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  • Personal Loan BYTES FROM OUR KITCHEN

    ICICI Personal Loan Balance Transfer

    ICICI Bank is a top-class bank in India that gives a plethora of high-quality banking services as well as financial products. Each product delivered by this bank offers a number of beneficial features. Whether you are in need of a personal loan, home loan, car loan, credit card, debit card, mutual fund or insurance, you will get everything from this bank.

    The personal loan products of ICICI Bank has garnered a lot of popularity owing to the competitive interest rate and slew of additional benefits. The loan can be used to meet any of your financial requirements without any intervention from the bank. What’s more? You can expect to get special benefits and offers even if you are a first-time user.

    ICICI Personal Loan Balance Transfer Online

    If you have any existing personal loan but struggling to pay the high EMIs every month, ICICI Bank offers you the facility to transfer this personal loan balance to an ICICI personal loan account. When you move your existing loan to ICICI Bank, you can expect to enjoy better benefits such as lower interest rate, extended loan repayment tenure and reduced monthly instalments. By opting for a personal loan balance transfer to ICICI Bank, you will be able to save a lot of money which otherwise would have gone in paying the high EMIs.

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    ICICI Bank Personal Loan Balance Transfer Benefits

    When you transfer your personal loan balance from other banks to ICICI bank, you will be able to enjoy a number of exciting benefits. To help you understand it better, here are the advantages that an ICICI Bank balance transfer will offer:

    • Your Equated Monthly Instalments or EMIs will get reduced with the transfer of your existing personal loan balance to ICICI Bank.
    • You have to pay an interest rate starting from 10.99% p.a. instead of the high rate that you are paying currently once you transfer your balance into an ICICI personal loan.
    • While you transfer your loan to an ICICI Bank account, you can opt for an increased loan tenure as per your repayment ability.
    • After transferring your personal balance to ICICI Bank, you can pay the EMIs on time without exceeding your budget.
    • The personal loan balance transfer will enable you to repay the remaining loan amount conveniently by the end of the tenure.
    • There is no processing fee for an ICICI Bank personal loan balance transfer currently.
    • The process of balance transfer is absolutely hassle-free with minimal documentation.
    • You will get multiple options to apply for a balance transfer with ICICI Bank from which you can choose the most convenient one.
    • You will get the additional facility of availing a top-up loan by transferring your existing personal loan to ICICI Bank.
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    ICICI Personal Loan Balance Transfer Calculator

    In order to instantly calculate your total savings on EMIs after transferring your personal loan balance to ICICI Bank, take help of the ICICI Bank Personal Loan Balance Transfer Calculator available on the bank’s website. Here is a step-by-step guide on how to use this calculator:

    Step 1: Log into the official website of ICICI Bank.

    Step 2: Go to the ‘Personal Loan’ section, select ‘Balance Transfer Calculator’ to open the ‘Personal Loan Balance Transfer’ page.

    Step 3: Click open the ‘Balance Transfer Calculator’ tab from the given options.

    Step 4: After opening the calculator, enter your current personal ‘Loan Amount’ in the first box.

    Step 5: In the next box, enter the ‘Rate of Interest’ of your personal loan using the scale.

    Step 6: Then provide the existing loan repayment tenure in months under ‘Tenure’.

    Step 7: Next, input the already paid EMIs for your ongoing loan in the ‘EMI Already Paid’ box.

    Step 8: Lastly, enter the remaining payable EMIs under the ‘EMIs to be Paid’ tab.

    Step 9: Once done, recheck the particulars and click the ‘Calculate’ button.

    Step 10: The calculator will display the savings on monthly EMI under the ‘Monthly EMI Saved’ tab and the total saved amount under ‘Total Savings’.

    In this way, the difference between your existing personal loan and ICICI personal loan after balance transfer will be right in front of your eyes. You will clearly understand how much amount you can save on monthly payments and what will be your total savings after transferring your existing personal loan to an ICICI Personal loan.

    ICICI Bank Personal Loan Balance Transfer Eligibility

    In order to transfer the remaining balance of your existing personal loan to ICICI Bank, you need to fulfil a few eligibility criteria which are as follows:

    Age: Minimum 23 years and maximum 58 years if you are a salaried individual; minimum 28 years and maximum 65 years for self-employed individuals. The minimum age for doctors is 25 years.

    Net Income: Minimum Rs.17,500 per month for salaried individuals (minimum Rs.25,000 for residents of Mumbai and Delhi and Rs.20,000 for residents of Hyderabad, Chennai, Bangalore, Kolkata and Pune). Minimum turnover of Rs.40 lakh for non-professionals and Rs.15 lakh for professionals.

    Total Experience: Minimum 2 years of experience in a job or profession for salaried individuals and at least 5 years of experience in current business for self-employed persons. For doctors, it is minimum 3 years.

    For more details on ICICI Bank personal loan balance transfer visit the official website of the bank. You can also reach out to the customer care executives for any specific information.

    Documents Required for ICICI Bank Balance Transfer

    ICICI Bank balance transfer process is quite easy as the bank doesn’t ask for any hard-core documentation. Here is the list of documents that you have to produce while transferring your current personal loan balance from other bank:

    • KYC Documents
      • Age proof: Voters ID/Driving License/ Passport/Aadhar Card.
      • Identity proof: PAN Card/ Voters ID/ Driving License/Passport.
      • Residence proof: Leave and License Agreement/Passport/Utility Bill of last 3 months.
    • Income Proof Documents
      • Latest 6 months bank statement with repayment schedule.
      • Last 3 months salary slips.
    • Balance Transfer Proof
      • Latest statement of your existing loan.

    ICICI Bank Balance Transfer Options

    For the ease of the customers, ICICI Bank has come up with a number of balance transfer modes. Here are the different ways how you can make a transfer of your personal loan balance to ICICI Bank:

    • Through Internet Banking
    • Using the iMobile app
    • Visiting nearest ICICI Bank Branch
    • By sending SMS ‘PL’ to 5676766

    Choose any one of these options as per your accessibility and shift your existing personal balance to ICICI Bank without any hassles.

    How to apply for ICICI Bank Balance Transfer Online?

    The easiest way to apply for an ICICI Bank personal loan balance transfer is through its official website. Using this online balance transfer facility you can move your existing loan from other bank to ICICI Bank even without stepping out of your home or office. Here is the step-by-step procedure to apply for an ICICI Bank balance transfer online:

    Step 1: Check Eligibility

    In the first step, check your eligibility for ICICI Bank personal loan balance transfer by filling up an easy online application form with your personal, occupational and existing loan EMI related details.

    Step 2: Offer for You

    If you are found eligible for the loan on the basis of the provided details, in the next step the bank will provide you an exclusive ICICI personal loan balance transfer offer containing the elaborate details of the loan amount, repayment tenure and interest rate.

    Step 3: Complete Application

    Once you accept the offer, you will be directed to the third step where you have to fill an online personal loan application form with all your personal as well as professional details. The process is easy and will hardly take 5 minutes to complete.

    Step 4: Upload Documents

    When you submit the loan application form, upload all the mandated documents in the website to finish the balance transfer process successfully. The bank might take some time to process your request.

    Once your personal loan balance transfer request is processed by the bank, the loan amount will directly get credited in your bank account.

    A personal loan balance transfer is ideal when you get lower interest rates along with extended repayment tenure. Both of these benefits you can avail by shifting your loan balance from any bank to ICICI Bank. For eg: If you have a personal loan with HDFC Bank, you can anytime consider an easy personal loan balance transfer from HDFC to ICICI Bank to enjoy better benefits.

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