From renovating your home and going on a vacation abroad to buying gadgets and planning a wedding, personal loans offered by Citibank can help you fulfil your dreams. Citibank personal loans can be available within 48 hours if the customer submits the necessary documents. Customers can acquire a personal loan by simple documentation and hassle-free process with minimal documentation. You can choose a loan tenure from 12 months to 60 months. Customers do not have to provide any guarantors to avail of personal loans offered by Citibank.
Citibank offers personal loans at a fixed rate of interest of 13.99%. CAT A corporate employees, CAT B corporate employees and Self-employed applicants offer interest rates of 13.75% - 15%, 14.50% - 15.75% and 15.25% - 17.00% respectively. Special offer for Citibank salary account holders applying for personal loans. Citibank will approve the loan in four hours sans physical application for loan decisioning. Citibank offers a flexible repayment options ranging from 12 to 60 months. Citibank offers personal loan at a fixed rate of interest of 13.99% (EMIs will remain throughout the loan tenure).
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Citibank Personal Loan Interest Rates 2018
| Particulars |
Salaried |
Self-employed |
| Interest rate |
For loan amount up to Rs.10 lakh:
Net monthly salary upto Rs.50,000: 14.99% p.a. to 16.99% p.a.
Net monthly salary between Rs.50,000 to Rs.1 lakh: 14.25% p.a. to 16.49% p.a.
Net monthly salary more than Rs. 1 lakh: 13.49% p.a. to 15.99% p.a.
For loan amount from Rs.10 lakh to Rs.14.99 lakh: 12.75% p.a. to 13.99 p.a.
For loan amount from Rs.15 lakh to Rs.19.99 lakh: 12.49% p.a. to 13.75% p.a.
For loan amount more than Rs.20 lakh: 11.99% p.a. to 13.50% p.a.
|
Monthly income up to Rs.80,000: 18.99% p.a. to 19.99% p.a.
Monthly income more than Rs.80,000: 15.99% p.a. to 18.99% p.a.
|
| Loan Amount |
Minimum: Rs.1 lakh
Maximum: Rs.30 lakh
|
Minimum: Rs.1 lakh
Maximum: Rs.30 lakh
|
| Loan Tenure |
Minimum: 12 months Maximum: 60 months |
Minimum: 12 months Maximum: 60 months |
| Lowest EMI |
Rs.2,301 p.m. (Calculated for the minimum loan amount for the longest tenure allowed at the lowest interest rate available). |
Rs.2,432 p.m. (Calculated for the minimum loan amount for the longest tenure allowed at the lowest interest rate available). |
| Processing Fee |
Minimum of 0.25% to 2.5% of the loan amount.
For loans above Rs.10 lakh a flat fee of Rs.999 is levied.
|
Minimum of 0.25% to 2.5% of the loan amount. |
| Age |
Not specified. |
Not specified. |
| Prepayment Charges |
No charge. Prepayment allowed once in 12 months subject to an amount equivalent to a minimum of 2 EMIs and a maximum of 5 EMIs, after the first 12 EMIs have been paid satisfactorily. |
No charge. Prepayment allowed once in 12 months subject to an amount equivalent to a minimum of 2 EMIs and a maximum of 5 EMIs, after the first 12 EMIs have been paid satisfactorily. |
| Foreclosure Charges |
Up to 3% on total principal outstanding at the time of final settlement. |
Up to 3% on total principal outstanding at the time of final settlement. |
How to calculate interest/ EMI on my Citibank personal loan?
EMI comprises the interest on loan in addition to the principal to be repaid. The sum of principal and interest is divided by the tenure of the loan. Top rate aggregator websites such as bankbazaar.com provide a personal loan EMI Calculator which helps customers calculate the exact EMI which needs to be paid. All a customer has to do is enter the details of loan amount, tenure, interest rate applicable and processing fee, if any and click ‘calculate’. The customer will then find all the required information such as amortization figures and loan repayment figures for a specific loan amount. An amortization table provide a breakdown of loan repayment.
For instance, Mahesh Devulapalli, a 34-year-old software architect, takes a personal loan of Rs.7 lakh at an annual interest rate of 13.99% for a tenure of 36 months. Mahesh, therefore, has to pay an EMI of Rs. 23,921 per month. The amortization table is as follows:
The amortization table is as follows:
| Year |
Principal paid (Rs) |
Interest paid (Rs) |
Balance amount (Rs) |
| Year 1 |
2,01,732 |
85,320 |
4,98,268 |
| Year 2 |
2,31,836 |
55,215 |
2,66,432 |
| Year 3 |
2,66,432 |
20,619 |
0 |
Factors affecting your Citibank Personal Loan interest rates
There are various factors which affect interest rates offered on Citibank personal loan as listed below.
- Loan tenure: Interest rate offered by Citibank depends upon the loan tenure chosen by customers. If the customer opts for a short loan tenure, the bank is most likely to charge a higher interest rate as compared to loans offered on longer tenures.
- Relationship with Citibank: If a customer has a good rapport with his or her bank, there is no trust deficit. Consequently, the bank will be in a position to reduce their interest rates offered to privileged customers. Also, a long-standing customer of a bank can negotiate a lower interest rate, provided he or she fulfils all the required eligibility criteria for availing of a personal loan.
- Repayment capacity: The repayment capacity of a borrower is of seminal importance. Banks usually provide personal loans up to 10 times the monthly salary of a customer. Banks check the CIBIL score of an applicant to determine his repayment capacity. Citibank will offer attractive interest rates to loan applicants with a regular income and a robust credit history,
- Employment details: The employment history and profile of a customer plays a pivotal role in determining the interest rates offered by Citibank bank. Salaried individuals working with high net worth companies may be offered lower interest rates as compared to those who are self-employed, who, typically, don’t have a steady income.
Note: Citibank can alter its Interest rates at its discretion.
How CIBIL score affects Citibank Personal Loan Interest Rate?
CIBIL score reveals an individual’s repayment capacity and credit history. A robust CIBIL score will boost the chances of a loan applicant to acquire a personal loan at competitive interest rates. If loan applicants have a low CIBIL score, they are unlikely to get their loan approved. If Citibank decides to approve a loan request by an individual who has a low credit score, the interest rate charged on the loan may be higher compared to those who have a good credit score.
Key things about Citibank Personal Loan Interest Rates
- When the RBI raises the repo rate, banks do not immediately raise their interest rates. In several cases, if a bank has had a lean growth rate, it will be reluctant to immediately pass on the increased rates to its customers. Banks analyze their liquidity and cost of funds before passing on the hike in repo rate to their customers by way of increased interest rates.
- Citibank bank does not demand any guarantors as security to provide personal loans.
- It is always prudent to have a robust credit score to avail of the credit facility from any bank. A good credit score paves the way for a loan getting approved in that all banks including Citibank review the credit history and repayment capacity of an individual before approving a loan.
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