Short answer: Both start near 10% a year and lend up to ₹50 lakh. ICICI Bank lends from ₹50,000 for up to 84 months and accepts self-employed applicants, with a fee of up to 2% and no foreclosure charge after 24 EMIs. HDFC Bank caps its fee at ₹25,000, but blocks prepayment for the first 12 EMIs and is for salaried borrowers.
Last verified: 12 October 2026 from each company’s official website and, where marked, its Google Play listing. Rates and fees change; the lender’s Key Fact Statement (KFS) and loan agreement decide your actual terms. FundsTiger does not rank lenders.
HDFC Bank vs ICICI Bank at a glance
| HDFC Bank | ICICI Bank | |
|---|---|---|
| Type | Scheduled commercial bank | Private sector bank |
| Loan amount | Up to ₹50 lakh | ₹50,000 to ₹50 lakh |
| Interest rate | From 9.99% a year (main page); 10.50% to 21% for salaried (rates page) | From 9.99% a year (fixed) |
| APR | Not published | Not published |
| Processing fee | Up to 2.5%, capped at ₹25,000, for salaried borrowers (+ GST) | Up to 2% + taxes |
| Tenure | Not stated on the page we checked | 12 to 84 months |
| Minimum income | ₹25,000 a month | ₹30,000 a month (salaried) |
| Who can apply | Salaried (2 years employment, 1 year with current employer) | Salaried with 2 years of total experience; self-employed with 2 years in business |
| Age | 21 to 60 | 20 to 58 (salaried); 23 to 65 (self-employed) |
| Prepayment and foreclosure | No prepayment for the first 12 EMIs; then 4% (13 to 24 months), 3% (25 to 36), 2% (after 36) of principal outstanding. Part-payment up to 25% once a year. | Allowed after 1 EMI with charges per the service-charge schedule; zero foreclosure charges after 24 EMIs |
| Product | Term loan (EMI) | Term loan (EMI) |
| RBI-regulated lenders | HDFC Bank lends directly | ICICI Bank lends directly |
| On RBI’s digital lending app list | Bank: not an app-only lender | Yes: its own banking app is listed; 5Cr+ installs, rated 4.6 |
| Also worth knowing | Pre-approved offers for existing customers with little paperwork; Fee capped at ₹25,000 | Instant pre-approved loans for existing customers; Top-up loan and balance transfer; Credit score of 700 to 750+ preferred |
Install counts and ratings are from Google Play, as recorded on RBI’s digital lending app list check of 5 October 2026.
What a ₹3 lakh loan over 36 months would cost
We costed the same loan on each lender’s advertised figures, using the standard reducing-balance EMI formula and adding 18% GST to fees where the lender quotes them before tax. The lowest advertised rate is usually for the strongest credit profiles; many borrowers are offered more.
| Lender | Scenario | Rate a year | EMI | Total interest | Fee incl. GST | Total cost |
|---|---|---|---|---|---|---|
| HDFC Bank | Rates-page low end | 10.5% | ₹9,751 | ₹51,026 | ₹8,850 | ₹59,876 |
| HDFC Bank | Rates-page high end | 21% | ₹11,303 | ₹1,06,891 | ₹8,850 | ₹1,15,741 |
| ICICI Bank | Lowest advertised rate, highest fee | 9.99% | ₹9,679 | ₹48,435 | ₹7,080 | ₹55,515 |
Try your own numbers in our personal loan EMI calculator. For loans quoted only as APR, the APR already includes fees, so the total is an estimate.
Key differences
- Fee: HDFC Bank up to 2.5% (maximum ₹25,000); ICICI Bank up to 2% + taxes.
- Prepaying: HDFC Bank allows none for 12 EMIs, then 4% to 2%; ICICI Bank allows it after 1 EMI with charges, and nil after 24 EMIs.
- Income: HDFC Bank ₹25,000 a month; ICICI Bank ₹30,000 for salaried.
- Who can apply: ICICI Bank also lends to self-employed people; HDFC Bank’s page covers salaried borrowers.
Which should you choose?
HDFC Bank may suit you if you earn ₹25,000 to ₹30,000, bank with HDFC and have a pre-approved offer, or want the fee capped.
ICICI Bank may suit you if you are self-employed, want a tenure up to 84 months, or expect to close the loan after two years at no charge.
Whichever you pick, compare the APR in the KFS you are actually offered, not the advertised starting rate.
Before you apply
- Find the lender’s name in the app and check it on RBI’s list of digital lending apps or our RBI-registered NBFC search.
- Read the Key Fact Statement (KFS) before you accept. It must show the APR, every fee and the total you will repay.
- Never pay a fee before the loan is disbursed. Regulated lenders deduct fees from the loan or add them to the EMI.
- Apply to one or two lenders, not ten. Each application is a hard enquiry on your credit report.
- Check that the EMI fits your budget with our FOIR calculator.
Want to see offers from several RBI-regulated lenders in one place?
Frequently asked questions
Is HDFC Bank or ICICI Bank cheaper for a personal loan?
Their advertised starting rates are almost the same (9.99%). HDFC Bank’s rates page shows 10.50% to 21% for salaried borrowers; ICICI Bank does not publish a top rate. The rate you are offered depends on your employer, income and credit score.
Do I need an account with the bank?
No, but existing customers, especially salary account holders, often get pre-approved offers with faster processing.
Are these lenders RBI-regulated?
The loans described here are given by RBI-registered NBFCs or banks named in the table. Check the lender named in your loan agreement on RBI’s digital lending app list.
Where do these figures come from?
From each company’s official website and, where noted, its Google Play listing, checked on 12 October 2026. Where a company’s own pages disagree, we show both figures.
Sources
- HDFC Bank personal loan page
- HDFC Bank rates and fees
- HDFC Bank eligibility
- ICICI Bank personal loan
- ICICI Bank eligibility
Read more: All loan app reviews · Lender directory
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Disclosure: FundsTiger (Gatimaan Finance Advisors Pvt. Ltd.) is a loan marketplace and lending service provider for RBI-regulated lenders. Aparampaar Finance Pvt. Ltd. (Omozing), one of those lenders, is a related party of FundsTiger. This article is general information, not financial advice. Read your loan agreement and KFS before you decide.