Personal loans have become a popular option for people looking to fulfill their financial requirements. ICICI Bank and Axis Bank are two of the largest private sector banks in India, offering personal loans to individuals. Both banks have a wide network of branches and ATMs, making it easier for customers to access their services. In this article, we will compare ICICI Personal Loan and Axis Bank Personal Loan to help you make an informed decision.
Eligibility: ICICI Bank requires a minimum income of INR 15,000 p.m. for salaried individuals and INR 2,50,000 p.a. for self-employed individuals to be eligible for a personal loan. On the other hand, Axis Bank requires a minimum income of INR 20,000 p.m. for salaried individuals and INR 2,50,000 p.a. for self-employed individuals.
Interest Rate: The interest rate for ICICI Personal Loan starts at 11.25% p.a. and goes up to 18.5% p.a., depending on the loan amount and the applicant’s profile. Axis Bank offers a personal loan at an interest rate starting from 11.25% p.a. and going up to 24% p.a.
Loan Amount: ICICI Bank provides personal loans up to INR 20 Lakhs, while Axis Bank provides personal loans up to INR 15 Lakhs.
Tenure: ICICI Bank offers a tenure ranging from 12 to 60 months, while Axis Bank offers a tenure ranging from 12 to 84 months.
Processing Fee: ICICI Bank charges a processing fee of 2% of the loan amount, with a minimum of INR 1,999 and a maximum of INR 25,000. Axis Bank charges a processing fee of up to 2.5% of the loan amount, with a minimum of INR 1,000 and a maximum of INR 25,000.
Prepayment Charges: ICICI Bank does not charge any prepayment charges on the personal loan. On the other hand, Axis Bank charges a prepayment penalty of 4% on the outstanding loan amount if the loan is prepaid before the completion of 6 months.
Features and Benefits
Here are some of the features and benefits of both banks’ personal loan products.
ICICI Personal Loan:
- Quick and easy approval process
- Competitive interest rates
- Flexible repayment options
- Attractive pre-approved offers for existing customers
Axis Bank Personal Loan:
- Minimal documentation required
- Customizable loan tenures up to 60 months
- EMI calculator available for easy loan planning
- High loan amounts of up to INR 25 Lakhs
When considering a personal loan, it’s important to compare the features and benefits offered by various banks. ICICI Personal Loan offers quick approval and flexible repayment options, while Axis Bank Personal Loan provides easy documentation and high loan amounts. Choose the best personal loan for your needs by comparing features, interest rates, and repayment options before applying.
Both ICICI Bank and Axis Bank offer personal loans with competitive interest rates, processing fees, and tenures. However, ICICI Bank offers higher loan amounts and does not charge any prepayment penalties, making it a better option for individuals who need a larger loan and want to prepay their loan without incurring additional charges. Ultimately, the best personal loan option for you will depend on your specific needs and financial situation. Be sure to compare both banks and compare the interest rates, processing fees, tenures, and other features before making your final decision.