CITI Bank Business Loan

Features and Benefits of Citibank Business Loan

Citibank’s ‘CitiBusiness’ Loan is designed to help entrepreneurs and small businesses with their working capital needs. Working capital loans, MSME loans, short-medium-long-term loans, overdrafts, and import and export finance, are among the business loans offered by Citibank. It offers both secured as well as unsecured business loans to cope with diverse customer needs. Citibank’s business loan interest rate is determined by the applicant’s profile and business requirements.

Given below are the various attractive benefits and features of a Citibank business loan.

• Quick disbursal of loan amounts ranging from INR 10 lakhs to 1.5 crores.
• The presence of online loan applications allows you to get a business loan within a week.
• Minimal documents and eligibility requirements.
• Flexible loan repayment tenure up to 10 years.
• Availability of prepayment to pay off your debt before the actual loan closure date.
• There’s no need for a guarantor.
• Pre-closure, as well as part-payment options, are accessible after 12 months of loan repayment.
• Availability of doorstep service.
• A top-up loan and balance transfer option to meet financial obligations.
• E-approval is also available.
• Comparative business loan interest rates contrary to other lending firms.

Citibank Business Loan Eligibility Criteria

To qualify for a Citibank Business Loan, you must meet the following eligibility requirements.

• Applicants should be self-employed individuals/Proprietors/Private Ltd. Co./Partnership Firms associated with manufacturing, trading and services.
• Current business in practice for at least three years.
• The business loan applicant must be at least 21 years old at the time of loan request. Additionally, the applicant’s age should not exceed 65 years at the end of the loan tenure.

Documents Required to Apply for Citibank Business Loans

Though paperwork requirements vary depending on the type of chosen Citibank business loan product, here is a list of documents that will be similar for every CITIbusiness product:

• Primary Applicant’s PAN Card along with the organisation’s PAN Card
• Copies of identity proofs (any of them):
  • Aadhaar Card
  • Passport
  • Voter ID Card
  • PAN Card
  • Driving Licence
• Copy of any of the documents as address proof:
  • Aadhaar Card
  • Passport
  • Voter ID Card
  • Driving Licence
• Filled application form with the principal applicant’s passport-size photos. 
• Ownership proof of either a residence or an office.
• GST returns (the latest two in case applicable).
• Scanned copy of trading licences, statutory licences, along with other documents that denote business stability.
• Details of previously held business loans, their statement, along with the repayment record.
• Business continuity proofs like a bank statement, ITR, Certificate of Incorporation, Shops and Establishment Certificate, Sales Tax Challans, Partnership Deed, etc.
• P&L statement, balance sheet (CA audited), book debt and creditors-statement for the recent three months, periodic stock, and so on.

How Does the EMI Calculation Work for Citibank Business Loans?

The EMI calculation process for Citibank Business Loan is quick and easy. All you have to do is, enter the loan tenure, principal amount, applicable interest rate and repayment tenure.

As a result, you will get the equated monthly instalments that you will have to pay throughout the repayment tenure. For the same, you can either count on Urban Money’s business loan calculator or compute EMI manually.

The mathematical formula for calculating monthly instalments is

EMI = P × r × (1 + r)n/((1 + r)n – 1)

Where P is the principal amount, r represents the applicable rate of interest, and n is the repayment tenure in months.

How Does Citibank Compare with Other Lenders?

The table below draws a comprehensive comparison between Citibank’s Business Loan interest rates and its competitors.

Citibank Business Loan Customer Care Number

If you want to speak with a bank executive about Citibank Business Loan, they are only a phone call away. On weekdays, the executives are readily available to answer your questions. Simply call the Citibank customer service line, which is 1860 210 2484.