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Personal Loan Balance transfer to ICICI Bank

Refinance ICICI Bank Personal Loan

Last Updated 16th Jun 2021

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Interest Rate 10.75%
Processing Fee Upto 2.25% of Loan Amount
Lowest EMI per lakh ₹ 2,162
Loan Tenure 5 years
  • ICICI Bank Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to ICICI Bank.
  • Avail top up from ICICI Bank at the time of loan balance transfer to fulfil additional fund requirements.
  • Now apply for ICICI Bank personal loan balance transfer at 10.75%.
  • ICICI Bank offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare ICICI Bank Personal Loan Balance Transfer offers with different banks to choose the right option..
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

ICICI Bank Personal Loan Balance Transfer

ICICI Bank Personal loan balance transfer is a situation where an individual transfers outstanding principal of personal loan from one account to ICICI Bank to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and various other features.

Balance transfer is also referred to as refinancing.The interest rates on ICICI Bank balance transfer ranges from 10.75% to 22.00%, while the repayment tenure ranges between 12 Months to 60 Months.

ICICI Bank Personal Loan Balance Transfer Calculator

The decision to transfer the personal loan to ICICI Bank must be taken keeping in mind the interest rate of the current Bank and ICICI Bank.Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Individuals should proceed with the ICICI Bank balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

ICICI Bank Personal loan balance transfer calculator is the online calculator which helps borrowers to determine the savings on his or her EMI as well as interest payable. Borrowers are required to enter the information such as the entire loan amount, interest rate in current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender to calculate the savings on EMIs. You can also calculate balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates compared to your existing personal loan rates.

Benefits of transferring Personal Loan to ICICI Bank

The benefits of transferring the Personal loan to ICICI Bank are as follow:

  • ICICI Bank offers a lower interest rate on personal loan balance transfer. Lower interest rates will help the borrower to reduce the interest burden.
  • ICICI Bank Balance transfer provides the borrower the opportunity to negotiate the tenure of the loan according to their requirement. longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provide the borrower the facility to avail the top up facility and fulfil their cash requirement.
  • There are chances that the borrower might not be satisfied by the services offered by their existing bank in that case they can transfer their personal loans to the ICICI Bank and avail better facilities.
  • ICICI Bank offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income dynamics.

ICICI Bank Eligibility Criteria and Documents required

Eligibility criterion of the ICICI Bank is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the ICICI Bank Personal loan balance transfer are mentioned below:

  • Any salaried and self employed above the age of 21 years.
  • Maximum age of the borrower must not exceed 65 years.
  • Individuals should have a personal loan in another bank.
  • Individuals must have a work experience of at least 2 years.
  • CIBIL score must be at least greater than 700.

Documents required for ICICI Bank Personal loan balance transfer are as follow:

Salaried Individuals
  • Identity proof : Aadhar, Driving license, Passport
  • Address proof : Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for past 6 months
Self Employed
  • Last 3 years balance sheet
  • P and L account statements
  • TAN Card
  • Last 6 months current account statements
  • Applicant’s savings account statements

Compare ICICI Bank Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on personal loan balance transfer of the different banks is given below:

Bank Name Minimum Rate Maximum Rate Processing Fees
SBI 9.60% Nil 1.00%
Axis Bank 10.40% Nil Upto 1.75%,Min Rs.4,999
Kotak Bank 10.45% Nil Starting from Rs.999
Standard Chartered Bank 11.50% Nil 1.00%
Bajaj Finserv 12.99% Nil Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% Nil 2%, Min Rs. 250
Yes Bank 10.70% Nil Upto 2.50%
IDFC First Bank 10.49% Nil Upto 2.00%

Compare ICICI Bank Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to ICICI Bank?

Steps for the personal loan balance transfer to ICICI Bank are mentioned below:

  • Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender.
  • Start the ICICI Bank personal loan balance transfer process and submit all the relevant documents and repayment history of the loan.
  • After getting the sanctioned letter from the ICICI Bank start the loan agreement with the bank.
  • Take a disbursement of the outstanding loan amount from the ICICI Bank in favour of the earlier lender.
  • Once the previous lender receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

Which bank is best for personal loan balance transfer?

The decision to transfer the personal loan should be based on the current interest rate on your personal loan, the cost involved in the balance transfer, interest rate on the loan of the bank to be transfered the personal loan and saving due to balance transfer. Currently, ICICI Bank charges lowest interest rate on personal loan balance transfer.

How do I check my ICICI Bank personal loan balance?

You can check your personal loan balance of ICICI Bank by below mentioned ways:

  • By visiting the ICICI Bank branch.
  • By calling the customer care of the ICICI Bank.
  • By logging on into the ICICI Bank mobile application and checking the personal loan status.
  • Via internet banking.

How do I know my ICICI Bank loan application?

You can get update about ICICI Bank loan application via the ways mentioned below:

  • Net banking : You are required to login into ICICI Bank net banking and visit the loan status segment. The loan status segment will update about the loan application.
  • Visiting the ICICI Bank : You can also visit the ICICI Bank branch to track your loan application process. The bank will ask for some basic documents before disclosing the loan application details.

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ICICI Personal Loan News - Jun 2021
  • 2021-06-16 : ICICI STACK launched by ICICI Bank for Corporates
    ICICI Bank announced the launch of ICICI STACK for Corporates. This will provide customised digital banking services to companies in over 15 leading industries. ICICI STACK is going to offer digital banking solution banking solutions to corporates to seamlessly meet their banking requirements.
  • 2021-04-27 : ICICI Bank reported a massive hike of 261% in its Q4 profits
    ICICI Bank reported a 260% jump in its net profit at Rs 4,403 crore for the quarter ended March 31, 2021. The profit was boosted by retail loans like home, LAP, personal, two-wheeler, car, education and doctor loan along with business and mudra loan. Further, the bank reported a total income of Rs 23,953 crore in January-March from Rs 23,443.66 crore in the year-ago quarter.
  • 2021-03-25 : ICICI Bank launched an instant EMI facility
    For the first time in the banking industry, ICICI Bank launched an instant EMI facility on its internet banking platform. The facility will enable customers to break their high-value transactions of over Rs 50,000 into suitable EMIs. The facility will be applicable on transactions up to Rs 5 lakh and will bear no additional cost on the customers.
  • 2021-03-04 : 10 lakh customers of other bank are using ICICI’s banking app, iMobile Pay
    ICICI Bank reported that 10 lakh customers of other banks have started using its app, ‘iMobile Pay’. The Bank has achieved the feat in three months after it made the app open for all to use, including those not its customers. The bank anticipates that the number is likely to double in two months.
  • 2021-01-18 : ICICI Bank launched new year campaign
    ICICI Bank introduced iDelights New Year Bonanza. It is a new year campaign which offers several benefits brands and e-commerce platforms. It is a customised bouquet of offers for its customers to celebrate the beginning of 2021.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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