A personal loan is a top choice for the people while looking for the funds to address their emergency needs. These loans require no collateral and many banks are offering them will little documentation. If you can fulfil the eligibility criteria of the specified banks you are approaching, the funds will be transferred into your account instantly, on the same day in most of the cases. The lender looks at your repayment capacity and credit score to approve the personal loan. However, you should always compare between the top two choice banks and understand pros and cons of availing the quick loan with them before you expel the offer. Let’s now compare two top banks HDFC and ICCI to avail a personal loan.
HDFC and ICICI for Personal Loan Comparison
Salaried individuals should fall between the age of 23-65 whereas self-employed must be between 28-65 to avail a personal loan from the bank. The salaried employee should have a minimum income of 15,000 per month whereas self-employed should have a profit of 200,000 annually.
An individual who is looking to avail unsecured personal loan from HDFC should be in the age slab of 21-60 in the case of salaried, and 21-65 in the case of self-employed. Both of should have a monthly income of 20,000.
interest rate and loan tenure
The interest rate on the quick loans through ICICI are fixed and stand in the slab of 11.49%-18-49%. The exact rate of interest varies from person to person depending on repayment capability and credit score. The bank also offers decent loan tenure of 1-5 years.
You will get a cash advance loan with the interest rate that ranges from 11.49%-19.8%. you can repay the loan within the term of your choice between1-5 years.
Processing fee & prepayment
The bank caps unsecured loan amount to 20,00,000 and the processing fee is 2.25% of the loan amount. Bank offers the pre-closure option to the customer if they can 5% outstanding principal amount towards the charges.
The bank can offer unsecured loan amount up to 25,00,000 with the processing fee of 2.5%. you can pre-close the loan in the second year paying 4% of outstanding principal amount towards the charges.
As both the banks are private banks, they don’t have stringent regulation in place to approve the loan. Both the banks facilitate easy documentation and quick approval.
Both the banks are a good choice for the customers to avail the personal loan. If you have income less than 20,000 and looking for a personal loan HDFC could be your choice. ICICI should be your preferred option if you are looking for big loans up to 2500,000 and have a decent income.