cancellation & Rebooking Fees- NIL for Loan Cancellation (However client would be charged interest for the interim period between the date of the loan disbursement and loan cancellation and Processing Fees would be retained.). 1000/- to rebook the loan.
- Part payment is permitted up to 25% of the outstanding principal. It is permitted only once per fiscal year and twice during the loan term.
- Prepayment Charges (on outstanding principal) / Part-payment Charges (on part-payment amount):
- Salaried- 13-24 months – 4% of outstanding principal
- 25-36 months – 3% of outstanding principal
- 36 months – 2% of outstanding principal
Documents Required:
- Identity proof (copies of passports, voter ID cards, driving licenses, and Aadhaar cards)
- Proof of address (copy of passport/voter ID card/license/Aadhaar) driver’s
- Bank statement for the previous three months (Passbook of previous 6 months)
- Two most recent salary slips/current dated salary certificate, along with the most recent Form 16
ICICI Bank Personal Loan Features
- Personal loans are available from ICICI Bank to salaried individuals and self-employed.
- Salaried persona age from 25 years to 65 years and self-employed age from 28 to 68 years..
- Personal loan interest rates range from 10.75% to 19% per year.
- Loan origination/processing fees are up to 2.50% of the loan amount plus applicable taxes.
- Prepayment charges for salaried customers are 3% of the principal balance remaining after the first EMI, and they are waived if 12 or more EMIs are paid. There are no prepayment charges for MSE classified customers after the first EMI payment for loan amounts up to 50 lakhs.
- Late payment interest is charged at a rate of 24% per year.
- The swap charges for repayment mode are $500 plus applicable taxes per transaction.
- The loan cancellation fee is $3000 plus applicable taxes.
- The EMI bounce fee is $500 plus applicable taxes per bounce.
- The annual percentage rate (APR) is a method of calculating the annualized credit cost, which includes the interest rate and the processing fee. Charges such as prepayment penalties are not included in the APR calculator.
- For salaried individuals, the required documents include proof of identity and residence, the most recent three months’ bank statement, the most recent three months’ salary slips, and two passport-size photographs.
- Pre-closure statements are available at all Asset Servicing Branches, and if 12 EMIs are paid, there are no pre-closure charges.
- There is no option for partial payment.
- GST and other government taxes, levies, and so on may be charged at ICICI Bank’s discretion.
- Personal loan service charges and fees are subject to change, and the charges recorded in the agreement will be binding.
- Auto debit bounce fees are $50 plus applicable taxes and are deducted from the customer’s savings account.
It is expected that you have compared the features of both banks and have decided which bank you will take a personal loan from.
However, if this is your first time taking out a personal loan and you have no idea what a personal loan is or where it can be used, you can find more information about it below.
What is a Personal Loan
A personal loan is an unsecured loan that can be used for many things, including paying for a vacation, consolidating debt, or covering unexpected expenses.
The loan is not secured by any collateral, such as a car or property, but rather by the borrower’s creditworthiness and income.
How to Use a Personal Loan
Personal loans can be an effective financial tool in a variety of circumstances. Personal loans may be used for a variety of purposes, including
Covering the costs of unexpected medical emergencies, which can deplete your savings. You can pay medical bills without depleting your savings by taking out a personal loan.
Wedding financing can be an expensive but once-in-a-lifetime event. A personal loan can allow you to have the wedding of your dreams while not depleting your savings.
Renovating your home can be costly, but it is ultimately worthwhile. A home improvement personal loan can help you finance the improvements you want to make without depleting all of your savings.
Investing in new appliances and gadgets can make life easier and more efficient. A personal loan for home appliances can help you upgrade without depleting all of your savings.
Traveling can be a rewarding and memorable experience, but it can also be expensive. A personal loan designed specifically for travel can assist you in financing your trip without depleting all of your savings.
Whether through online courses or a higher education degree, you can improve your skills. A personal loan designed specifically for education and online courses can assist you in investing in your personal and professional development while not sacrificing your savings.