Short answer: Both start at 9.99% a year. IDFC FIRST Bank has nil foreclosure charges and a reusable FIRSTmoney limit, but caps loans at ₹15 lakh and 60 months and does not allow part-prepayment. ICICI Bank lends up to ₹50 lakh for up to 84 months with a lower maximum fee.
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.
IDFC FIRST Bank vs ICICI Bank at a glance
| IDFC FIRST Bank | ICICI Bank | |
|---|---|---|
| Type | Private sector bank | Private sector bank |
| Loan amount | ₹50,000 to ₹15 lakh | ₹50,000 to ₹50 lakh |
| Interest rate | From 9.99% a year (reducing balance) | From 9.99% a year (fixed) |
| APR | Not published | Not published |
| Processing fee | 0% to 3.5% including GST | Up to 2% + taxes |
| Tenure | 9 to 60 months | 12 to 84 months |
| Minimum income | Not stated | ₹30,000 a month (salaried) |
| Who can apply | Salaried or self-employed | 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 | Nil foreclosure charge; part-prepayment not allowed | Allowed after 1 EMI with charges per the service-charge schedule; zero foreclosure charges after 24 EMIs |
| Product | Term loan; FIRSTmoney limit for repeat on-demand loans | Term loan (EMI) |
| RBI-regulated lenders | IDFC FIRST Bank lends directly | ICICI Bank lends directly |
| On RBI’s digital lending app list | Yes: its own banking app is listed; 1Cr+ installs, rated 4.9 | Yes: its own banking app is listed; 5Cr+ installs, rated 4.6 |
| Also worth knowing | FIRSTmoney: draw several loans within an approved limit; CIBIL 710+ (one FAQ says 760+ for salaried) | 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 |
|---|---|---|---|---|---|---|
| IDFC FIRST Bank | Lowest advertised rate, highest fee | 9.99% | ₹9,679 | ₹48,435 | ₹10,500 | ₹58,935 |
| 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
- Closing early: IDFC FIRST nil foreclosure, no part-prepayment; ICICI Bank charges until 24 EMIs, then nil.
- Fee: IDFC FIRST 0% to 3.5% including GST; ICICI Bank up to 2% + taxes.
- Largest loan: IDFC FIRST ₹15 lakh; ICICI Bank ₹50 lakh.
- Repeat borrowing: IDFC FIRST’s FIRSTmoney lets you take several loans within one approved limit.
Which should you choose?
IDFC FIRST Bank may suit you if you may want to close the loan early, or expect to borrow small amounts more than once.
ICICI Bank may suit you if you need more than ₹15 lakh, a longer tenure, or a lower maximum fee.
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
Can I foreclose an IDFC FIRST Bank personal loan free?
IDFC FIRST Bank states nil foreclosure charges. Part-prepayment, however, is not allowed.
What is IDFC FIRST FIRSTmoney?
An approved limit from which you can take on-demand loans, paying EMIs only on what you use. The bank says the offer can stay valid for up to 5 years.
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
- IDFC FIRST Bank personal loan
- IDFC FIRST Bank rates and charges
- 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.