Multiple banks. Different interest rates. Call it a "conflict of interest".
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    Citibank Instant Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 17% Fixed
    0.25% to 2%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    Personal Loan BYTES FROM OUR KITCHEN

    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.
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