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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I got a call on delayed basis from CITI bank after one week for a personal loan process. The loan amount was nominal with tenure period of 4 years. The rate of interest is high, it would be less than 15% which is fine so that have closed the loan process from my end.
There is no any particular reason for choosing the personal loan from CITI bank and they have provided me a interest rate of 12%. They are charging me a processing fee of 5%. On time my loan got sanctioned. Documentation process went very well. I have been paying the EMI amount of Rs. 8000 for the loan amount of Rs. 1 lakh with the duration of 1 year.
Chosen my personal loan from CITI bank because they have assigned me a separate customer relative officer for lat 15 years hence its easy to get a loan. They have provided me a top up option also. Since its a salary account with them, till now i have not provided any documents to get a loan.
Its because of CITI bank interest rates. I have chosen this bank and its a trustworthy bank. I got the loan disbursement in on time. I got the interest rate of 12%. Whatever the loan amount I applied, they have sanctioned the same. They charged me a processing fee of Rs. 1,500. I have selected the duration of 24 months and EMI is auto debited from my account.
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Reviewed on Mar 12, 2020
I have chosen CITI bank for the personal loan commitment when other financial institution they are charging me higher interest rate like 23% hence i have taken the loan from them with an interest rate of 12%. I had applied the loan amount of Rs. 5L but they have sanctioned the loan amount of Rs. 2.76L.
Interest rate is less when i compared to other banks so i opted the personal loan with CITI bank. I got the good interest rate of 10.75% and the processing fee is nearly Rs. 7500. I have been paying the EMI amount of Rs. 21,895 for the loan amount of 10 lakhs. They do have pre-closure facility but the charges of 4% is applicable. They have sanctioned the loan in 3 days.
I have applied a personal loan from CITI bank through online. The rate of interest is nominal of and processing fee is low amount was deducted from the loan amount. It was delayed to get a call and took one week. The amount was sanctioned with tenure period of years. They have provided pre closure option. I use to pay EMI of 9K.
I have taken personal loan through directly through Citi bank because rate of interest and the processing fee was nominal. without any delay got this loan and it was taken for my personal use . Am paying the premium on EMI basis without any delay .
I have applied a personal loan from CITI Bank through online. The rate of interest was high 12.99% so i informed them to close my application. Other banks are offering less rate of interest and i have not given any documents. Customer service was fine.
I have applied CITI Bank personal loan through online. The rate of interest was high when compared to other bank, they have not given any calls, messages or mail. This application got closed , the customer service and responsiveness are good.
I really enjoyed this service when applied for this Citi bank personal loan .The rate of processing was quite good compared to other bank.The loan got sanctioned on time and paying the premium on EMI basis without any delay. The process was hassle free and much comfortable as well.
The customer service are very good in CITI Bank. I have taken a personal loan through online. I got a verification call they came to home. I told them my son not well today, so that am working at home but he wrongly mentioned fully as I work at home so they rejected my application. I raised a complaint so it got approved that's was unhappy for me. The rate of interest was very less and I received loan within 3-4 days.
My personal loan was taken through CITI bank .The rate of interest was comparatively low to other bank. The loan amount got sanctioned on time, the document submitted through the agent. The process was very quick and there was no difficulties faced until the loan was sanctioned.
I have taken personal loan through Citi bank .The rate of interest and the processing fee was very nominal.I am paying the premium on EMI basis .The process was done quickly and received the call from executive regarding the loan. I am really satisfied with the service .
I have applied for CITI BANK personal loan through online and have not submitted any documents. The rate of interest is normal and the response from bank executive was good. I am not interested to process the loan as my requirement was fulfilled from other sources.
I have applied a personal loan in Citi Bank through online on emergency basis but it got delayed so i have arranged with someone else. The reason to choose this bank for the quicker service but they have failed to do so. I have not provided my documents also.
CITI bank has the lowest rate of interest when I compared to other banks. They took almost 1 week to sanctioned the personal loan. I had applied the loan amount of Rs. 1.3L and they have sanctioned me Rs. 1.13L. There is a locking period of 1 year to pre- close the loan. I have been paying the EMI amount of Rs. 4,073 per month.
I have taken a personal loan from CITI bank which was applied through online. The loan amount was Rs. 1.50L with the nominal rate of interest. I opted with the tenure period of 3 years and i am paying EMI 4000 and i guess pre closure is there. Customer service was good.
I have taken a personal loan from CITI BANK as they offered me with low interest rate. I have opted for loan amount of 1L with the rate of interest around 10.5%, the processing fee was moderate. Bank can reduce the processing time, as it will be great
I was taken a personal loan from CITI bank that to 3 years back, now i completed that loan. The rate of interest was high 15.25% and i had taken a loan amount Rs. 5L with the tenure of 4 years. After 1 year i foreclosed and i paid 2% from outstanding.