CitiBank customers who wish to reduce the tenure of their loan without increasing the EMIs can opt to pre-close their loan either through a full payment or a part payment. Customers will be charged a foreclosure fee up to 4% of the outstanding loan amount and can make a partial pre-payment only after the payment of 12 EMIs.
CitiBank Personal Loan Pre-Closure Charges
Type of foreclosure
Up to 4% of the outstanding balance
Up to 4% of the outstanding balance
Requirements for CitiBank Personal Loan Pre-Closure
The personal loan borrower who wishes to pre-pay the loan should be a CitiBank customer for at least 1 year.
Customers who wish to carry out partial pre-payments can do so once they have completed the payment of 12 EMIs – basically 1 year from the disbursement of the loan.
In the case of partial pre-payments, the pre-payment amount should be a minimum of equivalent to 2 EMIs and a maximum of 5 EMIs.
In the case of full pre-payments, if the loan was booked on or after 1 October 2015, then the foreclosure of the loan can take place only after the payment of 12 EMIs. In the case of personal loans booked before 1 October 2015, full pre-payments can be made 6 months after the disbursal of the loan amount.
Citibank customers who wish to make a part pre-payment will reduce the principal amount of the loan and the subsequently, the tenure of the loan as well.
How to Pre-Pay CitiBank Personal Loan Online?
CitiBank personal loan customers can pre-pay their loan either through the standard ECS/ACH/SI facilities or through the NEFT/RTGS facilities. To do so, the customer will have to have a verified CitiBank net banking account.
Customers can pre-pay their personal loans by following the steps mentioned below:
Visit the official website of CitiBank.
On the main page, click on ‘Loans’.
Click on ‘manage loans’ on the left side of the screen.
Choose ‘Pay personal loan EMI online’.
The page will be redirected to the payment gateway site - - https://pgi.billdesk.com/citicardemi/
Enter your 13-digit personal loan number along with your email ID, mobile number and the bank account from where the pre-payment amount will be paid.
Enter net banking username and password.
Enter the pre-payment amount.
Confirm the amount and make the payment.
As soon as the pre-payment is made, you will receive a transaction reference ID. Keep it safe as this is confirmation that the pre-payment towards the personal loan has been made.
How to Pre-pay CitiBank Personal Loan Offline?
CitiBank customers can carry out loan foreclosures at the nearest CitiBank branch:
If the personal loan customer is eligible to make a full pre-payment or partial pre-payment towards his/her personal loan, he/she can procure the personal loan pre-payment application form and fill in all the required details.
The customer has to attest the pre-payment application and submit relevant documents proving his/her identity.
Once CitiBank approves of the pre-closure, he/she will have to make the payment which will include the pre-closure charges, applicable taxes and the EMI for the present month.
As soon pre-payment has been made, the bank will send the customer a confirmation message, and if customer made a full pre-payment, the bank will send him/her the loan closing statement.
Things to Ensure After Foreclosing a Personal Loan
As soon as the pre-closure payment has been made, the customer has to make sure that he/she receives the transaction receipt by the bank.
Following the foreclosure of the loan, the bank will issue a No-Dues Certificate (NDC) to prove that the complete loan payment has been made.
Ensure that you know the break-up of the cost of the loan foreclosure which will include the outstanding balance, foreclosure fees, applicable taxes, payment of the current EMI, etc.
At the end, ensure that you have received all the required certificates proving the loan has been closed, such as the Certificate of Closure, No-Dues Certificate, Statement of Account, etc.
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When I applied for the personal loan with CITI, there is no response from the bank end, no body turned up to collect the documents like KYC, pan card and address proof. I kept reaching them many time but no use. The overall process should be improved.
CITI bank loan process was hassle free they just taken 4 days of time to disburse the amount after the documentation, the interest rate is fine for me. The principal amount is Rs. 5 lakhs duration of four years, it has option for part payment and foreclosure after one year of tenure.
For the past 10 years, I am having a good relationship with Citi Bank interms of salary account because of this reason have processed the personal loan with Citi Bank. The disbursement was on time. The interest rate was better when I compared with the other banks. There was a processing fee.
CITI bank is charging higher interest around 14.5% on the personal loan, I availed the loan amount of Rs. 2 lakhs for the duration of two years. The best part is the processing is zero, I got the door step service, the field person came to my place done the documentation.
I have applied for Citi Bank personal loan which was applied through Online .There was no issues with rate of interest and the processing fee .I have got the loan amount on delay basis and it took 4 to 5 days and it was sufficient as well .The process was very smooth and there was no difficulties faced .
Actually the rate of interest is little higher in Citi Bank, I am holding a salary account with them. But I got a lower rate of interest when compared to other banks. The processing fee is applicable and the charges are pretty higher. They have deducted around 4K from the loan amount of 2.5L. The loan tenure is flexible.
I had applied for Citi Bank personal loan. They have disbursed the loan on time. Loan amount is no sufficient, I was looking for more. Their rate of interest is very high and documentation was very lengthy. Customer service is good and verification was hassle free.
Everything went pretty smooth there was no difficulties faced with CITI bank for the personal loan , I got the competitive interest for the principal amount of Rs. 6.5 lakhs for the duration of four years. The bank have taken some processing fee it was nominal in the market, the executives are very prompt interms of helping the documentation.
Citi Bank has doing a quicker service and also the interest rate was nominal hence I took my personal loan with this bank. They have provided me a sufficient loan amount. They have charged me 0.5% processing fee. The loan period is one year.
When I was in need CITI Bank have sanctioned the personal loan amount on time, I availed the loan amount of Rs. 2 lakhs for the duration of three years. The bank gave me around 13% and they taken some processing fee around from Rs. 2000 from the disbursement.
I felt, the rate of interest is little bit higher for the personal loan which I processed with Citi Bank. I got a welcome letter but have not checked. I got the same amount what I have applied for. The loan duration is 2 years. It has option for partial payment and foreclosure.
The personal loan process was quick because CITI Bank have taken only two days of time to sanction the amount. I availed the principal amount of Rs. 5 lakhs with the duration of three years, they gave 11.25% of interest it was quite reasonable.
I took my personal loan in Citi Bank through online channel. The rate of interest is slightly higher when compared to other banks. The processing fee is not applicable. I have taken a loan of 1L and the repayment period is 3 years. The documentation process is simple.
The rate of interest is nominal with Citi Bank and there is processing fee which is nominal and the process was delay from bank and sanctioned the loan around 3 weeks with sufficient amount for the duration 4 years. So no issue I have face for an EMI payment.
I have applied for Citi Bank Personal Loan through Online .My email id was wrongly updated and called bank and then got updated .I was informed this was a paperless approval but submitted documents as well .The rate of interest and the processing fee was nominal .I am pretty comfortable with the service .
I have applied for Citi Bank Personal Loan which was applied through Online .I have got all the details about the loan process through the agent and the rate of interest and the processing fee was high .I have got the loan amount on time and it was sufficient as well .While submitting the documents the process was smooth .I am satisfied with the service.
The rate of interest was average with Citi Bank, Initially they have informed me around 11.5% and then later said they could do only 12.75% which needs to be very clear before processing the loan. There was no processing fee and the loan process was straight forward.
I have applied for Citi Bank Personal Loan which was applied through Online .I have got all the details about the loan process through the agent .I have got the loan amount on time and it was sufficient as well .While submitting the documents the process was smooth .I am satisfied with the service.
I felt little difficulites on the Citi bank personal loan documentation. I have to submit all the papers to the field executive, they have taken around week times to approve the loan. I availed the amount of Rs. 2 lakhs for duration of two years, the interest rate is nominal I am quite satisfied.
I have taken a personal loan with CITI bank on 2 months before which was applied through an online. The process was okay but to sanctioned was delay for 2 days. The amount was okay for 4 years. The rate of interest and fee are high. There is an option after one year only pre closure option applicable with charge of 3%.