Citibank Personal Loan Eligibility Calculator

Overview about Citibank Personal Loan

Citibank personal loan is one of the best loans offered by the bank. Citibank which is a consumer division of the multinational Citigroup offers quick and easy personal loans. The personal come with speedy approval and minimal documentation. It is an unsecured loan with a very high loan amount that goes up to Rs.30 lakh. The loan amount can be utilised for any personal expense and there is no restriction on what it can be used for. The bank offers an attractive rate of interest on the personal loan along with various other benefits.

Citibank Personal Loan Eligibility

Citibank doesn’t have a stringent eligibility criteria. The loan is available for both salaried and self-employed individual. The personal loan is available only to residents of India. Listed below is the eligibility criteria for salaried and self-employed individuals.

Eligibility criteria for salaried individuals

• Minimum age: 21 years
• Maximum age: 60 years
• Minimum annual income: Rs.2,40,000 p.a.
• Job experience: Permanent employee

Eligibility criteria for self-employed individuals

• Minimum age:21 years
• Maximum age: 60 years
• Income: Rs. 1,20,000 p.a.
• Job experience: Three years of self-employment

Factors affecting Citibank Personal Loan Eligibility

There are several factors that affect the Citibank personal loan eligibility. Listed below are some of the important factors that affect the eligibility for Citibank personal loan.

• Age: Age is a very important factor and can also play a deciding factor when it comes to availing a personal loan. Each bank has a minimum and maximum age criteria when it comes to granting the personal loan. If the individual is too young or too old they won’t be granted the loan.

• Residence: Applicants who own a house are given more preference over those who stay on rent when it comes to availing a personal loan. Also people residing in urban areas have a better chance of availing loans.

• Financial position: Your financial position plays a very crucial role as it defines your ability to repay the loan. If you earn a good income, the bank will be more inclined to grant you the loan since it will believe that you have sources to repay the loan.

• Credit score/history: The better the credit history/score, higher the chances of availing a personal loan. Your credit history vouches for your credibility as a borrower. The banks are hesitant to grant loans to individuals who have a bad credit history or score.

How CIBIL Score affects Citibank Personal Loan Eligibility

Your CIBIL score plays a very important role when it comes to you availing loans and credit cards. Your CIBIL score is the first thing the lender checks when you submit the application form for the personal loan. If you have a good CIBIL score of above 750, the lender will move on to verifying the rest of your details before granting you the loan. But if you have a really low credit score then the lender might not even consider your application. CIBIL score plays a deciding factor when it comes to granting personal loans.

How to increase Citibank Personal Loan Eligibility (amount disbursed)

There are several ways through which one can increase their personal loan eligibility. Listed below are a few of the steps that one can follow.

• Don’t overdo it-Don’t apply for too many loans. Every time you apply for a loan, it goes on your credit report and this might ruin your chances of getting a loan in the future. The lender will be wary to grant you a loan if it is noticed that you have applied for a lot of loans.

• Make timely payments-It is important to make timely payments and not default on payments when it comes to existing loans and credit cards. Being consistent with your payments creates a good impression for the lender.

• Longer tenure- Longer the tenure of the loan, lower the EMIs. Increasing the tenure of the loan will result in higher eligibility. Also lower EMIs ensure that you can repay the loan without shelling out too much every month.

• Secured loans-Secured loans get you a better rate of interest and also increases your eligibility since there is a collateral involved.

• Repay outstanding loans-It is advised to repay all your outstanding loans before opting for a new personal loan. This will definitely increase your eligibility when it comes to availing personal loans.

• Turn to your neighbourhood bank-You have more chances of increasing your eligibility if you opt for a bank that you already have an account with. Banks are known to favour existing customers and you might get a chance of negotiating for a better rate of interest too.

FAQs on Citibank Personal Loan Eligibility

1. How long does it take for the loan to get approved?

   If the bank is satisfied with your application, the personal loan will be granted within 48 hours.

2. Are business owners eligible for Citibank personal loan?

   Yes. Business owners are also eligible for Citibank personal loan along with salaried and self-employed individuals.

3. What is the minimum loan amount offered?

   The minimum loan amount offered is Rs.1 lakh.

4. Are there any special offers for existing customers?

   Yes, the bank has special offers for existing Citibank customers who apply for the personal loan. An existing customer also stands the chance of getting the loan approved quickly with minimal documentation.