Short answer: ICICI Bank starts lower (9.99% against 10.99%) and charges less (up to 2% against up to 5%), with no foreclosure charge after 24 EMIs. Kotak lends more (up to ₹1 crore), accepts ₹25,000 income for its own salary account holders, and allows part-payments of up to 20% a year.
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 Kotak Mahindra Bank at a glance
| ICICI Bank | Kotak Mahindra Bank | |
|---|---|---|
| Type | Private sector bank | Private sector bank |
| Loan amount | ₹50,000 to ₹50 lakh | ₹50,000 to ₹1 crore |
| Interest rate | From 9.99% a year (fixed) | From 10.99% a year (fixed) |
| APR | Not published | Not published |
| Processing fee | Up to 2% + taxes | Up to 5% + taxes, deducted at disbursal |
| Tenure | 12 to 84 months | 12 to 72 months |
| Minimum income | ₹30,000 a month (salaried) | ₹30,000 a month (₹25,000 with a Kotak salary account) |
| Who can apply | Salaried with 2 years of total experience; self-employed with 2 years in business | Salaried at an MNC, public or private limited company; 1 year of work experience |
| Age | 20 to 58 (salaried); 23 to 65 (self-employed) | 21 to 60 |
| Prepayment and foreclosure | Allowed after 1 EMI with charges per the service-charge schedule; zero foreclosure charges after 24 EMIs | 4% + taxes within 3 years, 2% after; part-payment up to 20% of principal once a financial year; no lock-in after the first EMI |
| Product | Term loan (EMI) | Term loan (EMI) |
| RBI-regulated lenders | ICICI Bank lends directly | Kotak Mahindra Bank lends directly |
| On RBI’s digital lending app list | Yes: its own banking app is listed; 5Cr+ installs, rated 4.6 | Yes: its own banking app is listed; 5Cr+ 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 | Pre-approved instant loans for existing customers; Lower income bar for Kotak salary account holders |
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 |
| Kotak Mahindra Bank | Lowest advertised rate, highest fee | 10.99% | ₹9,820 | ₹53,527 | ₹17,700 | ₹71,227 |
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; Kotak up to 5% + taxes.
- Largest loan: ICICI Bank ₹50 lakh; Kotak ₹1 crore.
- Closing early: Kotak charges 4% in the first 3 years and 2% after; ICICI Bank is nil after 24 EMIs.
- Tenure: ICICI Bank up to 84 months; Kotak up to 72.
Which should you choose?
ICICI Bank may suit you if you want the lower starting rate and fee, or a 7-year tenure.
Kotak Mahindra Bank may suit you if you have a Kotak salary account, need more than ₹50 lakh, or want regular part-payments.
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 charges a lower processing fee?
ICICI Bank states up to 2% + taxes; Kotak states up to 5% + taxes, deducted from the disbursal.
Does Kotak allow part-payment?
Yes, up to 20% of the outstanding principal once a financial year, at 4% + taxes in the first 3 years and 2% after.
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
- Kotak personal loan
- Kotak fees and charges
- Kotak 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.