Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Citibank Instant Loan is Rated as "Great!" by 2865 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Citibank Instant Loan

    Citibank is offering loan against credit or cash limit on your Citibank Credit card. The loan amount is over and above the credit limit available to you. The loan amount offered depends on your credit history. You will get to choose the time frame that you require to repay the loan. You can choose from 6 or 12 or 24 or 36 or 48 months repayment period option. On the approval of the loan, you will receive the draft in 3 working days and it will be sent to your postal address. The credit card should be unexpired credit card and it must be issued by Citibank India.

    Encashment

    The loan is available only to the card member and only on the date of encashment of the demand draft that is issued by the bank. The demand draft is valid for 30 days from the date of its issuance. The EMIs will commence only after the demand draft has been encashed.

    The demand draft can also be issued against another bank and the loan is to be availed from the date of draft issuance. The loan in this case is valid for a period of 90 days.

    Free Look Period

    demand draft that is issued for the Citibank credit card holders is valid for 30 days and if the demand draft is not encashed within 30 days, then the demand draft will be cancelled and no charges will be levied towards the transaction.

    If the demand draft is issued against another bank then it is valid for 90 days and if the demand draft is not encashed then it will be cancelled and the charges incurred will be reversed upon the customer’s request. The reversal will reflect in your credit card statement.

    Billing

    For loan on phone, the EMI is billed on the first billing date for the credit card. For loan on phone top-ups, the first EMI is billed on the first billing date for the credit card.

    For loan on phones against the credit line, the EMI will be included in the minimum amount that is due on the credit card. If the minimum amount due is unpaid, charges will be levied on the outstanding amount. For loan above the credit line, the EMI is treated as a normal purchase.

    Interest calculation on EMI products

    Interest rate that is applicable will be communicated to you at the time of taking the loan. The rate will be mentioned on the demand draft advice slip. For top-up loans , the old loan is closed and new interest rate is levied and it will be communicated at the time of taking the loan and it will also be mentioned on the demand draft advice slip. The interest for the first instalment is calculated from the date of issuance till the first billing date. The subsequent instalment interest is computed on monthly basis and it is debit to the credit card on the date of monthly bill. Interest on EMI is calculated as follows:

    Outstanding loan principal X Interest Rate X (Number of days applicable/360).

    The first EMI may be lesser than the standard EMI amount that would’ve been communicated to you depending on the date that you encash your demand draft.

    Note: Citibank reserves the right to modify the interest rate from time to time with prior notice.

    Service Charge

    If the amount that you pay toward your credit card dues is less than the total amount due, then service charge will be levied on the outstanding balance.

    Other charges

    One time transaction fee is charged on every loan. The amount is billed to your monthly credit card statement. Transaction fee on loan is 2.5% of the loan amount or Rs.300, whichever is higher. Transaction fee on balance transfer is 1.5% of the loan amount or Rs.200, whichever is higher.

    Prepayment charges is 3% on the outstanding principal amount.

    Note: Citibank reserves the right to modify the rate from time to time with prior notice.

    Pre-closure

    Pre-closure can be due to non-payment of the minimum amount due for three successive months. The interest for those days and the pre-closure charges is deducted to your credit card account. The bank reserves the right to demand immediate repayment of the outstanding amount.

    Pre-closure can be due to card closure as well. The charges will be debited to the credit card account and you will be required to pay them immediately.

    Exclusion

    The loan on credit card is not issued for:

    • Business purposes
    • Purchase of gold or gold bullion or gold coins or gold jewellery or gold exchange traded funds or for gold mutual funds.
    • Speculative purposes
    • Trading purposes such as shares and short term investments such as KVP, PPF, NSC, Mutual Funds, fixed deposits, RBI bonds, ULIPs and for subscription for Citi wealth management or insurance products.

    Citibank Instant Loan Reviews

    • Citibank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken my personal loan from Citi Bank through online channel. I think the interest rate which can be lower compare to other banks. I believe they have charged the processing fee which is minor amount because have not received the whole amount on my loan. They took 3 to 4 days for the disbursement. My documents are collected by the executive.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jan 14, 2019
    • Citibank Personal Loan
      "Good"
      0.5 2.0/5 "Expected more"
      The rate of interest and charges are good. There was no proper communication between the bank. They took 2 weeks to complete the process. I need to followup every time. The documents are uploaded online and also executive came to collect, they have explained the terms and conditions of part payment. I have opted the loan for 3 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 12, 2019
    • Citibank Personal Loan
      "Okay loan services"
      0.5 4.0/5 "Great!"
      The interest rates are very much competitive thats the reason i have chosen CITI bank. Within a short span of time, they have given me a loan. The interest rates are economical and processing fee was competitive. I have chosen the tenure period of 5 years. Documentation process was went smoothly.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 10, 2019
    • Citibank Personal Loan
      "Good Experience"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken from CITI bank. There is no reason for choosing this bank. The interest rates are too high and there is no processing fee. There is a charges for pre-closure after 1 year i can able to do. I can able to make a partial payments 3 times in a year. Overall, i had a good experience with them.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jan 09, 2019
    • Citibank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The process in getting this loan has been good and the loan amount which they had provided has been sufficient. The interest rate with them has been nominal and there has not been any hassle faced with their banking service where their customer support has also been helpful.
      Was this review helpful? 4
      , new delhi
      Reviewed on Jan 08, 2019
    • Citibank Personal Loan
      "Communication should be clear"
      0.5 1.0/5 "Really Bad"
      They have collected all the documents from my end, while processing my loan due to some mismatch they have rejected it. The person who collected the documents, asked me to update the land mark of the address which was not mentioned in my address proof. At last the processing team have rejected it without any information very dis satisfactory service from the Citi.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jan 08, 2019
    • Citibank Personal Loan
      "Process is good"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with Citibank. The process to get the loan is good and there are no hassles in the process. The documentation was collected on time and I am also okay with the rate of interest and processing charges. It is nominal too.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 07, 2019
    • Citibank Personal Loan
      "Good Loan Experience"
      0.5 4.0/5 "Great!"
      Citi gave me the good experience on the personal loan, they taken only a weeks time to disburse the loan amount. I done the process through online. My principle amount is Rs.2 lakhs for the tenure of 3 years, they gave me the nominal interest, I am very satisfied with them.
      Was this review helpful? 2
      , chennai
      Reviewed on Jan 05, 2019
    • Citibank Personal Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      There was no issues with the citi bank the loan process went very smooth. The bank was quoted me the standard interest for the amount Rs. 5 lakhs for 2 years they gave me the part and preclosure option after one year. If would be if they provide option for preclosure after 6 months.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jan 05, 2019
    • Citibank Personal Loan
      "Good in Service"
      0.5 5.0/5 "Blown Away!"
      I carry a salary account in Citibank and at the time of in need of a personal loan i had applied with Citibank. My application was taken care and was processed on a quick note. I am happy with its overall services. The response system is quick over here.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 05, 2019
    • Citibank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      Earlier I took a personal loan with Citi Bank and it has been closed. The loan period was 2015 to 2016. I did not give any single document for the loan, it was offered by the bank based on credit card. The customer service is pretty good. The rate of interest was average.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jan 04, 2019
    • Citibank Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      I took my personal loan from Citi Bank through online channel. The customer service is good. The rate of interest is something different when compared to others. HDFC is giving 12.75 and where Citi charged me 13.25%. They took longer time to disburse the loan amount from the bank end.
      Was this review helpful? 3
      , mumbai
      Reviewed on Jan 04, 2019
    • Citibank Personal Loan
      "Not satifactory "
      0.5 4.0/5 "Great!"
      My personal account was taken with CITI BANK , they charged nominal rate of interest with this account . I did not face any issue at the time of documentation . I ask them that can i repay before the tenure period but they have not given me option of preclosure . Tenure period is 1 year .
      Was this review helpful? 2
      , new delhi
      Reviewed on Jan 04, 2019
    • Citibank Personal Loan
      "Looking for less interest rate"
      0.5 3.0/5 "Satisfactory"
      My personal loan experience was not up to the mark with CITI bank, loan amount was based on my requirement and the rate of interest was high when compared to other banks. Customer service was good. Tenure period or this loan was 24 months but i preclosed in 7 months and they charged 4% as penalty.
      Was this review helpful? 7
      , bangalore
      Reviewed on Jan 03, 2019
    • Citibank Personal Loan
      "Experience is fine"
      0.5 4.5/5 "Excellent!"
      I have also taken a personal loan from Citibank. They were very fast in the process and I got this loan on time. The document process was good and timely as well. The process was normal and the rate of interest and processing charges is nominal too. Good overall.
      Was this review helpful? 5
      , bangalore
      Reviewed on Jan 03, 2019
    • Citibank Personal Loan
      "Quick process and received the loan in week"
      0.5 5.0/5 "Blown Away!"
      From January, my EMI is going to deduct through ECS and i have to check with the customer care whether its activated or not. I have called the customer care, but its showing that the number is incorrect. I don't want to face any problem for paying the EMI and the last moment, if i receive any message in ECS deduction not activation and i have to maintain a sufficient amount also. Compared to other bank CITI bank the interest rates were bit higher which is 13%
      Was this review helpful? 7
      , chennai
      Reviewed on Dec 21, 2018
    • Citibank Personal Loan
      "Interest rate should be reduced"
      0.5 3.5/5 "Pretty good"
      In Citi bank they gave me the interest around around13% for the principal Rs. 2 lakhs it has the tenure of 48 months. My EMI amount is Rs. 6700 on monthly basis, the loan process was excellent, they sanctioned loan immediately because I am an existing customer of the bank.
      Was this review helpful? 4
      , chennai
      Reviewed on Dec 20, 2018
    • Citibank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan a long time back and the process in getting this loan has been smooth. The loan amount which they had provided has been sufficient and the interest rate with them has been good when compared with the market rate. There has been some charges which has been made by them which has been nominal.
      Was this review helpful? 3
      , new delhi
      Reviewed on Dec 19, 2018
    • Citibank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using my personal loan with Citi bank , there service is quite okay, the loan amount they have given me was sufficient, and the rate of interest they have charged me up to 13.99% i felt it is bit high for me and they have not charged me processing fee in this loan, and there was no delay in the loan amount,but without my knowledge they have deducted 999 rupees .
      Was this review helpful? 5
      , noida
      Reviewed on Dec 18, 2018
    • Citibank Personal Loan
      "Quite fast loan"
      0.5 5.0/5 "Blown Away!"
      Since i was a salary account holder, the overall process was smooth and i have got the loan within a week. Interest rate were little higher and the processing fee was nominal. They have offered me a interest rate of 12%. 6 months back, i have got this loan and total tenure period of loan 3 years. The EMI was directly deducted from my account.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 17, 2018
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