Comparing ICICI and PNB Personal Loans: What You Need to Know

Last Updated : March 3, 2023, 3:14 p.m.

A personal loan, also known as a consumer loan, is the amount borrowed from a financial institution for personal needs. A personal loan can be used for any purpose, for instance, to pay back debts, travel, home renovation, medical emergency, wedding, or make an investment, etc.

ICICI and PNB are two of the highly reputed banks in India. Both these banks offer personal loans. The ICICI personal loan and PNB personal loan. Both have multiple benefits and criteria. We have made it easier for you to choose the one that benefits you the most. The following are the differences between the ICICI and the PNB personal loans.

ICICI Personal Loan

Amount: ICICI has been offering its services for over sixty years now. It is one of the most reputed banks in the county. ICICI offers personal loans up to 50 lakhs based on the eligibility of the candidate.

Interest rates: ICICI bank offers different interest rates for different purposes of the loan. It ranges anywhere from 10.50% to 19% of the amount. The table below gives a clear understanding.

Eligibility Criteria: The borrowing candidate has to be working in India. If this criterion meets, the candidate can either be a citizen of the country or can also be an NRI to avail of the ICICI personal loan .

Age requirement: For one to be eligible to take a personal loan from ICICI, the person must be between 23-58 years of age. Additionally, the age bracket for self-employed persons is 28-65 years.

Income : To avail of an ICICI personal loan , candidates from semi-urban areas need to have an income of Rs 17000. Those from urban areas must have an income of Rs. 20000, and those from metro cities should have an income of Rs. 25000. Self-employed individuals should have a firm turnover of Rs. 15 lakhs to 40 lakhs with a minimum profit of Rs. 1 lakh to 2 lakhs.

Work stability: All salaried individuals must show a work experience of at least two years. Self-employed individuals should show that their business venture has been active for at least five years.

ICICI relation : Candidates who apply for ICICI personal loan must have a bank account in ICICI Bank for at least a year. This criterion is the same for salaried and self-employed individuals. Additionally, they should not have any defaults or obligations.

Documents required: If you are eligible for an ICICI personal loan , you must submit the following documents.

Salaried applicants need to provide the following documents:

1. Passport-size photos
2. Address proof, such as utility bills, etc
3. Identity proof, such as Passport, PAN card, Aadhaar card, etc
4. Salary slips for the last three months
5. Bank account statements for the last three months

Self-employed applicants need to provide the following documents:

1. Passport-size photos
2. Address proof, such as utility bills, etc
3. Identity proof, such as Passport, PAN card, Aadhaar card, etc
4. Income Tax Returns for the last two years
5. Commercial address proof
6. Bank account statements for the last six months

Collateral: ICICI Bank offers its customers a collateral-free loan. It means that you can avail of an ICICI personal loan without any security.

Tenure: ICICI bank offers a tenure of one to six years to return the loan.

Types of Personal Loans By ICICI

ICICI offers many different types of personal loans based on the candidate’s needs and eligibility. Mentioned below are the various types of ICICI personal loans :

• New Personal Loan
• Top-up Personal Loan
• Personal Loan Balance Transfer
• Fresher Funding
• Flexi cash
• NRI Personal Loan
• Pre Qualified Loan
• Pre-Approved Instant Personal Loan
• Unsecured Business Loan

Punjab National Bank PNB Personal Loan

Amount: Punjab National Bank has been offering its services for over thirty years now. It is a government-owned bank. With the tagline that says “Ghar Ki Baat” makes the process of availing a loan a hassle-free one. It offers a personal loan of up to 20 lakhs.

Interest rates : A PNB personal loan’s interest rates can range between 10.15% – 16.70% per annum. These interest rates depend on the type of individual and their CIC scores. Furthermore, for pensioners, the interest rate is 11.50% per annum.

Eligibility Criteria: All candidates must have a CIBIL score of at least 650. They must be a resident of India to avail of a personal loan. Additionally, they should be working or practicing in their field of occupation.

Age requirement: The age requirement for a PNB personal loan for the public and doctors is as per the conditions and terms set by the bank. Generally, it is between 21 years to 58 years. For pensioners, the age requirement is 60+ years.

Income: To avail of a personal loan from Punjab National bank, the candidate must have a minimum annual income of Rs.5 lakh. For pensioners, the condition is that they should be drawing a pension through a PNB branch.

Work stability: All public individuals must be permanent employees and possess a work experience of at least two years. Doctors applying for personal loans must be practicing. And pensioners applying for the loan must be drawing their pensions from any Punjab National Bank branch.

Documents required:

Documents needed for a personal loan in Punjab National Bank may be different for different applicants. However, if you are eligible for an ICICI personal loan , you must submit the following documents.

• Passport-size photos
• Address proof, such as utility bills, etc
• Identity proof, such as Passport, Aadhaar card, etc
• PAN card
• Salary slips of the last three months
• Bank account statements of the last six months
• Income Tax Returns for the last two years

Collateral: To avail of a PNB personal loan , no collateral is required. However, the candidate has to submit a sufficient guarantee to the bank.

Tenure: PNB bank offers a tenure of 72 months to return the loan.

Types of PNB personal loan:

PNB offers many different types of personal loans based on the candidate’s needs and eligibility. Mentioned below are the various types of PNB personal loan :

• Personal loan scheme for LIC employees
• Personal loan scheme for public
• Personal loan scheme for doctors
• Personal loan scheme for pensioners
• PNB Bhagban Scheme

Conclusion

ICICI and PNB are well-established and reputed banks in the country. Based on the above details, you can choose the personal loan which suits you best. Wishfin is a fin-tech company. It provides actionable plans and helps people to make the right financial decisions. For more such articles, you can check Wishfin’s blogs as well.