HDFC Vs. ICICI Bank Personal Loan 2021 | While personal loans are short-to-long term unsecured loans extended to an individual to fulfil emergency requirements like home renovation, wedding expenses, medical costs, among other requirements, one also must choose the best personal loan offer smartly.
HDFC Bank and ICICI Bank – the two leading private sector banks of India offer personal loans at the best competitive rates, yet, we’re here to give you the best outputs on HDFC Vs. ICICI Bank Personal Loan 2021 as we strongly adhere to the fact that even loans at 50 basis point cheaper rate can make a huge difference in EMIs.
Thus, let’s explore this exclusive comparison if you’re considering to apply for personal loan from any of these banks!
Interest Rate
When we compare any type of loan, the interest rate is the most important element to take a look at, therefore, we’ll start with the interest rate in the comparison between HDFC Vs. ICICI Bank Personal Loan 2021.
- HDFC Bank Personal Loan 2021 can be availed at a competitive rate of interest ranging from 10.25% p.a. to 22% p.a.
- ICICI Bank Personal Loan 2021 can also be availed at a similarly competitive rate of interest ranging from 10.25% p.a. to 22% p.a.
Processing Fee
Another important element in the comparison of HDFC Vs. ICICI Bank Personal Loan 2021 is the processing fee.
- HDFC Bank Personal Loan 2021 can be availed with a processing fee of up to 2.25% of the loan amount.
- ICICI Bank Personal Loan 2021 can be availed with a processing fee of up to 2.50% of the loan amount with a minimum charge of Rs. 999.
Loan Amount
Another crucial parameter in the comparison of HDFC Vs. ICICI Bank Personal Loan 2021 is the loan amount after all that is what a borrower wants.
- You can avail of HDFC Bank Personal Loan amount of up to Rs. 75 lakhs.
- You can avail of ICICI Bank Personal Loan amount of up to Rs. 30 lakhs.
Loan Repayment Tenure
Another important element in the comparison of HDFC Vs. ICICI Bank Personal Loan 2021 stands out to be the repayment tenure after all one also wishes to repay the loan easily and smoothly without any stress.
- You can avail of HDFC Bank Personal Loan for up to 5 years.
- You can avail of ICICI Bank Personal Loan for up to 5 years.
Part Prepayment Charges
When we compare the HDFC Vs. ICICI Bank Personal Loan 2021, another vital parameter stands out to be the part prepayment charges. So,
- You can partly prepay HDFC Bank Personal Loan after 12 successful EMI payments at 2 to 4% of charge.
- You cannot partly prepay ICICI Bank Personal Loan as it is not allowed.
Foreclosure charges
Similar to the importance of part prepayment charge, foreclosure charges are also important to consider when comparing the HDFC Vs. ICICI Bank Personal Loan 2021. So,
- You can foreclose the HDFC Bank Personal Loan after 12 successful EMI payments at 2 to 4% of charge.
- You can foreclose the ICICI Bank Personal Loan after 6 successful EMI payments at 5% of charge.
Eligible Age
- You can apply for HDFC Bank Personal Loan 2021 if you are aged between 23 years and 60 years.
- You can apply for ICICI Bank Personal Loan 2021 if you are aged between 21 years and 58 years.
Minimum Income
When we compare the HDFC Vs. ICICI Bank Personal Loan 2021, another vital parameter stands out to be the income element. So,
- You can avail of the HDFC Bank Personal Loan 2021 if you have a minimum income of Rs. 25,000.
- You can avail of the ICICI Bank Personal Loan 2021 if you have a minimum income of Rs. 25,000.
Current Work Experience
When we compare any type of personal loan product, we should also look upon the work experience requirement by the lender, consequently, in the comparison between HDFC Vs. ICICI Bank Personal Loan 2021, the work experience requirement are as follows:
- HDFC Bank asks for a minimum of current work experience of 1 month.
- ICICI Bank asks for a minimum of 12 months’ current work experience.
Want Instant Personal Loan? Your Search Ends Here!
By studying the above-stated comparison of HDFC Vs. ICICI Bank Personal Loan 2021, if you feel that you’ve decided, which fits you the best, then you can directly apply from Afinoz instant loan app.
Besides, even if you’re not sure then also you can turn around the Afinoz loan app as it holds an association with over 30 lenders offering you multiple and best loan offers as per your needs and creditworthiness.
Take a look at how to apply for personal loan from Afinoz personal loan app 2021:
- Download the Afinoz loan app from the Google Play Store.
- Sign up using your phone number.
- Fill in your requirements.
- Compare multiple personal loan offers.
- Select the one that fits you.
- Fill in the application form.
- Attach the documents.
- Wait for the approval.
- Get the amount directly into your active bank account.
- Use the funds so as to meet your needs.
The Final Stroke
It is important to do a detailed comparison of HDFC Vs. ICICI Bank Personal Loan 2021 on all the vital terms and conditions to understand their differences and make a wise decision. Remember that every bank’s scheme has its own benefits and drawbacks that have to be assessed prior to opting for the best loan offer.
Above, we tried out our best to give you the comparison of (k), even though, we highly recommend you to assess your precise requirements and creditworthiness in order to finalize the best personal loan in India for you in-between the both.