HomeResourcesHDFC Personal Loan vs ICICI Personal Loan

Pros and Cons: HDFC vs ICICI Personal Loans

Aspect
Pros
Cons
 
HDFC BankICICI Bank
  • Lower processing charges for small loan amounts.
  • Fixed interest rate ensures stability.
  • Flexible foreclosure charges based on tenure.
  • Faster processing time (72 hours).
  • Higher loan limit (up to Rs. 50 Lakh).
  • Longer tenure of up to 72 months for easier repayment.
  • No foreclosure charges after 12 EMIs.
  • No fixed processing timeline.
  • Higher maximum interest rate (up to 24%).
  • Higher foreclosure charges in the initial years.
  • Processing fee can be higher (up to 2% of loan amount).
  • Interest rate varies based on MCLR, leading to fluctuations.

How to Compare HDFC and ICICI Personal Loan EMIs?

  • right-arrowChoosing between ICICI and HDFC personal loans can be daunting. To make your decision easier, try using an EMI calculator. It helps you see what your monthly payments will look like based on the interest rate and tenure.
    right-arrowImagine you need a personal loan of ₹10 Lakh and are deciding between HDFC Bank and ICICI Bank. You plan to repay the loan over 5 years (60 months). HDFC Bank offers a fixed interest rate of 12.00% per annum, and ICICI Bank offers the same loan at 11.50% per annum.
    right-arrowBased on this, your monthly HDFC EMI would be around ₹22,244, and the total interest payable over five years would be ₹3,34,640. With ICICI Bank, the EMI is ₹21,993, and the total interest is ₹3,19,580.

    • Which is Best: HDFC or ICICI Personal Loan?

  • right-arrowThe verdict of which personal loan is best depends on your situation. Lenders evaluate your profile to see whether you match their requirements or not. If one lender prefers your profile and the other lender doesn’t, as per your suitability, you’ll choose the latter.
    right-arrowThis is why it is important to check the personal loan eligibility before applying for a loan. By doing so, you can avoid loan rejection and get a smooth loan processing as quickly as possible.
    right-arrowAlso, your CIBIL score plays an important role in determining loan decisions. Having a good CIBIL ensures high priority to the loan application. So do check the same and ensure it meets the criteria set by the bank.

    • Conclusion

    After comparing the advantages and disadvantages of HDFC and ICICI personal loans, you might see the clear winner. So apply now for a personal loan and get the opportunity to meet your needs with no trouble.

    A personal loan is a great companion for instant funds and can be a huge help in case of an emergency. So choose between ICICI and HDFC Bank personal loan to get funds instantly.

    Frequently Asked  Questions

    Who can apply for an HDFC personal loan?
    Is the minimum income requirement same for both ICICI and HDFC Bank?
    What is the minimum CIBIL score required?

    Apply for a Personal Loan Now!