ICICI Bank Personal Loan Balance Transfer

People often think about moving their personal loans. But why? Well, the financial market makes a constant shift. Thus, banks come up with new schemes every day. These schemes can make your lending experience better and lighter in your pocket. 

Therefore, today we have curated this comprehensive guide to ICICI Bank personal loan transfers. Let’s take a closer look at all the benefits that you can get from this scheme. 

Benefits You Get With ICICI Bank Personal Loan Balance Transfer

With ICICI Bank Personal Loan Balance Transfer, you can enjoy:

• ICICI Bank offers competitive interest rates.
• Hassle-free top-up loan over and above your existing outstanding principal amount.
• Smooth loan transfer involving minimal documentation.
• Flexibility with the duration of your loan tenure.

ICICI Bank Personal Loan Balance Transfer Interest Rates

The interest rate of ICICI Bank’s personal loan balance transfer starts from 10.65%. The interest rate on your amount depends on your credit score, loan amount and financial health.

Charges Associated with ICICI Bank Loan Balance Transfer

As per the information on the official website, ICICI Bank does not charge any additional fees apart from interest.

Eligibility Criteria for Personal Loan Balance Transfer

To be eligible for ICICI Bank Personal Loan Balance Transfer, you need:

• Details of Existing Personal Loan Borrowers.
• Good credit history.
• Financial Stability 
• The correct balance between the outstanding amount and the balance transfer is as per ICICI Bank.

Documents Required for ICICI Bank Personal Loan Balance Transfer

For ICICI Bank Personal Loan Balance Transfer, you’ll need the following documents:

• Most recent loan statement from your existing lender.
• Last 6 months’ bank statement along with the repayment schedule.
• Salary slip.
• KYC documents.

Process of Loan Transfer to ICICI Bank Loan Account

This process is as smooth as putting butter on toast. We have mentioned everything for you to feel the same way!   

• Ensure you meet ICICI Bank’s eligibility criteria for Personal Loan Balance Transfer. For that, you can read our eligibility and documentation section.
• Once you know how much you need, you can have a fair idea of interest rate, monthly EMI, tenure and overall amount by using ICICI Bank’s tools.
• Now, Apply for the personal loan bank transfer through the website or visit a branch to complete the application form.
• Submit the required documents along with the application and wait.ICICI Bank conducts a credit check. Upon approval, you will receive terms and conditions.
• Once approved, ICICI Bank disburses the loan amount, including any top-up funds, to your account.

Transfer ICICI Personal Loans to Other Banks

The process is quite similar to the above. Here, you need to see what your selected bank is providing you and then ask for the loan transfer. Now, you can check your eligibility and terms of personal loan transfer from the respective website or nearby branch. Documentation and the whole process of transferring your ICICI bank personal loan to any other bank would be the same.