Citibank Personal Loan Interest Rate

4.5

Citibank offers personal loans with interest rates ranging from 9.99% per annum to 16.49% per annum. Individuals may borrow up to Rs. 30 lakhs from the lender. The maximum period that borrowers have to repay the loan is 60 months. The lender assesses a minimal booking fee or processing cost equal to 3% of the approved loan amount in addition to the interest rate.

  • Personal Loan offer for You

  • 10.75% - 16.49%

    Interest Rate (p.a.)
  • ₹50K - ₹30L

    Tenure(1 - 5 Years)
  • ₹2,162 - ₹2,458

    EMI Per Lakh
  • Personal Loan offer for You
  • 10.75% - 16.49%

    Interest Rate (p.a.)
  • ₹50K - ₹30L

    Tenure(1 - 5 Years)
  • Up to 3% of the borrowed loan amount

    Processing Fee

Citibank Personal Loan Rate Comparison with Other Banks

Comparing personal loan interest rates will determine how superior Citibank's personal loan is to other products. Following is the table below is a comparison of Citibank Personal Loan Interest Rates with other banks and lenders.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • CASHe PL Interest Rate

  • 27%

  • We offer a 2.50% interest rate per month (Equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.

  • 4.5

  • ₹1K - ₹4L

    Tenure(7 - 45 Years)

  • Prefr PL Interest Rate

  • 15% - 36%

  • 3-5% with Minimum Proc. Fee of INR 1500 + GST

  • 4.5

  • ₹50K - ₹5L

    Tenure(1 - 4 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Citibank Personal Loan Interest Rates range from 9.99% to 16.49% per annum. However, the bank bases its rate offers on qualifying requirements. The bank offers personal loans at one of the lowest interest rates for salaried and self-employed borrowers. As a result, you can easily manage your financial obligations while paying a modest EMI.

Citibank Personal Loan Interest Rate by Schemes

Citi Bank Personal Loan is the only scheme the bank offers to its customers:

Citibank Personal Loan 

Citibank offers personal loans starting at 10.50% p.a. with favourable interest rates. With minimum paperwork and a repayment period of up to 60 months, you can obtain loans of up to Rs. 30 Lakhs to cover a variety of personal financial obligations in an instant. 

Citibank Personal Loan Interest Rates for Salaried and Self-Employed

Citi Bank personal loan interest rates for salaried employees and self-employed professionals start from 9.99% onwards. It can go up to 16.49% based on applicant credibility and other associated factors such as income, age, repayment history, etc. 

Type of Employment Offered Personal Loan Interest Rate Processing Charges  Prepayment Charges
Salaried Employee From 9.99% per annum to 16.49% Upto 3% of the approved loan amount + GST Up to 4% of the total principal plus interest
Self-Employed Professional From 9.99% per annum to 16.49% Upto 3% of the approved loan amount + GST Up to 4% of the total principal plus interest

Citibank Personal Loan Interest Rate for Salary Account

Numerous advantages are available to customers with a Citi Bank personal loan account. To find out if they qualify for a personal loan that has already been pre-approved, interested candidates can visit the bank's official website and supply particular information. Like other lenders, Citi Bank offers pre-approved personal loans to borrowers with strong credit ratings and a history of on-time repayment. Salary accounts at Citi bank have interest rates that begin at 9.99% per year.

Citibank Pre-approved Personal Loan Interest Rate

If a person has a strong credit rating and all the required paperwork, they may be eligible for a Citibank personal loan with a pre-approved interest rate.

Customers can quickly obtain a pre-approved personal loan interest rate from Citibank.

Citibank Personal Loan Balance Transfer Interest Rates

A personal loan balance transfer refers to moving your active personal loan from one bank to another. Being able to save money makes it a practical amenity. Depending on how much of the existing loan is still outstanding, even a 0.50 to 1% change in the interest rate will significantly reduce your EMIs and produce further cost savings. Citi Bank personal loan balance transfer interest rates are as low as 8%.

Citibank Personal Loan Interest Rates and Charges

You should familiarise yourself with the associated fees and charges before applying for a Citibank Personal Loan. Knowing these will make it easier for you to calculate the total cost of the borrowed money:

Loan Details Charges Applicable
Rate of Interest From 9.99% per annum to 16.49%
Fees for Processing the Loan Upto 3% of the approved loan amount + GST
Tenure of Loan Upto 60 Months
Amount of Loan Rs. 50,000 - Rs. 30 Lakhs
Status of Employment Applicants who are Self-employed (professionals and non-professionals), salaried applicants
Score of Credit Over 700 (ideal score)
EMI per Lakh (Lowest) Rs. 2,214
Pre-Closure Up to 4% of the total principal plus interest

Factors Affecting Citi Bank Personal Loan Interest Rates

There are a lot of factors that affect the Citi Bank personal loan interest rates, given below are some of the significant factors:

Tenure of Loan

The loan term selected by consumers determines the interest rate that Citibank offers. The bank will charge a higher interest rate if the customer chooses a short loan term. Remember that choosing a long tenure will result in a higher overall interest payment.

Relationship with Citi Bank

It is more likely that you will be charged a lower interest rate if you have previously gotten loans from Citibank and have repaid them according to the lender's timetable. 

Additionally, suppose you have been a customer of Citibank for a long time and meet the requirements to be eligible for a personal loan. In that case, you can negotiate a lower interest rate.

The capacity of Repayment

A borrower's ability to repay the loan is crucial. Banks typically offer personal loans up to 10 times a customer's monthly earnings. To assess a potential borrower's capacity for repayment, banks look at his CIBIL score. Citibank will provide loan candidates with stable incomes, strong credit histories, and reasonable interest rates.

Details of Employment

The job history and profile of a customer heavily influence the interest rates Citibank bank offers. Unlike self-employed people, who often don't have a consistent income, salaried employees of high-net-worth corporations may receive cheaper interest rates.

How to Calculate Citibank Personal Loan Interest/EMI

Citi Bank EMI calculator for personal loans can be used to determine the EMI. The simplest way to verify your loan payments is with this tool, which is accessible online. The interest calculator or EMI calculator not only gives you the monthly EMI but also displays the overall interest expense and payback amount results. The essential information, including the loan amount, the annual interest rate, and the length of time you desire the loan, is considered when calculating all these findings. Additionally, you receive an amortisation schedule and a table showing the balance after each year.

Or 

One can use the following formula to calculate the EMI:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

How to Get Low-Interest Rates on Citibank Personal Loan?

Do you want the secret to getting the best personal loan interest rate? You should be aware that there are numerous ways to obtain it. You must be aware that since the loan is a credit, you must also pay the interest rate back to the bank. However, a few easy methods can assist you in getting the best rate. These are listed below:

A Good CIBIL Score.

This is because your credit report, or CIBIL, contains information about your prior payment history. It is simpler for the bank to trust you to repay it in the future if you have a history of on-time payments and a credit score of at least 750. With a PAN card, you may also check your CIBIL score for free online.

Employment in a Reputed Company

The type of employer significantly influences the interest rate, and working for a reputable company is an added bonus.

High Income

Having a reliable and consistent source of income makes paying the EMI easier than with home loans, where the property's value is a significant factor. As a result, the bank will consider offering you the best rate.

The Age Factor

Being young when you apply for a loan can be advantageous because you have fewer financial obligations at this age. For self-employed applicants, Citibank requires a minimum age of 21 years and 26 years (for salaried).

Personal Loan by Other Banks

Frequently Asked Questions (FAQs)

What is the current interest rate of Citibank's personal loan?

The current interest rate of Citi Bank personal loans varies from 9.99% to 16.49% for both salaried and self-employed applicants.

How can I reduce my interest in Citibank's personal loan?

One can reduce the interest rate on Citi Bank personal loans by maintaining a great credit score, having good credit history with Citi Bank, having a high income, etc.

Is Citibank's personal loan a floating-rate loan or a fixed-rate loan?

Citi Bank personal loan is a fixed-rate loan with an ROI of 13.99%.

Does Citibank demand collateral or security for personal loans?

Citi Bank doesn’t demand any collateral or security for a personal loan.

Can individuals pay off their Citibank loans EMI early?

Individuals can pay off their Citi Bank loan EMI early, but the bank will initiate a charge of 4% of the principal amount.

What is the EMI for a 1 lakh personal loan?

If we take the principal amount as Rs. 1 Lakh, then the EMI would be Rs. 8,791, which also depends on the ROI offered to every individual.

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