Multiple banks. Different interest rates. Call it a "conflict of interest".
Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • Citibank Instant Loan is Rated as "Great!" by 2599 Users
    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
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with CITI Bank. The loan amount was 5 lakhs and the Interest rate was 11.99% e which is satisfactory . The tenure period was 4 years . The customer service and reposes was up to the mark., They have provide door step service for collecting document,
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 20, 2018
    • Citibank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It was good experience with Citi Bank on my personal loan. The rate of interest and charges are nominal. The customer service and response was pretty good. They provided a doorstep service for the documentation. The loan disbursement was on time.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 19, 2018
    • Citibank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The customer support service is good with thew Citibank and they have disbursed the loan amount with in 5 days of time. The rate of interest and the charges are nominal with citibank when compared with others. The requested loan amount has been disbursed and I am satisfied with it.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 19, 2018
    • Citibank Personal Loan
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I do have the personal loan with the CITI bank and the rate of interest is around 11% and their customer service is good as well. The loan amount got disbursed within three to four days of time. Responsiveness and other things are really good one with the CITI bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 19, 2018
    • Citibank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The loan process was done within a week time from Citibank. The required loan amount has been disbursed and I am satisfied with it., The customer support service is average with the citibank. The rate of interest is high with the Citibank when compared with other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 18, 2018
    • Citibank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I got the personal loan within a 2 days of time. The customer support was prompt with the Citibank. Their executives came to my place to collect the documents. The required loan amount has been given and I am satisfied with it. The rate of interest and the charges are low when compared with others.
      Was this review helpful? 0
      , noida
      Reviewed on Jan 18, 2018
    • Citibank Personal Loan
      "Perfect service"
      0.5 5.0/5 "Blown Away!"
      The Citibank personal loan team was quite professional , they helped me to get the loan as soon as possible , they were prompt in providing response and they were updating about the status of the product ., the required loan amount has been issued on it and I am satisfied with it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 18, 2018
    • Citibank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      It was easy process to get a loan with citibank via a channel partner. I got the loan amount within 15 to 20days of time. There was few miscommunication happened from my end so that was the reason for the delay. The rate of interest and the charges are average when compared with other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 16, 2018
    • Citibank Personal Loan
      "Best banking"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with CITI bank,they have given a loan amount of 10 lakhs ,rate of interest is nominal as compared to others .The tenure is 5 years.I had submitted documents as well agent has come home and collected documents.Net banking is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 16, 2018
    • Citibank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My Personal loan application was approved with CITI bank and it was a better loan experience. The loan amount is for Rs 6.5 lakhs with the rate of interest of 12.49% which is nominal when compared to other banks. The process was smooth and i received my loan amount within 1 week. Customer service was good and they provided door step service to collect the documents. The processing fees was 2% which is quite high and the tenure of this loan is 4 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 15, 2018
    • Citibank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My Personal loan application was approved with CITI bank and it was a better loan experience. The loan amount is for Rs 6.5 lakhs with the rate of interest of 12.49% which is nominal when compared to other banks. The process was smooth and i received my loan amount within 1 week. Customer service was good and they provided door step service to collect the documents. The processing fees was 2% which is quite high and the tenure of this loan is 4 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 15, 2018
    • Citibank Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My personal loan application was approved by CITI bank and the experience was good. The process was quick and i received my loan amount within 1 week. Customer service with CITI bank was very good, they provided door step service to collect the documents and their response was on time. They charged very less processing fees, the loan amount was for Rs 5 lakhs with the rate of interest of 12.49% which is nominal rate. The tenure of this loan is 5 years and it was overall a good service from CITI bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 15, 2018
    • Citibank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Citi Bank through online channel. They offered a good interest rate. I got 3.2L as a personal loan and it was taken for a duration of 4 years. The customer service and response was good. I am paying monthly 8,600 rupees through ECS.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jan 12, 2018
    • Citibank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan with CITI bank . The Interest rate was 12.75% which was low than other banks In the market. The customer service and responses was up to the mark. The tenure period was 1 year and the loan process was very good. The processing fee was nominal here. My overall experience was excellent.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 12, 2018
    • Citibank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The services are very faster with Citi Bank. The rate of interest was 12.99% which was nominal compared to other banks. They charged processing fee as well. The executive came to the office and collected my documents. There is a locking period for one year after than I can do the fore closure with some charges.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 11, 2018
    • Citibank Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My personal loan experience with CITI bank was good, the loan amount was for Rs 2 lakhs with the nominal rate of interest when compared to all other banks. This was a preapproved loan so i got my loan amount within 24 hours. Customer service was good and they responded on time. The tenure of this loan is 2 years and it was a good service overall from CITI bank.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 10, 2018
    • Citibank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from CITI bank and it was a very good loan experience. The loan amount was for Rs 5 lakhs with the rate of interest of 12.25% which is nominal rate. The process was very quick and i received my loan amount within 30 minutes as this was a preapproved loan. Customer service was good and they followed up correctly. The processing fee was nominal and the tenure of this loan is 5 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 10, 2018
    • Citibank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my personal loan with CITI bank. The loan amount was 1.5 lakhs and the Interest rate was 10.99% which is average In the market.The tenure period was 1 year and the loan process was very good. They have provided door step service for collecting document and the loan approved on time. My overall experience was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 09, 2018
    • Citibank Personal Loan
      "Best"
      0.5 4.0/5 "Great!"
      11.99% is the rate of interest with the CITI bank for the personal loan, which I have got. Customer service is good one for me and I am really satisfied with their interest rate. Processing charges are also fine one for me with the CITI bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 09, 2018
    • Citibank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have closed the personal loan with the CITI bank and the interest rate was good one with them. I would like to say that the response is good one for me with them. There are no issues with them till now and the processing charges are good too.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 09, 2018
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