Citibank Personal Loan schemes are reputed to be one of the friendliest and the most affordable ones available in the market. The loan can be used to meet varied financial requirements such as education expenses, medical expenses, travel expenses, wedding costs, home renovation expenses or any other bonafide cause. Citibank offers attractive interest rates on personal loans for online applications. The documentation requirements (detailed below) are nominal, and no collateral is required. Top-up option is also available with Citi personal loans. More details are provided below.
|Interest Rate||10.99% to 17.99%|
|Loan Tenure||5 years|
|Preclosure||Preclosure premitted after 12 months. 2-4% of Outstanding amount as per applicability.|
|Gurantor||No guarantor required|
Citibank is a well-known private-sector bank offering personal loans apart from core banking, financial lending and wealth advisory services. Incepted in India in 1999, Citibank today has 35 full-service Citibank branches in 30 cities and is the preferred banker to more than 45,000 small and mid-sized companies. Citibank is one of the preferred banks for personal loans, offering one of the highest numbers of personal loans in India.
Citibank personal loans come with a number of benefits including minimal documentation and quick loan approval, making it the loan of choice to cater for any immediate personal finance requirements. Citibank offers personal loans for both salaried and self-employed individuals without any preconditions, guarantors or collateral security requirements.
Personal loans from Citibank do not require any guarantor or collateral security. Loan borrowers are free to use the funds availed from Citibank personal loan as per their personal need without any restrictions. Funds raised as personal loans from Citibank can be used to cater for any medical expenses, foreign trips, home renovations or any other miscellaneous financial expenses.
With Citibank's quick loan approval mechanism, personal loan applicants may get their loan disbursement credited to their bank account in a maximum of 48 hours, if all the required documentation is in order. Citibank India offers personal loans of up to Rs.30 Lakhs, making it one of the highest quanta of personal loan in the Indian financial market.
Citibank offers very lucrative interest rates for personal loans while allowing borrowers a wide range of facilities including a personal loan part pre-payment option.
Citibank is the bank of choice when it comes to personal loans for a wide range of loan applicants as it offers a number of intrinsic advantages including:
Availability of High Loan Amount:
Citibank offers personal loans up to a maximum limit of Rs. 30 Lakhs, making it one of the highest loan amounts offered on personal loans in India. The availability of high quantum of loan amount makes Citibank personal loan suitable for anyone seeking a large loan amount.
Quick Loan Approval:
Citibank India offers quick personal loan approvals with the maximum timeline of personal loan approval set at 48 hours from the loan request submission. Furthermore, personal loan requests can be submitted online and the loan can be disbursed in the account of the eligible applicants within two working days if all the required papers are submitted.
Citibank personal loan offers a flexible repayment option with a tenure ranging from 12 months to 60 months. Personal loan borrowers can choose to pay large EMIs and close their loans quicker or opt to pay smaller EMIs and close the loan over a longer period of time, depending on their preferred repayment plan.
Attractive Rate of Interest:
Citibank charges very nominal interest rate for its personal loans making it one of the most popular banks when it comes to personal loan requirements. Citibank India offers a fixed rate of interest for all personal loans for allowing fixed EMIs through the entire tenure of the loan.
Loan Balance Consolidation Plan:
Citibank India allows its users the advantage of getting a balance consolidation of high cost credit cards and personal loan outstanding by transferring them to a single Citibank Personal Loan account to help manage their monthly cash flow better.
Features of Citibank Personal Loan:
Citibank is a popular choice for personal loans as the bank offers personal attention to each loan applicant with an assured loan approval within two working days. Some of the prominent features of Citibank personal loan include:
High Quantum of Loan:
Unlike a lot of other banks, Citibank offers a high quantum of personal loan amount without the need for any collateral or security. Citibank allows personal loans as high as Rs. 30 Lakhs for eligible candidates, making it one of the highest quanta of loans available in the Indian personal loan market.
Fixed Interest Rates:
Citibank India offers personal loans at nominal fixed interest rates making it one of the best personal loan service providers in the country. While Citibank reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion, the fixed interest rate means the loan EMI remains constant over the tenure, making it simpler for the borrower to repay the loan.
Quick Loan Disbursal:
Citibank offers quick loan approval and loan disbursal making it convenient for the loan applicants. Citibank has a 48-hour deadline for loan disbursal once the loan has been approved for the eligible candidates.
Specialized Loan Schemes:
Existing Citibank Suvidha customers can get a Citibank Personal Loan simply by logging into their Citibank Online account and sending an online application. Existing customers can also get their personal loan requests approved by simply talking to a CitiPhone officer and get quick loan approval with minimal documentation.
Easy Loan Application Process:
Citibank, being one of the pioneer banks in the country, offers an easy loan application process including loan approval and disbursal through online loan requests. Loan applicants can choose their online loan request or a traditional loan application process as per their convenience.
Dedicated Customer Support:
Citibank India offers a dedicated customer support that is functional 24/7 catering to the needs of all personal loan applicants and their queries. Getting a personal loan from Citibank India is just a phone call away for the eligible candidates.
Citibank and BankBazaar.com, India's premier financial market place have collaborated to offer personal loans online. Loan applicants can use the BankBazaar.com online loan calculator tool to check instant eligibility and apply for a personal loan from Citibank.
Instant Loan Eligibility: Bankbazaar.com allows loan applicants the option to check their personal loan eligibility using the personal loan calculator tool. The tool checks the eligibility for each applicant depending on the borrower’s financial history short listing the customized personal loan plans available for the individual.
Personalized Quotations: Since everyone has different financial and repayment requirements, there is no single personal loan plan that fits all. The BankBazaaar.com personal loan application tool offers customized and personalized quotes for each individual keeping in mind his or her eligibility criteria, repayment history and quantum of money to be borrowed.
Low Interest Rates: Bankbazaar.com has collaborated with Citibank, offering a great rate of interest for all online personal loan applications.
Real time Loan Comparison Tool: Bankbazaar.com offers users the advantage of comparing personal loan quotations of all leading banks and NBFCs. Users can look at various aspects of different loan suggestions available and choose the best one suited for their personalized needs.
Instant E-Approval: All loan applicants at BankBazaar.com get an instant e-approval after successfully submitting his or her loan application online through our portal. The instant approval from BankBazaar.com signifies the successful submission of application request with the loan department of the corresponding bank.
Assured Privacy: All personal and financial data submitted to Bankbazaar.com is encrypted assuring complete privacy. The data is shared with the loan department of the corresponding banks and never revealed to any third party.
Applying for a Citibank personal loan at BankBazaar.com involves three simple steps:
Step 1: In the first step, the applicant must fill the personal loan eligibility form available online with required personal data. Once submitted, the tool automatically checks for personal loan eligibility of the applicant and displays personalized personal loan options and quotes.
Step 2: In the second step, the applicant can compare various personal loan options offered by various banks and NBFCs in the tool interface and apply for the best suitable loan.
Step 3: The last step involves receiving an instant e-approval from BankBazaar.com after successful submission of personal loan application online.
The loan application once submitted is sent electronically to the Citibank branch concerned and the bank loan department gets in touch with the applicant directly. Users can check the status of their loan application through SMS alerts as well as emails.
Citibank offers fixed rate of interest for personal loans, and the rates offered by the bank is one of the lowest in the sector. Citibank offers different interest rates to different categories of people as per their employment background. The bank has also listed many companies into Category A and B, so that employees working in their listed companies can enjoy special discounted interest rates. Citibank is also in a tie-up with BankBazaar.com to offer discounted interest rates for applicants reaching out them through the BankBazaar.com website.
The benefit of taking a fixed rate loan is that irrespective of market fluctuations, your interest rate and EMI will remain steady. Citibank personal loan interest rate ranges from 10.99% to 18.99%.
|Minimum Loan Amount||Rs.1 lakh|
|Maximum Loan Amount||Rs.30 lakh|
|Minimum Duration||12 months|
|Maximum Duration||60 months|
|Late Payment Charges||The payment instruction shall be presented from 1st of every month. There are no late payment charges.|
Interest Rates for Salaried Employees and Self-Employed Individuals
|Income Category||Applicable Interest Rate|
|Cat A salaried employees||10.99% - 13.99%|
|Cat B salaried employees||10.99% - 13.99%|
|Self-employed individuals||Non-professionals: 15.99% - 18.99%|
|Professionals: 14.99% - 16.99%|
Citibank offers personal loans for both salaried as well as self-employed professionals and non-professionals (SEPs & SENPs). The minimum eligibility criteria for salaried employees for availing a Citibank personal loan is a take-home salary of Rs.3 lakh p.a. If you are a self-employed professional, the bank would offer you a personal loan even if your annual take-home salary is less than this.
To become eligible for applying for a Citibank personal loan, one should be at least 23 years of age (25 years of age for salaried Category B individuals). The maximum age limit for availing Citibank Personal loan is 60 years at the time of loan maturity.
Age criteria for Citibank Personal Loan
|Salaried Cat A||Salaried Cat B||Suvidha|
|Minimum: 23 years||Minimum: 25 years||Minimum: 23 years|
|Max: 60 years at the time of loan maturity for Salaried||Max: 60 years at the time of loan maturity for Salaried||Max: 60 years at the time of loan maturity for Salaried|
Citibank Personal Loan Eligibility Criteria for Salaried Individuals
|Age||Minimum: 23 Years (25 Years for salaried Category B individuals) Maximum: 60 Years|
|Minimum Annual Income||Rs.3 lakh p.a.|
|Total years in job/profession||2 Years|
|Years in current residence||1 Year|
Citibank Personal Loan Eligibility Criteria for Self-Employed Individuals
|Age||Minimum: 25 Years Maximum: 65 Years|
|Minimum Annual Income||Self- employed professionals and non-professionals: Rs.5 lakh p.a|
|Total Years in Profession||3 Years|
Getting to know your EMI before applying for loan will be helpful for anyone to plan their finances in advance and to increase or decrease the tenure accordingly. BankBazaar.com offers users a unique tool for our users to calculate the EMIs for their loans.
With Citibank Personal Loan EMI Calculator, users can know their EMI instantly by simply entering the amount of the personal loan, loan tenure and rate of interest. The Personal Loan Calculator then calculates and displays the EMI liability for the loan. BankBazaar’s online EMI calculator tool is helpful in calculating EMIs for any loans.
Have a Citibank credit card? Great! You can enjoy a loan against the credit or your cash limit by applying for a Citibank Instant Loan. You can pick your loan tenure for this product as you wish. The loan tenure ranges from 6 to 48 months. This product comes with a free look period. You will get a demand draft, which is applicable for 30 days. If you do not encash it within 1 month, then this demand draft will be invalid and you will not have to pay any charges. Your EMIs will begin only after you encash your demand draft.
Have a Citibank credit card? Have some unused credit limit on your card? This unused limit will be utilised to give you a loan. It is a pre-approved loan that can be obtained very easily from the bank. You will not have too many restrictions with this loan. The interest rates for this loan range from 12% to 19% p.a. If you feel like pre-closing your loan, you may be asked to pay 3% of your unsettled amount.
Are you wondering what’s your Citibank personal loan application status is? Why don’t you check it on their official website instantly? You will have to keep your loan application details carefully for monitoring your status. You will need to enter your loan application number or loan form number in the accurate fields on the online status tracking tool, which can be accessed on the bank’s official website. You may also go on ‘Citibank Online’ with your user ID and IPIN to find out the status of your personal loan application.
Are you having trouble calculating the EMIs for your Citibank Personal Loan? Why don’t you reach out to a customer care executive from the bank? The bank has many helpline numbers for customers who live in India and one helpline number for customers who stay abroad. You can call the bank and express your concern, and a skilled representative from the bank will provide you with immediate assistance. You may also log into your Citibank internet banking account with your correct username and password. While filing a complaint, always ensure that you mention your loan account number.
Users can apply for Citibank personal loan using the online loan calculator tool available at BankBazaar.com. The personal loan calculator tool seeks applicant's financial data and checks for personal loan eligibility, offering personalized loan options to choose from. Users can apply for a personal loan online and receive an instant E-Approval of the loan.
Citibank personal loans are available for a minimum amount of Rs.1,00,000 to a maximum limit of Rs.30,00,000 depending on the eligibility criteria of the loan applicant.
Citibank personal loans come with a flexible tenure period ranging from as low as 12 months to a maximum limit of 60 months depending on the quantum of the loan.
Applying for Citibank personal loan through BankBazaar.com offers users with instant E-approval of the loan right at the time of submission of loan application. Users are also able to track the status of their online loan application in real time with updates available through both email and SMS.
Citibank offers a fixed rate of interest for all personal loan applications. The final interest rate is calculated depending on the income and eligibility criteria of the applicant.
BankBazaar.com does not charge its members for using the online loan calculator tool. The services provided by BankBazaar.com are absolutely free and can be used by anyone without any extra charges.
BankBazaar.com offers 24/7 customer care helpline for all personal loan applicants. Applicants can track their personal loan applications online and through SMS making the whole process transparent. Customer support is also available both though phone and email with an active helpdesk designated to help visitors with any query or grievance.
Yes BankBazaar.com has developed a unique EMI calculator tool that offers EMI breakup for all loans by entering the loan amount, tenure and rate of interest.
BankBazaar.com is India’s premier financial market place and takes utmost care in ensuring the all data is sent in electronic form with high level of encryption. BankBazaar.com does not share data with any third party other than the financial institution.
A CIBIL score of more than 700 in a range of 300-900 is considered good. If you have missed your payments many times or have not been regular with your repayments and bill payments, the CIBIL score will not be satisfactory and your loan application may be rejected. Citibank also rates you as a borrower based on your employment details, account management (if you hold a Citibank account) and other information you provide to the bank. If your account or finances are in default or badly managed, your loan request may be rejected.
You can get a minimum of Rs.1 lakh and a maximum of Rs.30 lakh under a Citibank personal loan.
You can repay your loan anytime between 1 year and 5 years.
Citibank personal loan can be approved in a few hours if all your papers are in order. The process will take a day or more if the bank needs more documents to verify your loan request.
The following documents are required to apply for a personal loan with Citibank:
Self-employed individuals should get the last 6 months bank statement and the latest I-T returns or Form 16, along with the usual identity documents.
Yes. You can apply for a Citibank personal loan online through Bankbazaar.com. BankBazaar’s loan calculator tool will assess your financial data and determine your eligibility. Bankbazaar.com also offers discounts on interest rates and you could get instant approval if your papers are in order.
The rate of interest for a Citibank Personal Loan varies from 10.99% to 18.99%, depending on the borrower’s employment status and background. The banks fixed rates ensure that the interest at which you borrow does not change during the tenure of your loan.
Yes. You can transfer your personal loan from another bank to Citibank if you meet the eligibility criteria and documentation specified by the bank.
If you have already got a personal loan from Citibank, you can seek to add more funds to your loan amount. This top-up is easy to avail, with quick processing, if your repayments and credit history is in order.
Yes. Pre-payment of a personal loan is allowed 1 year after booking. You can choose to make a full pre-payment, wherein you can settle the entire amount remaining in your loan account in a single payment. If your loan was booked before November 2015, you can close it any time after the first six months of booking.
After 1 year of booking a personal loan, you can either do a full pre-payment or a partial pre-payment. For full pre-payment, you can settle the entire outstanding loan amount in a single payment. For partial prepayment, you can pay a part of the outstanding loan amount. The pre-payment amount should be equal to at least 2 EMIs and a maximum of 5 EMIs.
Yes. The pre-closure charges are up to 4% at the time of calculating the amount for full and final settlement of account.
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