Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • Citibank Instant Loan is Rated as "Great!" by 2328 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    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.

    Apply for Personal Loan

    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 services"
      0.5 4.0/5 "Great!"
      The experience at Citibank is good for the personal loan as they contacted me on time and informed the details. I did not go ahead as I changed plans. The rate of interest and processing charges was normal and in all it was a good and without any inconvenience.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 16, 2017
    • Citibank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      Citibank was good in the response as they contacted me on time after I applied for a personal loan, The expected loan amount was sanctioned on time, The rate of interest was not satisfacatory becasue other bankers are doing less than 11%. For preclosure they charge 3%.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 16, 2017
    • Citibank Personal Loan
      "Hassle free"
      0.5 5.0/5 "Blown Away!"
      I had personal loan with CITI bank, I like their processing and paper less documentation process. CITI interest rate was nominal, I took the amount of Rs.5 lakhs for the tenure of three years. They gave me pre closure and part payment without any charges.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Citibank Personal Loan
      "EXCELLENT"
      0.5 4.5/5 "Excellent!"
      My earlier experience with Citibank has been better than the current experience. Because my personal loan was disbursed as promised, more over it was a larger amount. The rate of interest was also nominal and I got to pre close the loan and I was not charged a fee.
      Was this review helpful? 0
      , thane
      Reviewed on Oct 16, 2017
    • Citibank Personal Loan
      "SATISFACTORY"
      0.5 3.0/5 "Satisfactory"
      Citibank was not at par with the rest of the market. Since I started my process with them, that is why I went ahead. They took a little more than a week to complete the personal loan. They took 72 hours to contact me after applying after which another two days to collect the documents and after which few more days again for the disbursement. They are high in the processing fee and they also charged a additional fee. They even have a fee for the pre closure.
      Was this review helpful? 0
      , thane
      Reviewed on Oct 16, 2017
    • Citibank Personal Loan
      "Not recommendable"
      0.5 2.5/5 "Just OK"
      It was not a good experience with Citibank for the personal loan. I was not getting what I was told. I was told initially that I would get a interest rate of around 10.99% and at the disbursement I was informed that the interest rate is of 12.99% and I am not happy with that. I was not in the situation to cancel the loan too. Then there was a option of a part payment and foreclosure with a zero fee. Later I was told that the part payment can be done only after a year and I can a maximum of five EMIs. Like wise there would be a fee of 3% for the foreclosure. More than all, is I was told that I would get 12 lakhs and at the end I was given only 6.5 lakhs. Due to this I had to arrange the balance funds by taking another loan from another bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 16, 2017
    • Citibank Personal Loan
      "High on charges and ROI"
      0.5 4.0/5 "Great!"
      Citibank was good in the response as they contacted me on time after I applied for a personal loan. I did not go ahead as I got a better deal from another bank. The interest rate was around 12.5% and the processing charges was high too when compared to another bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2017
    • Citibank Personal Loan
      "Good customer service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the personal loan from CITI bank, i am happy that my loan application was approved and the required amount was sanctioned. The customer service is good and they were very helpful, the process was easy, smooth and fast. They provided door step service to collect the documents. Further, I am very much satisfied with the rate of interest.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2017
    • Citibank Personal Loan
      "High on the ROI"
      0.5 4.0/5 "Great!"
      The services was good from Citibank. I received a call after I had applied for a personal loan. The team explained the details to me. I did not go ahead with the bank is because rate of interest is very high and the processing charges were high too.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 15, 2017
    • Citibank Personal Loan
      "Good customer service"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan from Citi bank, i am happy that my loan amount was disbursed. When it comes to customer service, it was good and they were very helpful, the process was smooth and easy. They also provided door step service for the collection of documents. The rate of interest is high when compared to all other banks, i was in need of urgent loan so i got it from Citi bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 15, 2017
    • Citibank Personal Loan
      "Better"
      0.5 4.0/5 "Great!"
      I have already taken the CITI bank personal loan like its a kind of top up and the rate of interest was around 14%. I would like to say that the response was fine one with the CITI bank and I have not faced any issues with them.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 15, 2017
    • Citibank Personal Loan
      "Best"
      0.5 5.0/5 "Blown Away!"
      Process was very nice with the CITI bank for the personal loan, also they have credited the loan amount in a week of time. I would like to say that the response was okay with the CITI bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 15, 2017
    • Citibank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the personal loan from CITI bank, i am happy that my required loan amount was approved and disbursed. As soon as i applied for the loan, they called me immediately, the process was smooth and fast, my loan was approved within 3 days. They provided a door step service for the collection of documents and i am also satisfied with the rate of interest.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2017
    • Citibank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The service is good with Citibank. They gave prompt response in regards to my personal loan application. The required loan-amount has been disbursed and I ma satisfied with it. The rate of interest is nominal with Citibank when compared with others. I am satisfied with the loan amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 14, 2017
    • Citibank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The service is not up to the mark with Citibank personal loan process. There was so much of delay. The customer support has collected my documents on time, but they haven't disbursed my loan amount within the promised time. The required loan amount has been disbursed and I am satisfied with it.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 14, 2017
    • Citibank Personal Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      The Citibank personal loan service is good. They have disbursed my loan amount within a week time. The rate of interest is nominal with Citibank when compared with other banks. The required loan amount has been given and I am satisfied with it.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 14, 2017
    • Citibank Personal Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      The Citibank personal loan service is good . They have disbursed my loan amount within the promised time. The customer service is good with Citibank. The rate of interest is average with Citibank. I would say I am satisfied with the Citibank service.
      Was this review helpful? 0
      , noida
      Reviewed on Oct 14, 2017
    • Citibank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I applied for a personal loan with CITIBANK. They contacted me within 2 days and collected my documents and took 10 days to disburse the personal loan with the rate of interest of 12.49% which I feel is high and usually I used to get calls saying that personal loans are available at 10 - 11% as rate of interest but here it is high in CITIBANK. The processing fees is also around Rs. 2000 - Rs. 3000.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 14, 2017
    • Citibank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have approached CITI BANK for a personal loan, they responded well. The process was quite normal and easily approachable. Documentation was collected by the executive at doorstep, They have sanctioned loan on time within 4 to 5 working days. Rate of interest is little higher.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 14, 2017
    • Citibank Personal Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      Loan process was pretty good with CITI Bank. The documentation collected by the executive at door step. They have sanctioned the loan within 2 days. Rate of interest was lower compare to the other bankers. initially I have requested for a call back in the evening but nobody turned up, after that i had proper followup. Overall it was Excellent.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 14, 2017
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