Short answer: Both start near 10% and lend to salaried and self-employed people. ICICI Bank’s fee is lower (up to 2% against up to 4.13%) and foreclosure is free after 24 EMIs. Bajaj Finance lends from ₹40,000 for up to 108 months, offers Flexi loans, and accepts a credit score from 650.
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.
ICICI Bank vs Bajaj Finance at a glance
| ICICI Bank | Bajaj Finance | |
|---|---|---|
| Type | Private sector bank | RBI-registered NBFC (Upper layer) |
| Loan amount | ₹50,000 to ₹50 lakh | ₹40,000 to ₹55 lakh |
| Interest rate | From 9.99% a year (fixed) | 10% to 30.5% a year |
| APR | Not published | Not published |
| Processing fee | Up to 2% + taxes | Up to 4.13% of the loan amount, including taxes |
| Tenure | 12 to 84 months | 12 to 108 months |
| Minimum income | ₹30,000 a month (salaried) | From ₹25,001 a month depending on city (₹40,000 cited for Pune, Bengaluru, Mumbai, Delhi) |
| Who can apply | Salaried with 2 years of total experience; self-employed with 2 years in business | Salaried (public, private or MNC); self-employed also listed |
| Age | 20 to 58 (salaried); 23 to 65 (self-employed) | 21 to 80 at the end of the loan |
| Prepayment and foreclosure | Allowed after 1 EMI with charges per the service-charge schedule; zero foreclosure charges after 24 EMIs | Term loan: up to 4.72% incl. taxes on full or part-prepayment. Flexi loans: no part-prepayment charge. |
| Product | Term loan (EMI) | Term loan, Flexi Dropline and Flexi Hybrid |
| RBI-regulated lenders | ICICI Bank lends directly | Bajaj Finance lends directly |
| On RBI’s digital lending app list | Yes: its own banking app is listed; 5Cr+ installs, rated 4.6 | Yes: 1 RBI-regulated lender lists it; 10Cr+ installs, rated 4.7 |
| Also worth knowing | Instant pre-approved loans for existing customers; Top-up loan and balance transfer; Credit score of 700 to 750+ preferred | Flexi loans charge interest only on the amount withdrawn; Flexi Hybrid: interest-only EMIs for up to 36 months; CIBIL score 650 or higher |
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 |
|---|---|---|---|---|---|---|
| ICICI Bank | Lowest advertised rate, highest fee | 9.99% | ₹9,679 | ₹48,435 | ₹7,080 | ₹55,515 |
| Bajaj Finance | Lowest advertised rate | 10% | ₹9,680 | ₹48,486 | ₹12,390 | ₹60,876 |
| Bajaj Finance | Highest advertised rate | 30.5% | ₹12,818 | ₹1,61,440 | ₹12,390 | ₹1,73,830 |
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: ICICI Bank up to 2% + taxes; Bajaj up to 4.13% including taxes.
- Tenure: ICICI Bank up to 84 months; Bajaj up to 108 months.
- Income: ICICI Bank ₹30,000; Bajaj from ₹25,001 depending on city.
- Product: Bajaj offers Flexi Dropline and Hybrid loans; ICICI Bank offers fixed-rate term loans.
Which should you choose?
ICICI Bank may suit you if you earn ₹30,000+ with a good credit score and want the lower fee.
Bajaj Finance may suit you if your score is 650 to 700, you want a Flexi line, or need a tenure longer than 7 years.
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
Which has a lower foreclosure charge?
ICICI Bank says zero foreclosure charges after 24 EMIs. Bajaj Finance charges up to 4.72% including taxes on term loans, but nothing on Flexi part-prepayments.
Can self-employed people borrow from both?
Yes. ICICI Bank needs 2 years in business; Bajaj Finance lists self-employed profiles.
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
- ICICI Bank personal loan
- ICICI Bank eligibility
- Bajaj Finance personal loan page
- Bajaj Finance loan for salaried
Read more: Bajaj Finance app review · Bajaj Finance lender profile · 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.