A personal loan, as the name suggests, is an unsecured financial instrument that you can get without submitting any collateral. It can be used for a variety of goals, including getting married, pursuing higher education, medical emergencies, travel, house improvement, and additional personal needs. Personal loans are available to both employed and self-employed individuals. The loan has low-interest rates and adaptive repayment choices.
Because everyone’s financial requirements and preferences differ, performing comprehensive research and gathering detailed data is recommended before coming to a final decision.
Receiving a need-specific personal loan can be a critical decision in the field of personal finance, with banks such as ICICI Bank and HDFC Bank developing as important challengers. Both banks provide a variety of personal loan options geared to meet a variety of financial demands, but each has various aspects and benefits to look into.
ICICI Bank, a banking institution in India, is known for its affordable interest rates, quick loan approval, and a wide array of branches. They provide personal loans for a variety of reasons, including debt reduction and achieving personal goals.
Similarly, HDFC Bank is well-known for its focus on clients and offers a variety of personal loan choices that feature affordable rates, flexible repayment alternatives, and a dedication to speedy approval.
Here we are presenting a Comparison Table to simplify and find out your Suitable Personal Loan option
|
Minimum Salary |
30000/-Existing Account Holder Per Month 35000/- Listed Company Per Month 40000/- Non Listed Company |
20000/-Per Month(Only Listed Company) |
|
Rate of Interest |
10.5% to 15% (Reducing) |
10.25% to 16% (Reducing) |
|
Loan Amount |
Rs.1 lakh – Rs.1 Cr |
Rs.1 Lac to 1 cr |
|
Processing Charge |
0.75% to 3% |
0.75% to 2% |
|
Loan Tenure |
12- 72 Months |
Up to 72 Months |
|
CIBIL Score |
700+ |
700+ |
|
Location |
PAN India |
DELHI – NCR |
|
Applicant Age |
23 Year to 60 Year |
22 Years to 60 Years |
|
Minimum Job Experience |
6 Months in the Same Company |
2 Months |
|
Business Vintage |
5 Years |
5 Years |
From the above comparison table, you can choose the best need-specific option for you.
Conclusion – We go into the details of ICICI Bank Personal Loan vs. HDFC Bank Personal Loan in this complete comparison, including information regarding interest rates, loan sizes, repaying flexibility, and more. By the conclusion, you’ll be more confident in your ability to make a wise choice that corresponds with your own financial goals.
A charge for processing will be charged on loans based on the bank’s stated pricing structure. This charge will be taken from your disbursement amount.
Loans are authorized within 72 hours after receiving the required documents.
The loan can be repaid in EMIs. If you already have an ICICI Bank account there, you may directly transfer it using the auto-debit order, or if you have a different banking account, you can use the NACH mandate.
Personal loan interest rates are calculated using the bank’s set pricing structure, which is strictly adhered to and coordinated according to the consumer’s profile. Personal loan interest rates range from 10.75% to 19% per year.
The money borrowed can be reimbursed over a 12- to 60-month timeframe.
You have the option of repaying your loan in EMIs. Post-dated checks, ECS, or a standing instruction to debit the payback amount from your HDFC Bank account can be used to make loan installments.
Whenever you want to do the balance transfer with HDFC, you may receive a top-up loan.
No, HDFC Bank only provides personal loans to employed people. Clients must be working in the private, public, or government sectors at the time they apply for the loan.
No, HDFC Bank offers a set rate of interest on personal loans.
If you take out a personal loan from HDFC Bank, you must return the loan within one to six years.