Personal Loan Balance transfer to ICICI Bank
Getting a Personal loan at the time of need or under urgent circumstances could have been a hasty decision; the applicant may not have had the time to make enquiries about the Personal Loan options available. If the terms & conditions of your existing Personal Loan are not satisfactory the applicant has a choice of transferring the Principal Balance of the existing Personal Loan to ICICI Bank.
Why Transfer your Personal Loan to ICICI Bank?
The ICICI Bank is the primary Lender today, it is the foremost Banking organisation today providing comprehensive credit & Banking facilities to multitudes of our nation. It is synonymous with stability & service. Personal loans from ICICI bank make it simple & convenient to fulfil urgent requirements for finance: with a Balance Transfer of your Personal Loan to ICICI Bank offers the following benefits:
Applicants from all segments can avail the benefit of a Balance Transfer to ICICI Bank
The ICICI Bank is not restricted by adhering to a specific company category list for processing of Personal loans or Balance Transfer of a Personal Loan, all applicants meeting the basic eligibility criteria of ICICI Bank can avail the unparallel benefits of a Personal Loan Balance transfer from ICICI Bank. A rate of interest is offered for a Balance Transfer as per segments.
Avail a reduced rate of your existing Personal Loan with a Balance transfer to ICICI Bank.
ICICI Bank offers the lowest rate of interest for the Balance transfer of a Personal Loan. Applicants running a Personal loan from external Banks at an inflated rate of interest can instantly reduce the burden of their EMI by taking a Balance Transfer of their Personal Loan to ICICI Bank @ 11.50% monthly reducing rate of Interest.
Apply for an additional Personal Loan amount as a Top Up.
ICICI Bank offers not just a Balance Transfer of your Personal Loan but also additional loan amount if required as a Top Up. It is a double benefit to the applicant when applying for a Balance transfer, as the applicable rate of interest for the additional loan amount will be the same as for the Balance Transfer . This reduced rate of interest is not available for fresh loan from any Bank or financial institution.
Apply for a suitable Tenure with the Balance Transfer of your Personal Loan.
The Tenure applicable to a Personal Loan governs the total cost of the Loan & the monthly installement to be paid: post approval of your Balance Transfer request from ICICI Bank the tenure of the Personal Loan can be changed as per the applicant’s convenience to achieve a suitable EMI. The repayment Tenure applied for a Personal Loan from ICICI Bank is from 12 months to 60 months.
Multiple Personal Loans can be clubbed into a single loan with a Balance Transfer to ICICI Bank.
ICICI Bank offers to transfer multiple Personal Loans running from various Banks to be clubbed into a single loan. With this transfer the applicant will experience multiple benefits:
The rate of interest applicable across various loans will be reduced to the Balance Transfer rate of 11.29%.
The applicant will be saved the hassle of following up & managing numerous installement being paid all the Personal Loans running from Banks.
The Principal Balance of all the Personal Loans will be now added together to structure a single Personal loan with ICICI Bank, giving immense relief to the applicant to pay back the credit taken.
Get The Unlimited Advantages of a relationship with the premier Bank ICICI.
ICICI Bank has been providing its customers the best option to fulfil their requirements for finance via a personal loan, with a Balance Transfer of your Personal Loan to ICICI Bank achieve the following benefits:
The Loan amount that can be issued to loan seekers is the maximum as per the income of the customers. ICICI Bank allows for applicants to borrow the maximum amount as a Personal Loan to meet their financial obligations.
The process for approval of Personal Loans is efficient & quick, applicants can look forward to their requirement for funds being fulfilled within 48 to 72 hours, and the Balance transfer process is also expedited to give the applicant a satisfactory experience.
ICICI Bank provides special privileges to its account holders, holding salary or corporate accounts with minimal charges for processing, online processes & quick disbursal of funds.
Eligibility requirements for the Balance transfer of a Personal Loan to ICICI Bank.
Terms for pre closure of the existing Personal Loan should be met.
Prior to applying for the Balance Transfer of a Personal Loan from an external Bank the applicant should confirm that the personal loan is eligible for a pre closure, that the minimum number of instalments have been repaid as per the guidelines of the Parent Bank. The applicant should apply for the permission to close the existing Personal Loan together with the statement of repayment. ICICI Bank will repay the principal balance of the Personal Loan on behalf of the applicant & thus transfer the Loan.
Minimum Balance required for Balance Transfer of the Personal Loan.
The minimum Loan amount accepted by ICICI Bank for a Balance Transfer is 50k & above. The principal balance of the existing Personal Loan should be 50k or more to be eligible for a Balance Transfer . The monthly installement being paid for the Personal Loan consists of the principal amount & the interest factor, the structure of instalments being paid is as per the repayment schedule of the Bank. When applying for a Balance transfer of a Personal Loan the applicant should confirm the balance amount of the Loan to be transferred.
The CIBIL score should be above the required benchmark.
Every time the applicant makes a credit request the CIBIL record of the applicant is checked, it is the same procedure when a request for the Balance transfer of a Personal loan is made. The score of the applicant should be above 700 points: which indicates that the applicant has been managing well the credit taken. The repayment record should be timely & not have any delays or defaults.
The Personal Loan to be transferred should have a timely repayment track.
The concept of Balance Transfer & the discounted rate of interest work on the premise that the best rate of interest, terms & conditions are offered to applicants whose existing personal loan have a timely payment record. It is in the interest of the Bank to service a customer who pays dues on time, by taking over existing credit with other Banks. Thus the track of the existing loan should without any delays or defaults for a successful Balance transfer to ICICI Bank.
The applicant should have the financial eligibility for the Balance Transfer.
The income of the applicant should be adequate enough to comfortably bear the cost of living, debts & other obligations. If the applicant has taken too much credit in comparison to the monthly earnings he could be deemed as overleveraged & the request for a Balance Transfer of the Personal loan could be denied by ICICI Bank.
The applicant should fulfil the Primary Eligibility Criteria for an ICICI Bank Personal loan.
As required for processing of a Personal loan, hence also for a Personal Loan Balance Transfer, the basic criteria to be met are as follows.
ICICI Bank provides Personal Loans to all citizens of Indian Origin.
Minimum Age of Applicant should be over 23 years, loan processed for tenure up to 60 years.
Monthly Salary credited to Bank should be above 25,000/- per month.
Job stability or continuity of 2 years is mandatory.
A CIBIL score of above 720 points is required for loan amount more than 5 lacs.
Applicant should be having his own residence or be living with his family in a rented premise.
An Educational qualification of Graduation is required.
Example of savings via balance transfer of multiple Personal loans to ICICI Bank.
Personal details of the Applicant include the following;
|Age -38 years
|Income –₹ 65 k net salary transferred to Bank.
|Current Employment- Employed with a Private ltd company in a managerial position.
Personal details of the Applicant include the following;
||₹ 2 lakhs
||₹ 4 lakhs
||₹ 1 lakhs
||₹ 7 lakhs
|Amount Balance for transfer
Post Balance transfer to ICICI Bank
|EMI post Balance transfer
Documents required for a Personal Loan Balance Transfer to ICICI Bank.
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 Axis Bank.
Track of the existing personal Loan.
Pre closure letter or application copy for closure request of the current personal loan.
Implications of common terms used in balance transfer.
Balance Transfer of a Personal Loan involves the taking over the outstanding loan amount of an existing loan. An external financer can offer to transfer the principle loan amount balance: if the terms of the personal Loan running adhere to its policy.
Principal amount of a Personal loan
The Principal loan amount refers to the Original Loan amount which has been borrowed from the Bank. The principal loan amount reduces with the payment of the monthly EMI.
The balance outstanding of the principal loan amount will be taken over when affecting the Balance Transfer of a Personal Loan.
Re payment Schedule of a Personal Loan:
The re payment or amortization schedule is a chart or table depicting the pattern of repayment of a personal loan to the Bank or financer. It also shows the breakup of the EMI as per the following;
The Total loan amount.
The number of EMI’S to be paid/ tenor.
The principal & interest quotient of each EMI.
The principal amount balance after the payment of each EMI.
The Loan Track:
The applicant can request for the Loan Track of the existing personal loan from the concerned Bank. The track of a Personal loan gives details of the status of the Personal Loan:
The loan amount disbursed
The Loan tenure
The number of EMI’S paid to the bank successfully/pending/bounced
The total loan amount paid back to the Bank.
The principal balance outstanding
Equated Monthly Installement (EMI):
The monthly installement or EMI as is commonly known, is the instrument for paying back the Personal Loan .To recover the loan amount, a Bank or financial institution will deduct from the Bank account of the applicant equated monthly instalments (EMI) comprising of the interest & principal every month as per the tenure. The EMI for a personal loan is calculated @ monthly reducing balance & remains constant for the entire tenure.
Electronic Clearing System (ECS)
The ECS is offered by the Reserve Bank of India as a system for faster collection collections & payments. To recover the monthly EMI due through the ECS mandate, an authorisation form is signed by the applicant as part of the Personal Loan agreement. Henceforth the EMI is debited at a fixed date month on month for the Tenure of the Personal Loan.
The tenure is the duration for the pay back of the Personal Loan. The tenure for a Personal Loan ranges from 12 months up to 60 months: It is finalised at the time of the Loan disbursal & cannot be altered. The EMI is deducted from the Bank account of the applicant for the duration of the tenure.
It is fixed by the Bank as per the customer requirement & the payback capacity.
Top Up Amount
Requirement for any additional amount can be applied for with the request for Balance Transfer, this amount is known as a Top Up.
Thus the loan amount applied will include the principal balance of the previous loan amount & the additional amount required. The Rate of interest & other terms & conditions applicable for a Balance Transfer will be valid for the total loan amount.
If a personal loan holder wants to return the loan amount borrowed from a Bank or a financial institution before the completion of the loan tenure it is called a pre closure.
The pre closure of a Personal loan is governed by the Pre closure terms of the Personal loan agreement, signed between the applicant & the lending institution .The policy for pre closure varies as per the rules & regulations of different Banks. The condition being of a minimum number of EMI, S to be paid before the applicant can pay back the Loan amount. The applicant should make note of the Pre Closure & other terms & conditions of the Bank when signing the Personal Loan agreement.
Personal Loan Eligibility
The eligibility for a Personal Loan is the Loan amount the applicant can get as a Personal Loan from a financial institution. Each financial organisation has their own method of calculating the loan amount which they are willing to lend to the applicant: the broad guidelines being that the applicant should be comfortable in paying the monthly instalment or EMI after bearing the monthly expenses & other obligations, credit card dues or other loans.
Personal Loan Agreement
The Personal Loan Agreement is the legal document signed between the Financer & the applicant.
Once the Personal Loan is approved, details of the Loan such as the rate of interest, the processing fees, pre closure, part payment terms & other salient terms & conditions are presented to the customer as part of an agreement between the applicant & loan provider. The applicant should read the agreement carefully to know all the charges applicable & the monthly installement to pay for repayment of the loan, on which date the EMI will be presented to the salary account for the tenure of the loan.
The CIBIL score of an individual is generated by the Credit Bureau of India Ltd or CIBIL as is popularly known. The CIBIL is a private agency that receives & maintains the records of all credit transactions done by Individuals with all the Banks, NBFC’S & private financial agencies. Be it a secured or an unsecured credit transaction in the form of a Home Loan, Personal Loan, Vehicle Loan, Loan against property or Gold; a Credit card or utility loan the CIBIL maintains an exhaustive record of all receipts & payments. A score is generated on the basis of the credit history of an Individual & intimated to the banks & credit agency on request.
FAQ’S for the Balance Transfer of a Personal Loan to ICICI Bank.
Q - Why is the Balance Transfer of a Personal Loan to ICICI Bank a good manoeuvre?
ICICI Bank offers the best Deal to applicants for the Balance Transfer of their Personal Loan, any applicant with a Personal loan from any Bank can take a Balance transfer to ICICI to get immense savings & suitable terms.
Q - What are the major benefits offered by ICICI Bank for the Balance transfer of a Personal Loan?
The primary benefits offered by ICICI Bank for the Balance transfer are:
- A discounted rate of interest from 12.5% onwards is offered for the Balance transfer.
- The Personal loan repayment tenure suitable the applicant.
- A reduced EMI for applicable post balance transfer for the repayment of the Personal loan.
Q - The Balance transfer facility offered by ICICI Bank is available for personal loans from which Bank or financial institution?
ICICI bank offers to transfer the balance of Personal loans from all registered Banks & NBFC’S eligible for a foreclosure: fulfilling the terms & conditions required by ICICI Bank.
Q - How much time does it take to process the Balance transfer of a Personal loan to ICICI Bank?
The process for the Balance transfer of a Personal loan to ICICI Bank is quick & hassle free: the total process is completed within 7 working days after submitting complete documents.
Q - What are the costs involved for the Balance transfer of a Personal loan to ICICI Bank?
ICICI Bank charges minimal processing fees of ₹ 2000/- for the balance transfer of a Personal Loan.
Q - What are the major requirements for the successful Balance transfer of a personal loan to ICICI Bank?
For the successful transfer of a Personal loan to ICICI Bank the repayment track of the loan should have an on time repayment record without any delays or bounces. The minimum balance of the loan should be ₹ 50k & above.
Q - Will the CIBIL be checked for a Personal loan Balance transfer to ICICI Bank?
The CIBIL check is mandatory for a Personal loan balance transfer to ICICI Bank, 700 basis points & above is the required score. The CIBIL history is also checked to assess the customer’s behaviour with credit.
Q - Can the applicant get extra amount as a Top Up with the Balance transfer of a Personal loan to ICICI Bank?
ICICI Bank accepts application for a Top Up or additional loan amount with the application for the Balance Transfer of a Personal loan.
Q - Can an applicant transfer more than one Personal loan to ICICI Bank?
An applicant can apply for the Balance transfer of all existing Personal loans that are eligible for a transfer.
Q - What is the Tenure applicable to a Personal Loan post a Balance transfer to ICICI Bank?
ICICI Bank applies Tenure to the Personal loan from 12 to 60 months as per the Loan amount approved & the profile of the applicant. Post a Balance transfer to ICICI Bank the Tenure issued can change as per the ability of the customer to pay the EMI.
Q - Will the applicant have to visit the Bank to complete the formalities for the Balance transfer of a Personal loan to ICICI Bank?
For a satisfactory & convenient Balance transfer of a Personal loan to ICICI Bank the applicant can contact us at https://www.yourloanadvisors.com/ we provide doorstep assistance to our customers for the Balance transfer of a Personal loan & for all their credit requirements.