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ICICI Bank Personal Loan Balance Transfer Interest Rates
While the ICICI Bank Personal Loan interest rates start from 10.85% p.a., the lender has not specified the interest rates for its personal loan balance transfer facility. The final interest rates set for personal loan borrowers exercising the ICICI Bank Personal Loan balance transfer facility depends on factors like their credit scores, monthly income, occupation profile, etc.
The interest rates for the ICICI Bank Personal Loan balance transfer facility also depends on the loan amount and tenure selected by the applicant along with the interest rate of the existing personal loan being transferred to the bank.
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ICICI Bank Personal Loan Balance Transfer Eligibility Criteria
ICICI Bank Personal Loan balance transfer facility is available for existing personal loan borrowers of other lenders provided they have paid 12 EMIs of their ongoing personal loans. The lender has not specified the eligibility criteria for its personal loan balance transfer applicants. However, the personal loan eligibility criteria for availing ICICI Bank Personal Loans, which may also apply for its personal loan balance transfer applicants, are as follows:
For Salaried
- Age: 23 to 58 years
- Minimum monthly income: Rs 30,000
- Total work experience: At least 2 years
- Total years in current residence: At least 1 year
For Self-Employed
Age
- For self-employed individuals: 23 to 65 years
- For doctors: 25 to 65 years
Minimum Profit after Tax
- For self-employed individuals or proprietorship firms: Rs 2 lakh (as per audited financials)
- For non-professionals: Rs 1 lakh (as per audited financials)
Minimum Turnover
- For professionals: Rs 15 lakh (as per audited financials)
- For non-professionals: Rs 40 lakh (as per audited financials)
Business Stability
- For doctors: At least 3 years
- For current business: At least 5 years
Existing relationship with ICICI Bank: At least 1 year liability/asset relationship either running or closed in the last 3 years with repayment track record as required by the bank.
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Documents Required for ICICI Bank Personal Loan Balance Transfer
The documentation required by existing personal loan borrowers of other banks and NBFCs who wish to exercise the ICICI Bank Personal Loan balance transfer facility is as follows:
- Most recent personal loan statement from the existing lender
- Bank statement of last 6 months along with repayment schedule
- Latest salary slip
- KYC documents
Process to Apply for ICICI Bank Personal Loan Balance Transfer
Existing personal loan borrowers of other lenders can apply for ICICI Bank Personal Loan balance transfer by following the below mentioned steps:
Step 1: Visit the official page of ICICI Bank personal balance transfer and Click on ‘Apply Now’.
Step 2: Enter the personal details asked by the lender and click on ‘Check Eligibility’ to see if they are eligible for availing the personal loan balance transfer facility from the lender
Alternatively, ICICI Bank Personal Loan balance transfer applicants can also apply for this facility by visiting the nearest bank branch or through its mobile banking app.
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