Citibank Personal Loan Preclosure

1. The personal loan borrower who wishes to pre-pay the loan should be a CitiBank customer for at least 1 year.
2. 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.
3. 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.
4. 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:

1. Visit the official website of CitiBank.
2. On the main page, click on 'Loans'.
3. Click on 'manage loans' on the left side of the screen.
4. Choose 'Pay personal loan EMI online'.
5. The page will be redirected to the payment gateway site - - https://pgi.billdesk.com/citicardemi/
6. 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.
7. Enter net banking username and password.
8. Enter the pre-payment amount.
9. 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:

1. 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.
2. The customer has to attest the pre-payment application and submit relevant documents proving his/her identity.
3. 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.
4. 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

1. 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.
2. 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.
3. 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.
4. 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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