SBI vs ICICI Bank: A Complete Guide to Choosing the Best Personal Loan

A personal loan is an approach you can adopt to utilise tomorrow’s income today. The procedure to apply for personal loans is uncomplicated and relatively uncomplicated, but you should choose which bank’s personal loan is based on your needs. Different banks have different schemes, features, privileges, etc. The guide gives you detailed information about personal loans that the State Bank of India and the ICICI Bank provide, which will aid you in differentiating between SBI personal loans and ICICI personal loans. After reading the guide, you can decide which bank suits your needs.

Difference Between ICICI and SBI Personal Loans

Before applying for a personal loan in any bank, you should carefully check all the terms and conditions of personal loans. The three most important things that you should consider before applying for a personal loan are:

  • Rate of Interest
  • Repayment Term
  • Loan Amount

Nonetheless, the factors mentioned above might vary depending on several parameters such as eligibility criteria, credit score, loan scheme, characteristics, and privileges. You can take a quick look at the particulars of the personal loans that the State Bank of India and the ICICI bank provide.

SBI Personal Loans

The State Bank of India offers multiple personalized personal loans under several schemes. The different types of SBI personal loans are:

SBI Xpress Credit Loan

The main focal points of the SBI Xpress Credit Loans are:

  • Low processing charges
  • Low-interest rate
  • No hidden fees
  • You can avail maximum loan amount of Rs. 20 lacs.
  • Salary account holders of the State Bank of India can avail of the SBI Xpress Credit Loan.

SBI Pension Loan

The main highlights of the SBI Pension Loan are:

  • Available only for individuals who receive a pension from the government.
  • Aids pensions who need financial assistance urgently.
  • Processing and repayment charges are low compared to other types of personal loans.
  • Defence personnel do not have to pay any processing fees.
  • The age of the pensioner should not be above 76 years.
  • Less paperwork.
  • Prompt transfer of loan amount.
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SBI Xpress Power Loan

The main highlights of the SBI Xpress Power Loan are:

  • The SBI Xpress Power loan is for people who still need salary accounts in the State Bank of India.
  • The equated monthly installment ratio of the borrower must not be above 50%
  • The minimal monthly income of the borrower must be Rs. 15000
    Under the SBI Xpress Power Loan scheme, borrowers can avail of loan amounts between Rs.25000 to Rs.15 lacs.

SBI Quick Personal Loan

The main highlights of the SBI Quick Personal Loan are:

  • Borrowers can avail loan amount of Rs.20 lacs.
  • You can opt for SBI Quick Personal Loan if you do not have an account with the State Bank of India.
  • To take advantage of the SBI Quick Personal Loan, you must draw a minimum monthly income of Rs. 15000.

SBI Kavach Personal Loan

If your family member is diagnosed with COVID-19 and you urgently require money for treatment, you can opt for the SBI Kavach Personal Loan. You must provide an accurate medical report. You must ensure that the medical report is not older than one month. The main highlights of the SBI Kavach Loan are:

  • No processing charges
  • No assurance is needed.
  • You can avail maximum loan amount of Rs. 20 lacs.
  • The repayment term is five years.
  • You can extend the repayment term to three months.
  • The interest rate is 8.50%.

SBI Xpress Bandhan

The main highlights of the SBI Xpress Bandhan are:

  • If you do not have a salary account in the State Bank of India, you can opt for the SBI Xpress Bandhan Loan.
  • To avail of the loan, you must earn a minimum amount of Rs. 50,000 monthly
  • The repayment term is five years.
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SBI Pre-Approved Loans

The main highlights of SBI Pre-Approved Loans are:

  • The loan amount is immediately processed.
  • Low processing charge
  • Low and reasonable interest rates, which begin at 9.60%

ICICI Personal Loans

There are various types of ICICI personal loans. They are:

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

Perks and Features of SBI Personal Loans

The perks and features of SBI personal loans are:

  • No prepayment charges
  • Swift and easy loan approval procedure
  • Exclusive personal loan schemes and discounts for current customers
  • Minimal documentation
  • No hidden charges
  • According to specific terms and conditions, the bank may hike the loan eligibility criteria
  • Low-equated monthly installment
  • Offers personal loans to people between 21 years to 58 years of age.
  • Minimal processing charges
  • High loan amount

Perks and Features of ICICI Bank Personal Loan

The perks and features of an ICICI Personal Loan are:

  • No curbs on the use of funds
  • No assurance or guarantee needed
  • Swift disbursal procedure
  • Adjustable rate of interest
  • Adjustable personal loan term

What Documents Will You Need for SBI Personal Loan?

The documents you will need for SBI personal loans are:

  • Proof of Address
  • Two passport-size photographs
  • Proof of Identity
  • Current bank account statement
  • Salary slips

What Documents Will You Need for ICICI Personal Loan?

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

For Salaried Individuals

  • 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 Individuals

  • 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.
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How to Apply for SBI Personal Loan?

The State Bank of India enables you to apply for SBI Personal Loans online and offline. If you want to apply through the online process, you can visit the official website of the State Bank of India. You can go to the personal loan section, fill up the application form with your personal and professional details, and submit the form. Bank representatives will call you to move forward with your application. You can go to any bank branch to apply for SBI personal loans via the offline process.

How to Apply for ICICI Personal Loan?

To apply for ICICI personal loan via the online process, follow the steps given below:

  • Visit the ICICI bank website.
  • Tap on the application for personal loan now option
  • Tap on the let’s get started option
  • Provide your contact details with your PAN Card
  • After ticking the consent box, you will get a one-time password on your mobile number.
  • Provide significant documents and submit your application

To apply for ICICI personal loan via the offline process, visit a bank branch and submit all the required documents with the filled application form.


Personal Loans are a form of baggy credit that depends on a person’s personal requirements. A bank lends money based on the credit eligibility of the borrower, and there is no application of a security fee on the borrowed money. You might be wondering which personal loan you should opt for. Some may opt for SBI personal loans, while others choose ICICI personal loans. To know more about personal loans and to have a clear idea about which personal loan you should opt for, you can refer to the blogs on WishFin.

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  • Personal Loan Interest Rates September 2023
    Fullerton India12.00% - 24.00%
    HDFC Bank10.75% - 14.50%
    ICICI Bank10.75% - 19.00%
    IndusInd Bank10.25% - 26.00%
    Kotak Bank10.99%
    RBL14.00% - 23.00%
    Standard Chartered Bank11.49%
    Tata Capital10.50% - 24.00%
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