Personal Loan

Personal Loan Overview: Though usually of smaller amounts than a home loan, a personal loan is still a big decision and can be a little overwhelming. This post aims to make the choice a little easier by compiling the offerings of three major personal loan players.

Taking any kind of loan is a big decision and can be overwhelming at first. This is especially true when it comes to personal loans. Strictly speaking, a personal loan can be any loan made to an individual, including home loan, car loan etc. But for the purposes of this piece, we are talking about the regular consumer credit commonly known as personal loans and will be comparing an ICICI Bank personal loan, an Axis Bank personal loan and an HDFC Bank personal loan.

ICICI Bank Personal Loan

Like most private banks nowadays, ICICI also has on online page to apply for its ICICI Bank loan. You can enter your details like city of residence, date of birth, type of employment etc. and get your loan eligibility in a matter of minutes.

The total loan amount of an ICICI Bank personal loan can go up to 20 lakh rupees. Of course, this is the maximum amount and does not mean that everyone will automatically be eligible for 20 lakhs. The interest rate for an ICICI Bank loan as advertised on their website starts from 11.49%. The loan disbursal is said to be quite quick, within 72 hours.

ICICI Bank Personal Loan Details

  • Loan amount: Up to Rs. 20 lakhs
  • Interest rate: 11.49% (starting)
  • Disbursal time: 72 hours


Axis Bank Personal Loan

Similar to ICICI Bank, the Axis Bank loan web page also requests your details to determine your loan eligibility amount. However, they also offer the additional option of immediately calling them with a single click. If accessing the site from a desktop, the button leads to a form where you can request a call back at your number.

Unlike ICICI Bank, the Axis Bank loan amount goes only up to 15 lakh rupees, though the website also mentions that it starts from 50,000 rupees. Further attractive terms include no pre-payment and foreclosure charges as well as a flexible repayment feature.

Axis Bank Personal Loan Details

  • Loan amount: From Rs. 50,000 to Rs. 15 lakhs
  • No pre-payment charges
  • No foreclosure charges
  • Flexible repayment tenure


HDFC Bank Personal Loan

The HDFC Bank personal loan website mentions a lot of features and benefits. Unlike the other two sites, the page has a button leading to another page where you can check your loan eligibility online. There is also a button to apply for a HDFC Bank loan instantly.

With an HDFC Bank loan, you can borrow up to 25 lakh rupees. The web page boasts of speedy loan approval and disbursal in 2 days as well as not requiring any guarantor, security or collateral. Like the Axis Bank, the HDFC Bank loan also has flexible repayment options from 12 to 60 months.

But unlike either of the other two options, HDFC Bank loan also offers the convenience of doorstep service as well as an additional benefit of personal accident cover.


HDFC Bank Loan Details

  • Loan amount: Up to Rs. 25 lakhs
  • Disbursal time: 2 days
  • Doorstep service
  • No guarantor/security/collateral required
  • Personal accident cover
  • Customised offers for corporate employees and ladies
  • Flexible repayment tenure


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