Urban Money

CITI Bank Personal Loan

CITI Bank
4.5

With Citibank personal loans, you can take control of your money and acquire funds fast and easily. Make the most of our quick and easy personal loans by taking advantage of minimum documentation and quick loan approval. After all, what good is a personal loan if you can't get it when you need it, whether it's to pay for a wedding or an unexpected medical bill? Take out a personal loan with low interest rates, flexible terms, and low EMIs to meet your demands without jeopardising your savings or present budget.

  • CITI Bank
  • Personal Loan
Loan Amount:₹50K - ₹30L
Interest Rate:9.99% - 16%
Processing Fee: Up to 3%
Tenure:5 Years
Details
BanksInterest RateProcessing FeeLoan Amount/Tenure
CITI Bank

9.99% - 16%

Up to 3%

₹50K - ₹30L

Tenure(1 - 5 Years)

Details

Features and Benefits of Citi Bank personal loan

It is one of the most popular financial institutions for personal loans. This is due to Citibank's comfort and simplicity of banking. Customers looking for a personal loan can take advantage of a variety of incentives.

  • Minimal documentation is required for the existing customers
  • The maximum personal loan amount is Rs. 30 lakhs.
  • Instant personal loans for pre-approved consumers with the fastest processing time of 48 hours
  • Special financing made possible through Apple Inc. tie-ups; used to purchase Apple items
  • Fixed interest rate for monthly payments that are predictable
  • Repayment terms ranging from 12 to 60 months are available.
  • Options for full and partial prepayment
  • Outstanding credit card and personal loan balance transfers
  • Citibank offers a top-up lending facility on current personal loans.

Citi Bank Personal Loan Overview

With Citibank personal loans, you can take control of your money and acquire funds fast and easily. Make the most of our quick and easy personal loans by taking advantage of minimum documentation and quick loan approval. After all, what good is a personal loan if you can't get it when you need it, whether it's to pay for a wedding or an unexpected medical bill? Take out a personal loan with low interest rates, flexible terms, and low EMIs to meet your demands without jeopardising your savings or present budget.

Eligibility Criteria and Factors Affecting Citi Bank personal loan Eligibility

Salaried people, self-employed professionals, and company owners can apply for a Citibank personal loan. Borrowers must be between the ages of 21 and 60 to qualify for this loan. Existing clients with salary, loan, or similar accounts are eligible to apply for a personal loan.

Customers who want to consolidate a personal loan or a credit card debt can get a top-up personal loan with low interest rates. The personal loan can be used for a variety of objectives, including marriage, further education, consumer durable purchases, medical crises, and so on; however, it cannot be used for any illegal or speculative purposes.

The following are some of the key factors that can impact your Citibank personal loan eligibility:

  • Credit Score/ History: Your credit score represents your creditworthiness and payback history. As a result, having a strong credit score boosts your chances of being approved for a Citibank personal loan.
  • Income: The amount of money you make has a big impact on whether you can get a personal loan. To be eligible for a Citi Personal Loan, you must have a monthly income of at least Rs. 25,000.
  • Employer Reputation: If you are a salaried employee, the reputation of your employer has an impact on your ability to obtain a personal loan.
  • Length of employment/ Continuity of business: Your repayment ability is determined by the length of your job or the longevity of your firm. As a result, having worked/run a business for a longer length of time increases your chances of acquiring a personal loan.
  • Location: Your geographic location has an impact on your ability to obtain a personal loan. An applicant from a rural region, for example, may have fewer odds of securing a personal loan than someone from a city.

CITI Bank Fees and charges

Minimum Loan Amount Rs.10,000 EMI on DC Rs.50,000 for Personal Loans
Maximum Loan Amount Rs.30,00,000
Minimum Duration 3 months for EMI on DC 12 months for Personal Loans
Maximum Duration 60 months
Interest Rate As applicable at the time of signing the loan agreement
Interest Calculation Interest deducted at disbursal would be calculated as: (Loan outstanding x ROI” % x Number of days remaining in a month)/ [365$ +(RO1#% x Number of days remaining in a month)]. Interest for every subsequent month would be charged as: Loan outstanding x ROI#%x (Number of days in a month/365$ days). #ROI= Rate of interest $366 in case of a leap year
Booking Fee* Up to 3.00% of the loan amount sanctioned; deductible from the loan amount at the time of disbursal.
Late Payment Charges The payment instruction shall be presented from 1st of every month. There are no late payment charges.
Loan Pre-closure Charges* Up to 4% on total principal outstanding at the time of calculating the amount for full and final settlement of account; plus, interest for the ongoing month. For a fuller understanding of the pre-closure process, please refer the FAQs.
Stamp Duty Applicable on the Loan Agreement and charged according to the prevalent State Laws.

CITI Bank Personal Loan Interest Rates

Personal loans from Citibank provide competitive interest rates. Personal loan interest rates can range from 9.99% to 16.49% each year, depending on criteria including your income, loan amount, loan length, and credit score.

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

Factors affecting Citi Bank personal loan interest rates

Banks consider a few crucial factors when determining your loan amount and interest rate eligibility.

Credit Score

A credit score is a detailed assessment of your creditworthiness. This indicator is used by banks to estimate your repayment potential. The higher your credit score, the greater your repayment ability, and you'll almost certainly obtain a better interest rate.

Income

After taking into account all of their current responsibilities, banks favour clients who can comfortably pay their EMI. A larger income assures that the borrower will be able to repay the loan without difficulty. As a result, a person with a larger salary receives better interest rates.

Employment type & Employer

For the borrower, a reputable employer offers employment security and a steady stream of income. This ensures the bank that you will be able to repay the loan. As a result, working for a reputable employer improves your interest rate eligibility.

Relationship with the lender

It is critical to have a positive connection with your bank. Existing, loyal bank clients in excellent financial standing receive a variety of perks, including fast approval, a larger loan amount, and a cheaper interest rate.

Documents Required for Citi Bank personal loan

The following is a short list of documents required to apply for the loan:

Credit  Documents required
Proof of Identity Photograph (mandatory), PAN, Aadhaar Card, Driver’s Licence, Passport, Voter’s ID card, etc.
Proof of Residence Driving License, Passport, Voter’s ID Card, Letter from Employer, etc
Proof of Age Birth Certificate, School Leaving Certificate, Passport, etc
Length of Employment Letter from Employer, Old Pay Slip, Form 16, etc
Proof of Income Latest Salary Slip (not older than 3 months), 3 months bank statement, Latest Form 16

How the EMI calculation works for Citi Bank personal loans?

Before applying for a Citibank Personal Loan, candidates can use an online Personal Loan Eligibility Calculator to evaluate their eligibility. Within minutes, you may assess your eligibility for a Citi personal loan by submitting basic information such as your salary, desired loan amount, and whether you are salaried or self-employed.

FAQs

From refinancing to reducing your interest, we have the answers right here.

Is Opting for A Personal Loan Worth It?

Personal loans may be used for nearly any purpose and might be a useful option in some cases. If you have a steady income and a decent credit score, getting a personal loan is an excellent choice since you will be offered a cheap interest rate.

What Is The Minimum Salary For A Personal Loan?

Monthly income of minimum Rs. 25,000 is required to be eligible for Citi Personal Loan.

Does Citi Bank Provide Personal Loan at the best rate?

Citibank provides personal loans with interest rates ranging from 9.99 percent to 16.49 percent per annum. Individuals can borrow up to Rs.30 lakh from the lender.

What is the interest rate of personal Loan in Citi Bank?

Interest rate for Citibank personal loan starts from 9.99% onwards.

What are the benefits Citi Bank Provides on personal Loan?

  • Avail personal Loan amount up to Rs.30,00,000
  • Loan funds credited to your bank account in 48 hours
  • Get your personal loan eligibility in just 4 hours
  • Fixed interest rate for predictable monthly payments
  • Part pre-payment option available
  • Balance consolidation for your Credit Card and Personal Loan outstanding

Does Citi Bank have a fixed rate of interest on a personal Loan?

No, Citi Bank does not have a fixed rate of interest on a personal loan. This interest rate depends on various factors such as borrower’s income, loan amount, tenure, credit score etc.

How to check personal Loan Status in Citi Bank?

You must first call the Citi Bank helpline at 1860 210 2484, which is available 24 hours a day, seven days a week. The next step is to provide your Citibank Personal Loan application number, also known as a form number. The status of your personal loan application will now be provided to you. You can phone this number on a frequent basis to keep track of your application.

Does Citi Bank Checks for CIBIL Score for personal Loan?

For a personal loan, a CIBIL score of 720 to 750 is required. This score indicates that you are creditworthy, and lenders will swiftly accept your personal loan application.

What is the maximum and minimum personal Loan amount I can get from Citi Bank?

Currently the minimum personal loan amount offered is Rs. 10,000 while the maximum limit for a Citibank personal loan is Rs. 30 lakh.

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