compare personal loan

Compare Personal Loan Interest Rates of Different Banks

When you have so many banks offering personal loans, it might be a little difficult to choose the perfect one. ICICI Bank and HDFC Bank are neck-to-neck competitors as both are top two private banks in India.

For personal loans as well, both the banks have a great deal. So, how would you know which one is better? Well, you can compare personal loan of these top two banks. You can compare personal loan interest rates, EMI based on the rate, tenure and loan amount, and eligibility based on which the loan is offered.

In this article, we have compared each of these details at both the banks. You can look into the details and see which bank is better for you.

ICICI Personal Loan Interest Rate

ICICI Bank calculates the final interest rate on the basis of MCLR and Base Rate. Presently, the rates are one of the lowest personal loan interest rates in India with the rates from 10.99% per annum onwards.

HDFC Personal Loan Interest Rates

The bank has recently reduced interest rates on a personal loan. From now onwards, the lowest rate you can get is 11.25% to 21.25% per annum. The maximum loan amount for salaried is up to ₹25 lakhs and for self-employed is up to ₹15 lakhs.

ICICI Personal Loan EMI Calculator

At present, the lowest interest rate offered by ICICI Bank is 10.99% per annum. If you take the loan with the below details and get approval for the lowest rate, your EMIs will be as follows:

  • Loan amount- ₹10,00,000
  • Interest rate- 10.99% p.a.
  • Tenure-  5 years

The EMI, Total Interest Outgo, and Total Amount (Principal+Interest) will be as follows:

EMI- ₹21,737

Total Interest Outgo- ₹3,04,246

Total Amount- ₹13,04,246

HDFC Personal Loan EMI Calculator

The lowest interest rate on personal loans offered by HDFC Bank is 11.25% per annum. On the basis of these details, you will get the graphical representation of the payments. For instance, if you put on the below details,

Loan amount- ₹10,00,000

Tenure- 5 years

Interest rate- 11.25% p.a

The detail of the payment is as follows:

EMI- ₹21,867

Total Interest Payable- ₹3,12,038

ICICI Personal Loan Eligibility

Below is the eligibility criterion set by the bank for a personal loan for self employed and a salaried individual:

For Salaried:

  • The age of the loan applicant must be between 23 years and 58 years
  • Minimum Net Monthly Income of the applicant should be ₹17,500/-
  • For Delhi & Mumbai applicants the minimum Net Monthly Income ₹25,000/-
  • For Bangalore, Chennai, Hyderabad, Kolkata or Pune applicants the minimum monthly income of ₹20,000/-
  • Minimum 2 years of work experience with at least 1 year of work experience with the current employer

For Self-employed:

  • The age of the loan applicant must be between 28 years and 65 years (Minimum 25 years for Doctors)
  • Minimum turnover of the business of the applicant must be ₹40 lakhs in case of non-professionals
  • Minimum turnover of the business of the applicant must be ₹15 lakhs in case of professionals
  • Minimum profit must be ₹2 lakhs for self-employed individuals and proprietors (tax excluded)
  • Minimum profit must be ₹1 lakh for non-professionals (tax excluded)
  • Minimum 5 years experience in business (3 years for doctors)
  • The applicants should have a relationship with the ICICI bank for a minimum of 1 year like an account holder or an existing loan customer wherein the loan is either running or would end in the initial 36 months of the loan tenure

HDFC Bank Personal Loan Eligibility

The eligibility based on which personal loan is offered by HDFC Bank is as follows:

  • Your minimum age should be 21 years
  • Your maximum age should be 60 years
  • An individual must have 2 years of working experience wherein having 1 year of experience with the current employer is important
  • The applicant must have a Net Monthly Income of ₹12,000/-. However, the Net Monthly Income should be ₹15,000/- if the applicant is living in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin

 

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