ICICI Bank Personal Loan Balance Transfer 2022

A personal loan balance transfer is a process of transferring the existing loan balance from one lender to another. With the help of ICICI Bank personal loan balance transfer online you can easily reduce the burden of your existing loan and also can avail extra funds for your requirements at lower rate of interest with additional exciting benefits.

If you transfer your existing personal loan balance from other banks to ICICI bank, then you can enjoy various exciting advantages. To help you a bit, here are the advantages that an ICICI Bank balance transfer offers you:

• Your Equated Monthly Instalments or EMIs will be reduced by transferring your existing personal loan balance to ICICI Bank.
• You can also choose for a longer repayment tenure as per your convenience with ICICI Bank personal loan balance transfer. 
• After transferring your personal loan balance to ICICI Bank, you can pay the EMIs on time without exceeding the budget.
• A personal loan balance transfer to ICICI Bank will enable you to repay the balance loan amount conveniently by the end of the loan tenure.
• You will be required to pay low rate of interest that starts from 10.99% p.a. instead of the high rate of interest that you are paying currently by transferring your balance into ICICI Bank.
• Zero processing fee for an ICICI Bank personal loan balance transfer currently.
• The ICICI Bank personal loan balance process is hassle-free with minimal documentation.
• You have multiple options to apply for a balance transfer with ICICI Bank from which you can choose that suits you the best.
• You will also get the additional facility of availing a top-up loan by transferring existing personal loan to ICICI Bank.

The eligibility criteria for an ICICI Bank personal loan balance may vary based on various factors, here is the generic one:

• An applicant should have an Indian citizenship.
• An applicant should be minimum of 23 years, and maximum of 60 years.
• The monthly salary credited to the Bank should be more than above 25,000.
• The job stability or continuity should not be less than 2 years.
• An applicant CIBIL score should be of 720 points for the loan amount more than Rs. 5 lakhs.
• An Applicant should be having his own residence or be living with his family in a rented premise.
• An applicant should have a graduate.

A list of documents may differ for one applicant to another but below is the common document list is provided:

• A self-attested copy to be submitted for Personal Loan balance Transfer for 
• Application form duly filled & signed.
• 2 passport size photos.
• Last 3 months salary slips 
• Latest bank statement showing salary credits for at least 3 months.
• Form 16 
• PAN Card Copy.
• Identity proof (Driving Licence/Aadhaar Card /Passport/Voter ID)
• Current address proof (Driving Licence/Aadhaar Card /Passport/Voter ID/Utility bill/Rent agreement)
• Request letter for transfer of Loan from the External bank to ICICI Bank.
• Track of the existing personal Loan.
• Application copy for closure request or pre-closure letter of the current personal loan.

Personal loan balance transfer is not a new concept. In a   personal loan, you get a loan from the bank at a certain rate of interest, now after paying a few EMIs, you simply transfer the outstanding loan amount to some other lender of your choice, which is offering you a lower interest rate. And to help you a little more Afinoz balance transfer calculator is here. This calculator helps you to figure out the reduction in EMIs and the cost of the loan, resulting from a personal loan balance transfer. Using Afinoz personal loan balance transfer calculator is quite easy, follow the below steps to find out profits from the balance transfer.

• Step 1: Enter the principal outstanding of your existing personal loan
• Step 2: Enter the balance loan tenure of your personal loan
• Step 3: Enter the rate of interest offered by the new lender

If you are willing to go for a personal loan balance transfer, take a look at the below process:

• Step 1: Check the current interest for your loan that you can get and calculate the savings on interest.
• Step 2: Calculate the estimated cost of the loan transfer (including all fees).
• Step 3: Calculate the benefits and decide whether you want to transfer your loan or not. Shortlist the new lenders that you wish to transfer the outstanding loan to.
• Step 4: Compare and check the offered rate of interest, your loan amount eligibility, and their entire loan process.
• Step 5: After deciding on lender, apply for a NOC and foreclosure letter from the existing personal loan lender.
• Step 6: Apply for a personal loan with the new lender; submit the required documents with a complete repayment record.
• Step 7: Obtain a sanction letter and execute the new agreement with the new lender.
• Step 8: Take the disbursement from the new lender via cheque/ demand draft in favor of an existing lender and deposit the same with the existing lender.
• Step 9: On receipt of an outstanding loan, the existing lender will cancel all the cheques and ECS and close your loan account.