Loan comparison of HDFC Bank Business Loan vs ICICI Bank Business Loan

HDFC Bank Business Loan

ICICI Bank Business Loan

Interest Rate

Starts from 10.75% per annum
Starts from 16% per annum

Loan Amount

Up to Rs. 50 lakhs (up to Rs. 75 lakhs in select locations)
Up to Rs. 5 Crore

Loan Tenure

Up to 48 months
Up to 60 months

Loan Processing fees

Up to 2% of the loan amount NIL Processing Fees for loan facility up to Rs. 5 Lakhs availed ​​​​​​ by micro and small Enterprises
Up to 2% (plus applicable taxes) of the facility amount

EMI per Lakh

N/A
N/A

Part Payment Charges

06 – 24 months: 4% of total principal outstanding, 25 – 36 months: 3% of total principal outstanding More than 36 months: 2% of total principal outstanding Note: HDFC Bank doesn't permit part/full prepayment of loans until repayment of at least 6 EMIs Part-payment allowed of up to 25% of the principal outstanding, after payment of 12 EMIs, once in the financial year and twice during the entire loan tenure. HDFC Bank does not levy any foreclosure/prepayment charges for fixed rate business loan facility of up to Rs. 50 Lakh availed by Micro & Small Enterprises (MSE) and closure from own sources
Applicable Pre-Closure Charges After 1st EMI Payment. Currently, The Applicable Pre-Closure Charge Is 3% Of The Outstanding Loan Amount (Plus Applicable Tax). After Paying 12 EMIs, The Charges Are NIL. Loans Classified Under MSE Can Also Pre-Close The Loan After 1st EMI Payment With NIL Charges.

Minimum Income

N/A
N/A

Documents

PAN Card – For Company/Firm/Individual

A copy of any of the following documents as identity proof:

Aadhaar Card

Passport

Voter's ID Card

PAN Card

Driving License

A copy of any of the following documents as address proof:

Aadhaar Card

Passport

Voter's ID Card

Driving License

Bank statement of the previous 6 months

Latest ITR along with computation of income, Balance Sheet and Profit & Loss account for the previous 2 years, after being CA Certified/Audited

Proof of continuation (ITR/Trade license/Establishment/Sales Tax Certificate)

Other Mandatory Documents [Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)]

1. ID proof: PAN, Aadhaar, passport

2. Business proof: GST registration, trade license

3. Financial documents: Balance sheet, profit/loss statement, income tax returns

4. Address proof: Utility bills, rent agreement

5. Other documents: Business plan, loan application form

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