ICICI Balance Transfer

ICICI Bank has been a pioneer in the concept of Balance transfer of a Home Loan, Personal Loan and dues of a Credit Card.

The tool of Balance transfer Benefits both the Customer & the Bank.

On the basis of the ability of a customer to pay back the existing personal loan EMI timely, a substantially lower rate of Interest is offered, which will reduce the current instalment, he is paying. This offer entices the customer to transfer the balance of his personal loan & Bank gets a chance to take over a successful customer.

  The Balance transfer of your Personal Loan to ICICI Bank will give numerous advantages.

  • A considerably lower rate of interest, starting from 11.49% onwards or at least2 to 3% lower than the existing rate. This will reduce the burden of the EMI being paid.
  • With the reduced Emi you also have a chance to rework the tenure of the Loan. The Tenure is the time period for which the Loan is granted.
  • Requirement of any additional loan amount will be granted at the same lowered rate.
  • With the years of experience & service behind ICICI bank the process of Balance transfer is easy & convenient.

  Eligibility Criteria for a Personal Loan Balance Transfer.

  • Age should be from 21 years to 60 years.
  • For salaried employees the Monthly net income should be more than 25,000/- per month. Special schemes for listed companies or ICICI Bank account holders
  • A total Job stability of minimum 2 years is required with no break in salary credits.
  • A residence stability of 3 months in the current residence whether self owned or Rented accommodation.
  • Loan amount for Balance transfer should be a minimum of 50k.
  • There should not be any delayed payments or bounces in the track of the personal loan.
  • Applicant should have a financial eligibility as per criteria of ICICI Bank for a Balance Transfer/top up of the Personal Loan.

List of Documents required self attested copies to be submitted for Personal Loan balance Transfer for (salaried applicants):

  • Application form duly filled & signed.
  • 2 passport size photos.

Documents for Income Proof:

  • Salary slips for the last 3 months.
  • Bank Statement of Salary account showing salary credits for the last 3 months.
  • Form 16 for the last financial year.

KYC Documents include:

  • Pan Card Copy.
  • Identity proof ( Driving Licence/Aadhaar Card /Passport/Voter ID)
  • Current residence proof ( Driving Licence/Aadhaar Card /Passport/Voter ID/Utility bill/Rent agreement)

Proof for Balance transfer:

  • Request letter for transfer of Loan from the External bank to ICICI Bank.
  • Track of the existing personal Loan.
  • Pre closure letter or application copy for closure request of the current personal loan.

CURRENT RATES FOR BALANCE TRANSFER OF YOUR PERSONAL LOAN TO ICICI BANK.

SALARY RATE OF INTEREST PROCESSING FEES (excl service tax) CATEGORY
< 35000/- 11.69% 1000/- Employed with ICICI Bank listed Company
>35000/- 11.99% 1000/- Employed with ICICI Bank listed Company
25000/- 2 % lower than current ROI 2% open market

APPLY FOR BALANCE TRANSFER

Occupation
Company Name
Monthly Income
Existing Personal Loan From which Bank
No of Emi's paid
Loan Amount
Loan Amount for Balance Transfer
Existing EMI (If any)
Name
Email
Mobile
Date of Birth