ICICI vs SBI: The Personal Loan Showdown

The draw here is ICICI's strong digital platform with same-day processing, which is perfect for salaried professionals who value time. While its starting rate of 10.25% is slightly higher than SBI, the convenience of instant processing could outweigh the cost for those prioritizing speed.

What sets this apart is SBI's narrow rate band and long-term options. With rates starting at 10.0%, it's slightly more affordable than ICICI, especially for those seeking predictability from a trusted public bank. However, the trade-off is a slower processing time of 1-2 days.

You'd pick this if you're an existing HDFC Bank customer. The instant approval and high loan ceiling of ₹50 lakh make it attractive, though the 9.99% rate varies widely by profile. It's best for those with strong credit histories.

Worth considering because Kotak Mahindra offers minimal documentation for existing customers. Starting rates match ICICI, but the higher salary requirement could be a barrier for some.

The advantage here is Tata Capital's brand trust and competitive terms up to 6 years. However, it's an NBFC, not a bank, which might concern those who prefer traditional banking institutions.

The trade-off: Poonawalla Fincorp offers the lowest starting rate of 9.0% with a 10-minute approval time, but the max loan amount is lower than others. It's best for those seeking speed and low starting rates.