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Citibank
Citibank has been in the Indian banking sector for more than a century. With its humble beginnings in 1902 Kolkata, it has come a long way and established itself through millions of ardent customers.
It is one of the most sought-after banks for personal loans. This is a result of the convenience and the ease of banking offered by Citibank. It gives various benefits to customers seeking a personal loan
- Minimal documentation for existing customers
- Highest personal loan amount of up to Rs. 30 lakhs
- Quickest processing time of 48 hours
- Instant personal loans for pre-approved customers
- Special loans by tie-ups with Apple Inc; to purchase Apple products
- Fixed interest rate for predictable monthly payments
- Flexible repayment tenures ranging from 12-60 months
- Full and part-prepayment options
- Balance transfer of credit card and personal loan outstanding
- Top-up loan facility on existing personal loans with Citibank
Interest rates, other fees and charges
| Income Category | Rate of Interest | Processing fees |
|---|---|---|
| Salaried Individuals | 10.99% - 14.50% | 0.25% - 2.0% |
| Self-employed Non-professionals | 17.49%- 18.99% | 2.00% - 3.00% |
| Self-employed Professionals | 16.00% - 17.99% | 2.00% - 3.00% |
| ABF Customers | 13.00% - 18.50% | 0.75% - 2.75% |
| Instant Personal Loan | 13.00% - 14.50-% | 1.50% - 2.00% |
Factors that impact your Citibank Personal Loan interest rate
Personal loan Interest rates are determined based on various information you have provided in your loan application. The interest rate is not the same for every customer. The banks consider a few important factors to fix your loan amount and interest rate eligibility.
Credit ScoreYour credit score is a comprehensive rating of your creditworthiness. The banks look at this indicator to determine your repayment capacity. Higher the credit score, better is the repayment capacity and hence you are bound to get a better deal on your interest rate.
IncomeBanks prefer customers who can comfortably pay their EMI after considering all their present liabilities. A higher income ensures that the borrower is not faced with difficulties with the loan repayment. Hence, an individual with higher income gets better interest rates.
Employment type & EmployerA reputed employer means good job stability and regular income flow for the borrower. This in turn assures the bank of your repayment capability. Hence, working for a reputed employer has a positive effect on your interest rate eligibility.
Relationship with the lenderIt is important to have a good relationship with your bank. Existing, loyal customers of the bank, with a good financial standing are offered various benefits like instant approval, higher loan amount and a lower interest rate.
| Apple Affordability Plan | |
|---|---|
| Loan Limit | Rs.25,000 - 1,50,000 |
| Tenure | 6, 9, 12 months |
| Rate of Interest | 18% for all customer segment |
| Processing fee | NIL |
| Pre-closure charges | 5% on principal outstanding |
Quantum of Loan and Tenure
| Minimum loan amount | Rs.25000 |
| Maximum loan amount | Rs.30,00,000 |
| Minimum tenure | 6 months |
| Maximum tenure | 60 months |
| Booking fee | 3.00% of the loan amount sanctioned; deductible from the loan amount at the time of disbursal |
| Late payment charges | NIL |
| Stamp duty | Applicable as per prevalent state laws |
| Pre-closure charges | up to 4% on principal outstanding + current month interest |
How to apply?
Citibank makes it easy and convenient for everyone to access their services through their website, customer care phone number, or through a simple SMS.
Exiting Citibank customers can login to their internet banking and place a request for personal loan.
New customers can use the ‘Click 4 Call’ feature on the website to register their willingness for a personal loan, after which a Citibank representative would get in touch with them.
Customers can also send an SMS to the number mentioned on the Citibank website to receive a call back from a bank representative
Who can apply for a Citibank personal loan?
Citibank personal loan is available for salaried individuals, self-employed professionals and business owners. Existing customers, with salary account, loan account or similar accounts can apply for a personal loan.
Customers transferring an existing personal loan, or a credit card debt can avail a top-up personal loan for attractive interest rates.
The personal loan can be used for a number of needs like marriage, higher education, purchase of consumer durables, medical emergencies, etc; except for any unlawful or speculative purposes.
Documents required for Citibank Personal Loan
The following is a short list of documents required to apply for the loan
Proof of identity – any one of the following
- PAN Card
- Aadhaar card
- Driver’s license
- Passport
- Voter’s ID card
- Job card issued by NREGA
- Letters issued by Unique Identification Authority of India
Proof of address – any one of the following
- Driving license
- Passport
- Voter’s ID Card
- Utility bill not more than 3 months old
- Ration card
- Letter from employer
- Sale deed/rental agreement copy
- Aadhaar card
- Latest IT return
Proof of age – any one of the following
- Birth certificate
- School leaving certificate
- Passport
- Voters card with DOB
- College certificate
Length of employment/Continuity of business
- Letter from employer/ownership documents
- Latest payslip/Form 16/Tax returns from the same city
Proof of income and occupation
- Last 3 months bank statement for salaried individuals and last 6 months for business owners
- 2 of the latest salary slips not more than 3 months old
- Latest Form 16 for salaried individuals and 2 years IT returns for self-employed individuals
Citibank Personal Loan Interest Rate FAQs
1. What is a fixed interest loan?
Citibank personal loans are charged a fixed interest throughout the tenure. This means the interest is fixed and you are charged the same EMI throughout the repayment tenure. This gives a greater control over your monthly budget.
2. What is credit rating and why is it important to obtain a personal loan?
Credit rating is a score given to you based on your credit history with various lenders, banks or financial institutions. This score represents the creditworthiness of a persona. Higher the credit score, higher the trustworthiness of the borrower. Hence it is important to maintain a healthy credit score. You can do this by repaying your loans and credit card bills on time.
3. Who can apply for a Citibank personal loan?
Citibank personal loan is currently available for salaries individuals, self-employed professionals & non-professionals & business owners. Existing customers with a salary account, other deposit accounts or mortgage relationships can apply for a personal loan.
4. How can I top-up my loan?
A top-up loan provides you with additional funds on your existing loan. You can apply for a top-up loan upon completion of 12 months of EMI payment on your existing loan.
5. Can I pre-pay my loan?
Citibank allows convenient pre-payments of personal loans. You can make a full pre-payment or a partial pre-payment as per your convenience. For more details on the pre-payment terms, contact Citibank customer service.
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