A personal loan might be an effective alternative if you require money to achieve your personal goals or cover unforeseen costs. One of the top private sector banks in India, ICICI Bank, provides personal loans with a range of advantages. However, just like other financial instruments, ICICI Bank personal loan has advantages and disadvantages. We’ll go over the benefits and drawbacks of ICICI Bank personal loans in this blog post to help you decide if taking one out is the best option for you.
Comparison of Personal Loans from HDFC Bank, ICICI Bank and Axis Bank
The personal loan industry is seeing intense competition as more banks, NBFCs, and financial institutions enter the market. Choosing an ICICI Bank Personal Loan offer is not always an easy choice. You must evaluate the crucial factors of the chosen lender in comparison to other bank offerings.
Here is a detailed study to assist you in comparing the ICICI Bank Personal Loan to other loan offers:
HDFC Bank
According to the financial organization, a borrower can utilize an HDFC Bank personal loan for a range of purposes, such as house improvement, travel, wedding expenses, unexpected medical costs, or even purchasing a gadget. According to the bank website, personal loan interest rates range from 10.99% to 16%.
You may borrow up to 40 lakh rupees, with equated monthly payments (EMIs) beginning at Rs. 2,174. According to HDFC Bank’s official website, the loan disbursal can be completed in four hours due to the rapid process. You can choose a repayment period of one to five years.
Personal accident insurance and loan security are additional benefits of personal loans. One can even purchase a critical sickness and personal accident insurance policy for up to 1 lakh rupees each for a price. When the personal loan is disbursed, the premium for these policies will be subtracted from the loan amount. Additional fees will be applied for any taxes, surcharges, and fees.
ICICI Bank
The ICICI Bank personal loan interest rate ranges from 10.99% to 20%. The tenure of the fixed loan payback period might range from 12 to 60 months. There is no need for collateral for the personal loan. A total of 20 lakh rupees can be borrowed for any need. The bank also gives you the option to authorize the bank to automatically deduct the EMIs via ECS (electronic clearing service), PDC, or auto debit to avoid the danger of missing the EMIs.
Axis Bank
Axis Bank offers personal loans with minimum loan amounts of 50,000 and maximum loan amounts of 15 lakh. The bank charges an interest rate that ranges from 15.5% to 24%. You have the option to transfer an existing debt from another bank to Axis Bank. However, only Axis Bank allows for the transfer of loans with higher interest rates.
However, because personal loans have high interest rates and stiff penalties for late payments, one must be careful to only use them in the direst situations. In addition, if you don’t make the payment, your creditworthiness is going to deteriorate.
As compared to ICICI Bank personal loans, these are unsecured loans that can be used for any financial requirement, including travel, home improvements, enrolling in online courses, unexpected medical expenses, or wedding expenses. Depending on your eligibility, you can quickly apply online for an ICICI Bank personal loan up to Rs 50 lakh without providing any collateral security. You may determine the ICICI Bank personal loan EMI amount you are required to pay each month using their Personal Loan EMI calculator. Additionally, you can obtain the funds with their fast online personal loan services in just a couple of seconds.
Conclusion
Competitive interest rates, adjustable loan amounts, and simple application procedures are just a few benefits of ICICI Bank Personal Loan. But it’s crucial to take into account the requirements, costs, and possible effects on your credit score. Before selecting whether an ICICI Bank personal loan is the best option for you, carefully assess your financial status and borrowing requirements. Make sure you get the best terms and conditions that fit your needs and repayment capacity by taking the time to compare offers from several lenders.
