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Compare Business Loan - ICICI Bank vs HDFC Bank

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Bank
Parameters
Interest Rate
Interest Rate
16.50% - 20.00%
11.90% - 21.35%
Processing Fees
Processing Fees
Starting from 0.99%, Up to 2%
₹ 499
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 40 Lakh
₹ 50,000 to ₹ 50 Lakh
Loan Tenure
Loan Tenure
12 to 36 Months
12 to 48 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 3,540
₹ 2,628
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 6 months at 5%
Allowed after 12 months at 2 - 4%
Eligible Age
Eligible Age
25 to 65 Years
21 to 65 Years
Minimum Years in Business Required
Minimum Years in Business Required
36 Months
36 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 60 Lakh
₹ 1 Cr
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
3.5/5.0
4.5/5.0
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Compare EMI of ICICI Bank and HDFC Bank Business Loan

Loan Amount ICICI Bank HDFC Bank
₹ 1 Lakh ₹ 3,540 ₹ 2,628
₹ 5 Lakh ₹ 17,702 ₹ 13,142
₹ 10 Lakh ₹ 35,404 ₹ 26,285
₹ 15 Lakh ₹ 53,107 ₹ 39,427

Which is a better bank for Business Loan – HDFC Bank or ICICI Bank?

HDFC Bank offers lower Business Loan EMI at 2628 on a Business Loan for 48 Months as compared to ICICI Bank with a minimum EMI of 3540 for 36 Months. Average customer ratings for HDFC Bank is currently at 4.5/5.0 which makes it a good choice for taking a Business Loan.

How does HDFC Bank Business Loan compare with ICICI Bank Business Loan?

A detailed comparison of HDFC Bank and ICICI Bank Business Loan on various terms and conditions highlight key differences in their offerings and allows the customer to take an choose the best bank for Business Loan. Results of a comparative analysis between both banks highlight that:

  • Lowest Interest rate of HDFC Bank Business Loan is 11.90%, which is lower than the lowest interest rate of ICICI Bank at 16.50%. Hence, HDFC Bank is offering a cheaper loan option.
  • When compared on other Business Loan charges such as processing fees, ICICI Bank charges a processing fees of Starting from 0.99%, Up to 2% while HDFC Bank charges a processing fees of ₹ 499.
  • HDFC Bank offers Business Loan upto an amount of ₹ 50 Lakh while ICICI Bank offer Business Loan upto an amount of ₹ 40 Lakh. HDFC Bank can be a better option if you are looking for a high value amount.
  • One feature that makes Business Loan a better option is foreclosure facility. ICICI Bank gives the option to close the loan after 6 months at 5% and HDFC Bank gives the option to close the loan after 12 months at 2 - 4%. This makes ICICI Bank a better option for Business Loan.
  • ICICI Bank gives business loan at a minimum turnover of ₹ 60 Lakh. However, the turnover requirement for a business loan from HDFC Bank is ₹ 1 Cr. Hence, small businesses may find is easier to get a loan from ICICI Bank.
  • HDFC Bank and ICICI Bank offer a business loan if your business has completed 36 months. Hence, HDFC Bank and ICICI Bank both can be a preferred choice for relatively new enterprises.
  • HDFC Bank has an average customer ratings of 4.5, while ICICI Bank has an average customer rating of 3.5, based on which it is clear that HDFC Bank has a high customer service focus, an easy Business Loan process and a quick turnaround.

Which bank offers lower interest rate on Business Loan – HDFC Bank or ICICI Bank?

As per the current rates, HDFC Bank offers a lower interest rate of 11.90% on Business Loan when compared to ICICI Bank which offers a Business Loan at 16.50%.

Know all about Business Loan

Know more about ICICI Bank Business Loan

Know more about HDFC Bank Business Loan

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Business Loan News - Jul 2021
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2021-07-16 : Bandhan Bank total loans rise 8% to ₹80,128 crore in Q1, deposits up 28%
    Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crores in the June quarter this fiscal. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crores in the March quarter. Total deposits grew by 28% year-on-year to ₹77,336 crores, while the CASA (current account and savings account) deposits jumped by 48% to ₹33,197 crores in the first quarter of 2021-22.
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 2021-07-15 : OBC & UBI merged with PNB
    After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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