Axis Bank V/S ICICI Bank

[amit_pearl2]

Axis bank and ICICI banks have kind of agreed to process loan for sites have have been recently included under BBMP.

Interest rates for both bank is 8.75%
Prepayment in case ICICI is up 90% (no interest charged)
Axis bank no condition Prepayment allowed no interest charged


Now both banks do not have good customer reviews on mouthshut dot com
which one of this could be relatively better ?

Amit

[msn1270]

in my opinion, avoid ICICI bank at any cost. They have plenty of hidden things and their Terms and conditions keep changes so frequently and even they are the first to rise the interest rates adn last to reduce the same in the market.

Many time they don't even disclose plenty of Terms and conditions till you sign the deal. You will come to know only at a later stage and for any changes from there onwards in the scheme, they charge you hefty as processing fee and penalties....etc.

Since Axis bank is a a kind of semi-PSU Bank, my gut feeling is they might be having bit transparency and may not harass the customer to the extent ICICI Bank.

[krish]

Hi,

I'm not sure how relevant my answer is but here is the thing.

2yrs back I've applied loan for purchasing land in Kakinada, my native. The land is not under municipality yet and so none of the banks are giving loans there.

So, I've decided to apply for personal loans. I got one from Axis bank and one from ICICI bank of their Bangalore branches.

Last week I pre-closed both loans. ICICI Bank charged higher interest rate and also there is 5.52% pre-payment charges. Also, when granting me the loan, ICICI charged me 2% processing charges.

But surprisingly Axis bank has neither taken processing fee not the pre-payment charges.

I personally prefer Axis bank.

Thnx,
Krish.