The Ultimate Guide to Comparing ICICI and HDFC Personal Loans – Interest Rates, Repayment Terms, and More

Last Updated : Feb. 1, 2023, 12:29 p.m.

The ICICI and the HDFC bank are among the well-known commercial banks in the country, and in the case of personal loans, both offer cutthroat interest rates along with engaging terms and conditions. Both banks provide terms, conditions, eligibility criteria, features, benefits, interest rates, etc., to satisfy the requirements of their account holders. Although to opt for a personal loan, you must opt for anyone. Some find HDFC personal loans convenient. For others, ICICI personal loans may be more satisfactory. Therefore, to provide insights about the personal loans of both the HDFC and the ICICI bank, you can refer to the guide, which differentiates between HDFC personal loans and ICICI personal loans.

Difference Between ICICI Personal Loans and HDFC Personal Loans

The ICICI bank is one of India’s noted banks and personal loan providers. It offers tempting interest rates on personal loans for its account holders to fulfil their financial requirements. Without facing any problems, you can opt for ICICI personal loans of at least Rs.25 lacs for at least 72 months from ICICI bank.

On the other hand, the HDFC bank is a prominent private sector bank in the country. HDFC personal loans come with innumerable characteristics and perks. The application procedure for applying for HDFC personal loans is swift and free from the commotion. The bank has useful devices like an equated monthly instalment calculator that tells you your eligibility within a few minutes. The bank sanctions an application for personal loans within a few seconds for current account holders, and other customers will receive the loan amount within a few hours.

ICICI Bank Personal Loans

The different kinds of ICICI personal loans are:

• Personal Loans for Non-Resident Indians
• Top-up Personal Loan
• Personal Loan Balance Transfer
• Fresher Funding
• Pre-Qualified Loan
• Pre-Approved Personal Loan

HDFC Bank Personal Loans

The different types of HDFC personal loans are:

• Marriage Loan
• Travel Loan
• Debt Consolidation Loan
• Home Renovation Loan
• Balance Transfer Personal Loan
• Personal Loans for Teachers, Women, Government Staff, and Salaried Working Individuals

Who Can Opt for ICICI Personal Loans?

Applicants fulfilling the requirements mentioned below can opt for ICICI Personal Loans .

Salaried Individuals

• 23 years to 58 years of age
• For Indian citizens residing in Delhi and Mumbai, their minimum income should be Rs.25,000. For people residing in other cities, their monthly income should be Rs. 20,000, and those working in non-listed companies should be Rs. 40,000.
• Working individuals having work experience of two years.
• People having a salary account in ICICI bank.
• People having a salary account in other banks.
• People with other loans from ICICI bank
• People without any other loans from ICICI bank.

Self-Employed Individuals

• 25 years to 65 years of age
• The minimum income of professionals should be Rs.15 lacs, and non-professionals’ minimum income should be Rs. 40 lacs.
• Individuals with a one-year asset relationship with ICICI bank.
• Three years of work experience for doctors and two years of work experience for other non-medical professionals.

Who Can Opt for HDFC Personal Loans?

The eligibility for applying for HDFC personal loans is given below:

• Private and Public sector staff
• State Government and Central Government staff
• Employees local institutions
• The applicant must be between 21 and 60 years of age.
• Applicants with two years of work experience and one year of work experience with the latest organisation.
• The applicant must earn Rs. 25000 monthly.
• The eligibility criteria for HDFC personal loans may depend on the applicant’s credit score.

Perks of ICICI Bank Personal Loan

The perks of an ICICI Personal Loan are:

• No constraints on funds’ use
• Online Procedure
• Minimum Paperwork
• High Loan Amount
• Extensible Loan Duration
• Swift transfer of funds
• Multi-functional personal loan

Perks of HDFC Personal Loan

The privileges and characteristics of HDFC personal loan are:

• Simple Paperwork
• No assurance and guarantee
• Quick transfer of funds to the borrowers’ account
• Low rates of interest
• Extensible and straightforward repayment terms
• Balance transfer privileges

Documents Required for ICICI Personal Loan

The documents required for ICICI personal loan are:

For Salaried Working People

• Proof of identification includes a passport, voter identification card, permanent account number, and driving license.
• Proof of Address such as passport, telephone bills, electricity bills, and leave and license agreement.
• Passport-size photographs

Self-Employed Working People

• Know Your Customer Documents- Identification, address, and birthdate proof.
• Proof of Residence- Passport, telephone bills, electricity bills, leave and license agreement.
• Proof of Income- Any document that proves that the borrower is a self-employed working professional, like an income tax return of the preceding two years and a verified profit and loss statement.
• Proof of Business- Business existence proof, embodiment certification, and registration certification with authorised registration establishment

Documents Required for HDFC Personal Loan

The documents that you will need for HDFC personal loan are:

• Voter ID
• Adhaar Card
• Driving License
• Passport
• Last three months’ bank statement
• Last six months updated passbook
• Current salary slip
• Current salary certificate

Application Procedure for ICICI Personal Loan

The application procedure for ICICI personal loan through the online method is given below:

• Go to the official website of the ICICI bank
• Select the application for personal loan now option
• Select the let’s get started option
• Give your contact details with your PAN Card
• After tapping the consent box, you will receive an OTP on your registered mobile number.
• Submit the relevant documents with your application form.

To apply for ICICI personal loan through the offline method, go to any branch of the ICICI Bank and submit every relevant document with the filled application form.

Application Process for HDFC Personal Loan

The application process for HDFC personal loans is discussed below:

Online Process

If you want to apply for HDFC personal loans through the online method, you can follow the steps mentioned below:

• Go to the official HDFC bank website and log in to your internet banking account.
• Others must sign up for a new internet banking account.
• Fill out the application form.
• Submit all the relevant documents.
• You will have to wait for the bank to transfer the loan into your account.

Offline Process

To apply for an HDFC personal loan through the offline process, you must visit any HDFC bank branch and submit the documents with the filled application form.

Conclusion

Both HDFC and the ICICI bank are contentious when it comes to personal loans. You can differentiate between the interest rates, benefits, features, and other important information of both banks. For an individual to decide which bank to apply for personal loans, the most significant thing is to check out the interest rates on personal loans, eligibility criteria, characteristics, benefits, etc., depending on the applicant’s profile.

In the case of personal loans, equated monthly instalment quotes can vary depending on credit scores, employer, profile, etc. Before deciding which bank to opt for, you should contact both banks and enquire about equated monthly instalment quotes. Depending on equated monthly instalments and other important information, you should decide which bank you should consider for your personal loan application.