Compare Personal Loan - ICICI Bank vs HDB Financial

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Bank	SBI HDFC Bank ICICI Bank Bajaj Finserv IDFC First Bank Axis Bank Tata Capital Fullerton India IndusInd Bank Kotak Bank RBL Bank IIFL Syndicate Bank Muthoot Union Bank of India Canara Bank Bank of Maharashtra Andhra Bank Allahabad Bank Federal Bank Karur Vysya Bank PNB Indian Overseas Bank Indian Bank IDBI Bank Corporation Bank Bank of Baroda Standard Chartered Bank Yes Bank Axis Finance	SBI HDFC Bank Bajaj Finserv IDFC First Bank Axis Bank Tata Capital Fullerton India IndusInd Bank Kotak Bank RBL Bank IIFL HDB Financial Muthoot Union Bank of India Canara Bank Bank of Maharashtra Syndicate Bank Andhra Bank Allahabad Bank Federal Bank PNB Indian Overseas Bank Indian Bank IDBI Bank Corporation Bank Bank of Baroda Standard Chartered Bank Yes Bank Karur Vysya Bank Axis Finance
Parameters
Interest Rate	Interest Rate 10.50% - 22.00%	13.00% - 36.00%
Processing Fees	Processing Fees Upto 2.25% of Loan Amount	Upto 3% of Loan Amount
Loan Amount	Loan Amount ₹ 50,000 to ₹ 30 Lakh	₹ 1 Lakh to ₹ 20 Lakh
Loan Tenure	Loan Tenure 12 to 60 Months	12 to 60 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,149	₹ 2,275
Part Payment Charges	Part Payment Charges Not Allowed	Allowed after 6 months at Nil Partpayment charges
Foreclosure Charges	Foreclosure Charges Allowed after 6 months at 5%	Allowed after 6 months at Nil foreclosure charges
Eligible Age	Eligible Age 23 to 58 Years	22 to 60 Years
Minimum Income	Minimum Income ₹ 25,000	₹ 20,000
Current Work Experience	Current Work Experience 12 Months	6 Months
Total Work Experience	Total Work Experience 24 Months	6 Months
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews) 4.5/5.0	4.3/5.0

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Compare EMI of ICICI Bank and HDB Financial Personal Loan

Loan Amount	ICICI Bank	HDB Financial
₹ 1 Lakh	₹ 2,149	₹ 2,275
₹ 5 Lakh	₹ 10,747	₹ 11,377
₹ 10 Lakh	₹ 21,494	₹ 22,753
₹ 12 Lakh	₹ 25,793	₹ 27,304

Which is a better bank for Personal Loan – ICICI Bank or HDB Financial?

ICICI Bank offers lower Personal Loan EMI at 2149 on a Personal Loan for 60 Months as compared to HDB Financial with a minimum EMI of 2275 for 60 Months. Average customer ratings for ICICI Bank is currently at 4.5/5.0 which makes it a good choice for taking a Personal Loan.

How does ICICI Bank Personal Loan compare with HDB Financial Personal Loan?

It is important to do a detailed comparison of ICICI Bank and Personal Loan on all loan terms and conditions to understand their differences and take an informed decision. Keep in mind that each bank’s scheme has its own pros and cons that have to be evaluated before choosing the best offer. Some of the key results of the comparison between the two banks are:

Lowest Interest rate of ICICI Bank Personal Loan is 10.50%, which is lower than the lowest interest rate of HDB Financial at 13.00%. Hence, ICICI Bank is offering a cheaper loan option.
When compared on other Personal Loan charges such as processing fees, ICICI Bank charges a processing fees of Upto 2.25% of Loan Amount while HDB Financial charges a processing fees of Upto 3% of Loan Amount.
ICICI Bank offers Personal Loan upto an amount of ₹ 30 Lakh while HDB Financial offer Personal Loan upto an amount of ₹ 20 Lakh. ICICI Bank can be a better option if you are looking for a high value amount.
One feature that makes Personal Loan a better option is foreclosure facility. HDB Financial and ICICI Bank gives the option to close the loan after 6 months at Nil foreclosure charges and 5%. This makes HDB Financial a better option for Personal Loan.
HDB Financial allows part payment on Personal Loan after 6 months at Nil charges, while ICICI Bank does not offer part payment facility on Personal Loan. This makes HDB Financial a better option for Personal Loan.
ICICI Bank has an average customer ratings of 4.5, while HDB Financial has an average customer rating of 4.3, based on which it is clear that ICICI Bank has a high customer service focus, an easy Personal Loan process and a quick turnaround.

Which bank offers lower interest rate on Personal Loan – ICICI Bank or HDB Financial?

As per the current rates, ICICI Bank offers a lower interest rate of 10.50% on Personal Loan when compared to HDB Financial which offers a Personal Loan at 13.00%.

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Personal Loan News - Jun 2021

2021-06-10 : Rural Loan Collections to be affected by the Second wave
As the borrowers are continuously facing the issues created by the pandemic, India Ratings - a rating agency reported that the collections of Rural Loan which includes Home Loan, Loan Against Property, Business Loan, Personal Loan, etc. will be vastly affected because of the second wave of Covid-19.
2021-06-09 : Canara Bank announces personal loan scheme
Under the ‘Canara Suraksha personal loan scheme’, the bank is offering loans from ₹25,000 to ₹5 lakh to financially assist the customers for covid-related treatment. The moratorium is of six months and the scheme will be valid till September 30, 2021.
2021-06-09 : Healthcare credit facility announced by Canara Bank
Under the ‘Canara Chikitsa healthcare credit facility’, Canara bank will offer loans from ₹10 lakh to ₹50 crores to all the units engaged in servicing the healthcare. Valid till March 31, 2022, the loan will be available at concessional rates with a tenure of upto 10 years
2021-06-08 : Unsecured personal loan of upto Rs 5 lakh to be made available by the SBI
Under the Emergency Credit Line Guarantee Scheme (ECLGS) SBI is offering a collateral-free loan up to ₹5 lakh, allowing an unsecured ‘covid personal loan’ for covid treatment.
2021-06-01 : Karur Vysya Bank posted 24% growth in Q4 net
Karur Vysya Bank posted a 24% rise in its net profit at Rs 104 crore in the last quarter of the fiscal ended March 2021. The profit was boosted by retail loans home, LAP, personal, two-wheeler, car education and doctor loan along with business and mudra loan. The lender credit growth during the year was higher at 8.87% and gross advances reached Rs 52,820 crore.

*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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