ICICI Bank offers a wide range of financial services to its customers including but not limited to loans, accounts, credit/debit cards, insurance, investments and other related services. With help of ICICI Bank Personal Loan Balance Transfer, you can reduce your EMIs by transferring your existing personal loan with ICICI Bank and you can avail extra funds for your requirements at lower interest rates.
ICICI Bank Personal Loan Balance Transfer Interest Rates
ICICI Bank offers an attractive rate of interest starting from 11.29% which can be availed hassle-free with minimal documentation.
- For Self-Employed – For any loan amount starting from 12.40%
- For Salaried – For any loan amount starting from 12.10%
Eligibility for Balance Transfer
Mentioned below are the eligibility criteria to avail ICICI Bank Personal Loan Balance Transfer:
- ICICI Bank provides personal loans to all citizens of Indian origin
- Minimum age of applicant should be 23 years
- High CIBIL Score as close to the 900 mark as possible
- Monthly salary credited to bank should be above Rs.25,000 per month
Documents Required for Balance Transfer
Mentioned below are the lists of documents required to avail ICICI Bank Personal Loan Balance Transfer:
- Most recent loan statement
- Last 6 months bank statement along with repayment schedule
- Salary slips of past 3 months
- KYC documents (Aadhaar, PAN, Voter ID, Passport, etc.)
Process for ICICI Bank Personal Loan Balance Transfer
Following are the steps required to apply for ICICI Bank Personal Loan Balance Transfer
Step 1: Visit the official page of personal balance transfer on the ICICI Bank official website and Click on ‘Apply Now’.
Step 2: Enter the details required and click “Check Eligibility”
Image Source: ICICI Bank
Step 3: On the subsequent page you will be provided with details of the offer or you might receive a call back from an ICICI Bank representative with details of available personal loan offers for you.
Following are some of the important aspects that need to be considered while applying for ICICI Bank Personal Loan Balance Transfer:
- Terms and conditions of the foreclosure of the existing personal loan should be met
- You should meet the minimum balance required for balance transfer as specified by ICICI Bank
- CIBIL score should as close to 900 as possible when requesting for balance transfer (usually a score of 750 or higher increases chances of approval)
- The applicant must meet any and all other criteria including repayment capacity criteria specified by the bank.
Q1. How can I apply for Personal Loan Balance Transfer?
Following are the ways through which you can apply for personal loan balance transfer:
- iMobile (Mobile App)
- Request a call back on the ICICI Bank official website
- Visit the nearest branch of ICICI Bank
- SMS PL to 5676766
Q2. Why is balance transfer of personal loan to ICICI Bank a good move?
ICICI Bank offers some of the best deal (usually low interest rates) to customers opting for the personal loan balance transfer facility. Moreover disbursal is also quick if the applicant meets all the requisite eligibility criteria.
Q3. Personal loans from which bank or financial institution are eligible for balance transfer facility offered by ICICI Bank?
ICICI Bank offers to transfer the balance of Personal loans from all registered Banks & NBFC’S eligible for a foreclosure: fulfilling the terms & conditions required by ICICI Bank.
Q4. How much time does it take to process the Balance transfer of a Personal loan to ICICI Bank?
The process for the Balance transfer of a Personal loan to ICICI Bank is quick & hassle free: the total process is completed within 7 working days after submitting the required documents. This period may be shorter or longer depending on loan specifics and applicant-specific criteria.
Q5. Can an applicant transfer more than one Personal loan to ICICI Bank?
An applicant can apply for the balance transfer of all existing personal loans that are eligible for a transfer.